1. I do not
have sufficient funds to pay for assisted living. Do I have
If you have
insufficient funds, you may be able to qualify for ALTCS,
but if you do not qualify for ALTCS, you may perform a
reverse mortgage, which is a loan for older homeowners (62+)
to convert part of the equity in their homes into cash, tax
free. A third option is a Life Insurance Settlement, and by
selling this policy you will have access to a certain amount
2. How much
does assisted living cost?
pay, assisted living homes cost on average between $1700.00
and $4000.00 per month, and nursing homes are $3500.00 and
up per month, depending on the level of care necessary.
residential care homes regulated?
living homes are regulated by the Health Department. Every
year they must pass an extensive inspection.
4. Are there
benefits of choosing residential care facilities over large
Yes, the cost
is significantly lower, the care is more personal, and
caregiver to resident ratio is on average 1:2, versus large
facilities with a ratio of 1:17.