How To Afford Assisted Living near Cincinnati, Ohio
When you or a loved one is preparing for the transition to additional care and assisted living, you may wonder about how to afford it. At Silverfern, we want you to have the resources you need to make this transition as seamless as possible, including understanding the costs of assisted living and the different ways you can address them.
How Much Does Assisted Living Cost in Ohio?
According to the
Ohio Department of Aging, assisted living in Ohio costs about
$4,500 per month. In comparison, the average cost of living in Ohio is about $1,150 per month for a single person. When placed side by side, it's clear that assisted living is more expensive, but thankfully, there are many ways you can afford the costs, including talking to the team at Silverfern.
How Much Does Assisted Living Cost at Silverfern?
The cost can vary based on the floor plan you choose: The Clifton, which features a studio setup, or The Madison, a one-bedroom, one-bathroom floor plan. To help offset costs, we offer frequent
promotions that you can take advantage of by speaking with our staff.
Options You Can Use To Pay for Assisted Living
Below are several ways you can approach paying for assisted living care:
Long-Term Care Insurance
One way that people afford assisted living is by purchasing long-term care (LTC) insurance, which covers the costs of living in assisted living spaces, such as those at Silverfern. There are many providers in Ohio and nationwide that serve the state's residents, so it's best to shop around for the plan that's right for you or your loved ones.
Physical Assets
Since many people downsize when they join the Silverfern 55+ community, they may have sold or be in the process of selling off physical assets such as houses, land, cars, art, and many more. As funds from these sales come in, some people use them to pay for assisted living, effectively turning their assets into cash to improve the quality of life and secure long-term care.
Private Savings
While not everyone who needs assisted living is of retirement age, many are, which means there are often private savings you can use to afford it. Whether it's a pension, 401(k), or another funded account such as a Health Savings Account (HSA), they're all viable options for ensuring you or your loved one gets the care and quality of life they deserve.
Public Assistance
In Ohio, the Assisted Living Medicaid Waiver Program is a public assistance program you can use to afford assisted living. Notably, this method covers only the care aspect of Assisted Living, not for room and board in a community.
Veterans' Benefits
If the person in need of assisted living is a military veteran, then they can use several of their benefits to help pay for care, room, and board. Typically, people using veterans' benefits use their VA Pension, VA Health Care Benefits, Aid and Attendance Benefit, and Housebound Allowance.
A Note About Using Multiple Options
In many cases, you can use multiple of the options above to pay for all aspects of assisted living, but it's important to discuss these options with the loved one in need of assisted living, compare the coverage and limitations of each method, speak with our team at Silverfern about options, and ultimately choose the option that is best for your or your loved ones' unique needs.
Join Our Silverfern Community
At Silverfern, we offer independent and assisted living options that help you and your loved ones continue to lead excellent lives. Contact us to learn more, or browse our blog for additional tips and resources on independent and assisted living.
