Helping Families Pay for Senior Living
The American Association of Retired Persons reports that today’s baby boomers will probably spend more time caring for a parent than they will raising their own children. Fortunately, the senior living industry has come a long way in helping families care for this aging population by developing communities that cater to the diverse lifestyles of today’s seniors.
However, once you have found the right type of care for your loved one, you are often faced with the challenge of financing their care. There is a new, long-term care financing option available in the D.C. Metropolitan area that may help you ensure that your loved one receives quality care in the community of their choice. Assisted living communities throughout the area are beginning to offer financing through the ElderLife Financial Family Payment Plan.
“The Family Payment Plan was a lifesaver for our family,” says Marilyn Stroup, whose mother, Elizabeth Sutton, resides in the Emeritus Assisted Living Community, Wilburn Gardens in Fredericksburg.
Elizabeth has Alzheimer’s disease and needed the more specialized, more expensive care provided at her community. “I just didn’t know how we would pay for that care,” says Marilyn. “I only knew I didn’t want to take my mother out of a community she loved.”
Wilburn Gardens offered the Family Payment Plan as a way to help pay for the increased cost of care. “Now,” adds Marilyn, “my mother can happily defend her Bowling Championship Title for a little while longer.”
The Family Payment Plan helps families pay for care by allowing them to make smaller monthly payments over time. Whether a family is struggling with selling a parent’s home, liquidating the estate to cover the cost of care needs, or facing the possibility that a loved one will not have enough funds, the plan offers financial assistance customized to meet specific situations.
95-year-old Ruth Blake is a resident of Gloucester House, a Commonwealth Assisted Living Community. As one of the community’s most active residents, Ruth has loved the three years she has spent there. The family planned to sell some real estate to continue paying for Ruth’s care, but a hurricane damaged the property and postponed the sale. “We needed to sell the property to afford the care,” says Sue, Ruth’s daughter-in-law. “But with months of repairs facing us, we didn’t know how we were going to pay for it in the meantime.”
Gloucester House suggested The Family Payment Plan. “It was our perfect solution,” says Sue. “It bought us the time we needed to make the necessary repairs. We sold the property and paid the loan back in just seven months.”
ElderLife CEO and Founder, Elias Papasavvas, says the plan was created to give families peace of mind in knowing their loved one can receive needed care when it’s needed. Elizabeth Sutton and Ruth Blake have certainly benefited from this financing option. They both continue to live comfortable at their beloved communities.