One of the most common questions that we are asked is how to pay for assisted living or board and care, especially in a coastal town like Dana Point. These types of facilities can be quite expensive, with good reason. Check out this view from the living room of Astoria Senior Care Homes at Monarch Bay.
Amidst rapidly rising costs, there are some options to consider to make Board and Care in Dana Point more affordable.
Cost Comparison
The average cost per month at a board and care home in Dana Point and Orange County is more than $5,000 per month. That certainly sounds scary, but there are a few things to consider. The average cost of rent in Orange County for an apartment is more than $2,500 a month. With the median home value reaching $1 million, a mortgage payment can be $5,000 per month or higher (Los Angeles Times).
For many people, money previously set aside for rent or a mortgage will now go to paying for monthly board and care fees. If you own a home, selling this asset might provide enough money to cover the cost of board and care or assisted living. Selling vehicles and other possessions also can help pay for some costs.
Most people also pay for homeowner’s or renter’s insurance, property tax if they own the home, utilities, groceries and household maintenance. All of those costs will be erased when you move into board and care. This money can now be dedicated to paying for your monthly board and care fees.
Rental Assistance
Long-term care insurance can be an option; although, these policies can be very pricey depending on how old you are when you buy a policy. There are many different types of policies. Some will cover all of the expenses for many years of residence at a board and care or other type of assisted living facility, and some will cover just a few years of care or provide only a set amount of coverage. Before you buy long-term care insurance, be sure to research the company and its policies carefully.
Many Californians mistakenly believe that Medicare and Medi-Cal benefits can be used to cover the costs of board and care or assisted living, but this is rarely the case. These types of benefits can be used to cover medical expenses and sometimes residence in a skilled nursing facility. A skilled nursing facility or nursing home is set up to care for those with serious medical issues or conditions. Sadly, some seniors who need only basic daily assistance will move into a nursing home simply because that is the most affordable option.
In some cases, if a person qualifies, there is an Assisted Living Waiver program that can help people cover the cost of assisted living or board and care. You can use this waiver to cover some or all of the costs of living in a residential care facility, provided that you select a facility from the state’s approved residential care facility list. (San Diego County has a longer list of facilities that qualify for this waiver program than Orange County.)
Obviously, in a perfect world, people will have saved enough money to cover these retirement expenses as well as purchasing long-term care insurance at a young enough age to make it fairly affordable. For these people, finding a great assisted living community or facility for board and care in Dana Point or Orange County can be much easier.
Either way, the staff at Care Placement can take your budget into consideration and find a quality, pre-screened board and care home that fulfills your care needs. As an eldercare placement service, we are experienced in working with many different budget levels and can help lessen the stress of finding a facility for you or a loved one.