If I Am In Assisted Living, What Happens When The Money Runs Out?
Two things you should be aware of before accepting an assisted living contract.
It is no secret that many disabled individuals, or some of the elderly citizens in any given nation, will often require exceptionally qualified assisted living arrangements. While the money flows well everything generally maintains itself during the day to day routine. However, if the money disappears for some reason there can be some severe consequences dependent upon the facility acceptance contract. They can range from fines and penalty fees to property foreclosure and dismissal from the facility.
Ever Increasing Rates and Charges
When a prospective client first reviews an assisted living contract they may not fully understand what it is they are signing. Many assisted living facilities only cover the standard expenses of daytime care in the initial contract and the end result could be that the individual being placed in the facility may need around the clock supervision.
If this is the case, that individual may end up needing an additional private nurse to be hired at further expense. This can easily increase the price of the living situation by several hundred to a few thousand dollars a month above the quoted price.
Secured Financing
If the cost of the individuals care goes above what they can spend then it is entirely possible that any collateral placed on their contract will be seized by the care facility. If the individual owned a home or a car they can legally foreclose on these items and sell them at auction if they are part of securing financing.
Unless there is a great surplus of readily available cash or an exceptional credit rating most assisted living facilities will require some sort of financed insurance in this manner. Some of them will require a minimum multi-year commitment for their services.
In the worst case scenario an individual that needs constant care and supervision may very well find their old home, car, etc. sold out from under them before being kicked out homeless into the street.
Related posts
- How do I Choose an Assisted Living Facility?
- How is Assisted Living Different Than a Nursing Home?
- What are the Benefits of Assisted Living?
- What Is The Difference Between Independent Living & Assisted Living?
- How long does it take to get into an assisted living facility?
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