Author: Tiffany Stockton
Reviewed By: Rachel Rose
The responsibilities families and guarantors have in financial agreements for assisted living include paying fees, advocating, signing contracts and communicating with the assisted living facility. These aspects of the agreements support residents’ well-being and financial stability. They also foster a willing partnership between the residents, their families or guarantors and the facility.
Families and guarantors considering assisted living arrangements for their loved ones often ensure the costs associated with assisted living remain manageable. By entering into agreements with assisted living facilities, guarantors and families have a say regarding changes to care plans. For example, if a resident receives a medical evaluation and recommendation for a higher level of care, families and guarantors must approve the change because it likely comes at an additional cost.
Other financial aspects of care and services include paying monthly rent or disbursing funds from a specified account. Service fees covering assistance with daily activities also fall under the same obligation, and payment due transfers to the guarantor if assets run out. Just as the executor of an estate ensures adherence to the terms in a will, guarantors and family members assume responsibility for all financial aspects of an assisted living contract.
Families and guarantors need to consider whether they can comply with the terms outlined in an assisted living contract. Effective financial planning strategies are necessary for managing long-term care costs, especially when looking ahead to cost increases over time. Creating a budget, exploring payment options and considering long-term care insurance are all helpful steps.
Maintaining open communication with the assisted living facility will also help address any financial concerns or inquiries that arise. Families and guarantors should promptly report any changes in the resident’s financial situation and seek clarification on billing or contractual matters as needed. Families advocate for residents’ financial well-being, ensuring the protection of their rights and the quality of care. By actively engaging with the facility, families and guarantors set up their loved ones for a successful and beneficial stay in assisted living.
