Paying for Assisted Living can certainly put a dent in anyone’s monthly budget and assets. For some, additional benefits may be available that have not been considered.
Generally, the costs for Assisted Living are paid out of private funds including:
Equity from Sale of Home
There are other options beyond this that can assist some individuals that should be considered.
Veterans and Their Spouses
Veterans and their spouses may be eligible for monthly benefits to assist in paying for care.
They must require the aid of another person in order to perform activities of daily living (bathing, dressing, feeding, incontinence care)
In most communities this will not cover the total cost of care but will greatly reduce the overall cost making it more affordable.
There are eligibility guidelines for application.
For those with very limited income and assets, there is a Medicaid Waiver program.
Most communities require that an individual pay out-of-pocket for 1 - 3 years prior to being eligible for the Medicaid Waiver program.
Long Term Care Insurance
Review the policy carefully to determine whether or not the community chosen meets the qualifications outlined in the policy and the individual is eligible for the benefit
Some life insurance policies have riders on them to pay in the event that long term care is needed or an individual needs hospice care (which can be used while in Assisted Living)
Regardless, the best time to plan for how to pay for long term care is as early as possible. If you or a loved one are facing the possibility of needing to move into an Assisted Living, Independent Living, Memory Care, or Nursing Home now or in the future the time it is best to put a plan in place for that as soon as possible. Doing so now can save significant money down the road.
For more information on how to get started with this planning contact a senior living navigator today by calling 440-320-7280.