Do you have to place a loved one into assisted living or senior living homes? If yes, then several questions cross the mind. Some of the critical questions that you need to mull on are:
- How to pay for assisted living?
- Can you pay through Medicare for assisted living?
- Which senior living community will be the ideal choice?
- Will the assisted living community care for your loved ones?
- How is the quality of life in senior living?
Today, you have options when it comes to paying for assisted living. According to recent surveys and studies, assisted living isn’t very costly. The Genworth Financial Cost of Care 2019 Survey suggests that the cost for community care services range between .71%-3.64% per year. Some of the expenses are outpacing the United States inflation rate by approximately a double. More people are thinking about ways to pay for high-end and more luxurious assisted living. Hence, everyone needs to understand the payment choices that are available for you.
- The private pay using personal finances
Assisted living is becoming popular. Everyone’s initial inclination is to pay for an assisted living, using savings and personal income. Your loved one or you might have a retirement fund or pension in addition to the proceeds from selling your house or the earning from stocks. All these are good choices to pay for assisted living. However, the increasing costs of care would indicate that a month’s services can cost you all your savings. You can also cash out personal investment portfolios, such as IRAs and 401(k) plans to pay for assisted living care. However, not everyone can afford to pay from their pockets for assisted living care over a long time.
- Long-term care insurance
It is one option that can assist in preserving assets and savings for your loved ones. When you have a long-term care insurance policy, it can eliminate the burden of having 100% care from personal finances. It can help to supplement the monthly payment to the assisted living provider. Based on the policy, the recipients can select where they want to get the care. It could their home, nursing home, or an assisted living community. Also, the services can expand as well. But not every policy gets created equally. It is essential to understand the long-term insurance policy to have a clear understanding of the policy’s advantages. The policy also gets managed by an expert financial planner or agent, who can assess all the scopes and develop a plan that caters to every unique situation.
- Reverse Mortgage
A reverse mortgage on a residence of your loved one or your own allows you to borrow money on equity that got developed over time. Once the last resident moves out, the money needs to get repaid. Usually, this means selling the house. It is a viable choice for married seniors who require assisted living for a single person. It could also be that the assisted living is needed instantly, and the cash from selling the home isn’t available. In such a situation this payment isn’t the best choice if you want a home to stay with family.
- Veteran advantages
For people who have served the country, the VA (Veterans Administration) provides advantages that can get used to paying for the assisted living. It is called the Non-Service-Connected Improved Pension Benefit with Aid and Attendance. Based on the records of 2019, the program provides help for as much as 1,881 every month for one veteran. Also, for married veterans, the service sanctioned is $2,230 every month. However, the eligibility is slightly complicated, and at times, people might have to wait extensively for approval.
- Medicaid and Medicare
It is natural for you to think of two crucial questions here. They are:
- Does Medical cover the cost of assisted living?
- What is the amount paid by Medicaid for assisted living?
These are questions that you need to ask! However, Medicare doesn’t pay for any personal care or residential services in the assisted living community. On the other hand, Medicaid is accessible to those who don’t have any personal resources to pay. It is also available for those who have a meager income and need government aid. It is a complex program, and it gets managed by every individual state.
On the other hand, assisted living providers should take part in state-funded programs. The truth is not every assisted living provider take part in state-funded programs because of low reimbursement rates and increased regulations that can impact the care quality families, and residents expect from a provider.
It is essential to ensure that your loved one stays at ease in an assisted living community. Payment is a crucial aspect to take note of and manage effectively. The ways mentioned above can help you decide how you want to pay for assisted living care.
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