Moving a senior loved one into an assisted living facility can be both emotionally overwhelming and financially stressful. Whether your loved one has a savings account to cover the costs or you’ll be paying out of your pocket, many assisted living communities come with a high price and confusing payment structures! It’s your job to determine the costs, fees, and payment schedules so your loved one can choose the best assisted living facility.
If the expenses of assisted living are starting to sound like a burden, take a deep breath! However, there are several ways that you can get financial assistance to help you cover the costs. Read on for some tips on how to help finance assisted living for a senior loved one:
- Aid and Attendance Benefit for Veterans. The Aid and Attendance benefit special program is designed to help pay for care for veterans or their surviving spouses. The benefit is in addition to the veteran’s regular pension, meaning you can get some serious cash to cover the cost of assisted living! In 2021, single veterans qualified for up to $1,936/month, surviving spouses qualified for up to $1,244/month, and married veterans qualified for $2,295/month. Click here for more information.
- Insurance. If your loved one has purchased long-term care insurance, review your policy to see if it can cover any part of your assisted living payments. Though it typically only covers nursing home care, newer policies are beginning to cover home care, assisted living, and memory services. Call the insurance broker so you can understand the insurance plan, so you’re not overpaying.
- Bridge Loans. A short-term bridge loan helps seniors borrow money against their existing assets, which they can put towards the cost of assisted living. This loan is helpful if your senior is selling their home to help pay for assisted living costs and waiting for the proceeds of the sale to come in. Contact your senior’s financial institution to see if they offer short-term bridge loans.
- Medicaid. If you’re eligible for Medicaid, you may take advantage of a number of benefits, including financial assistance for personal care, respite care, home modifications, personal care assistance, and attendant nursing care. The latter two can also be participant-directed, meaning you can pick the places and caregivers you work with instead of choosing from a designated list.
- State Assistance. Several state assistant programs are designed to support seniors who are not Medicaid-eligible. Florida has six programs, including the Optional State Supplement (OSS), Project R.E.L.I.E.F., Community Care for the Elderly (CCE), and much more. Click here to learn more about Florida programs for seniors.
Addington Place at College Harbor is a vibrant senior living community with an ocean view in St. Petersburg, Florida. Whether you want to perfect your golf game, take a continuing education class, relax by the sparkling pool on our expansive outdoor patio or stroll through the garden walking paths, our distinctive community offers many social and recreational opportunities. Our friendly staff is ready to assist you 24 hours a day.
Sources:
https://www.payingforseniorcare.com/florida
https://www.alzcottages.com/articles/4-tips-to-help-finance-assisted-living-for-senior-loved-ones /