Many people rely on a combination of social security, pensions and the sale of assets, such as housing, to cover the costs of assisted living. Many people use Social Security retirement and disability benefits to pay for assisted living. While these benefits may not be enough to pay the full bill, they can make assisted living more affordable. For eligible war veterans and their surviving spouses, veterans benefits can be used to pay for assisted living.
Denise Lettau, a lawyer for the elderly in Florida, says that a surprising number of her clients forget about the many veterans benefit programs that are available. Lettau says that many assisted living communities are willing to offer discounts or negotiate a lower monthly rate. He says accepting less money for a room is better for the community than leaving the room empty. In many communities for older people, a shared room is cheaper than a private room or apartment.
In addition to saving money, sharing a room can be safer and prevent loneliness, a common problem among older people. Be sure to consider the personality of your loved one, as many residents expect to have their own private space. Many older people are eligible for Medicaid, which does cover the cost of many care services. Each state's Medicaid program is different, but applying for benefits is the first step in understanding how your loved one's state can help. A Place for Mom's low-income assisted living guide explores other options for receiving care.
Most people pay for assisted living with current Social Security and pension income, along with the use of their savings, including income from the sale of a home. Long-term care insurance is increasingly being used to offset the cost of assisted living. Some consumers convert life insurance policies into loans, and others have family members who help pay a portion of the monthly cost. Most families cover the costs of assisted living through private funds, which are usually a combination of Social Security benefits, pension payments, and savings and retirement accounts. There are also some financial tools, retirement benefits for veterans, and government programs that can help cover the costs of assisted living.
Medicaid doesn't cover the portion of the room and board costs of assisted living. However, many states offer Medicaid exemption programs that can help defray the costs of assisted living. These are called Medicaid home and community-based services (HCBS) exemptions or Medicaid 1915 (c) exemptions. A common misconception is that Medicare covers the costs of assisted living.
Unfortunately, Medicare doesn't pay for assisted living in Florida or anywhere else. However, it may cover certain short-term stays in Medicare-certified skilled nursing facilities or specific medical services in assisted living communities. Before moving to an assisted living community, an evaluation must be made and a personal care plan developed that covers all of the resident's needs. While these may be an investment at the time, they can offer more long-term savings compared to living in an assisted living community.
Because each state has its own Medicaid program, coverage will vary, but depending on where you live, Medicaid may pay for certain aspects of assisted living or home care. The cost depends on the location, but it can be more affordable than assisted living, as well as being quieter and more home-like. Home care refers to professional caregivers who come to your parents' home to help with personal care and household chores. They may be eligible to receive VA home care programs or to receive a stipend that they can use for an assisted living community or other types of care.
For services that exceed basic rates, assisted housing prices allow each resident to pay according to their level of need and the services required. The cost of assisted living for the elderly depends on the community, the size of the apartment, the amount of services you need, and where in the country you live. While assisted living may be a good solution for an older adult who needs help, for some it's not affordable. Residents generally pay directly for cable TV, Internet and phone service in their apartment (although more and more communities have free WIFI throughout the building). Medicare doesn't cover the costs of assisted living, only short-term, eligible stays in a skilled nursing facility during each benefit period.
In addition to income from sources such as retirement funds, pensions and savings, most seniors initially pay for assisted housing with Social Security retirement benefits, veterans benefits, insurance policies, home equity, and the sale of personal property. This state agency offers information, assistance and programming to help Floridians access long-term care services. However, while personal health insurance and pharmaceutical coverage continue after moving to a community, Medicare generally doesn't pay for assisted living. Get detailed information on how you can use your home (or the sale of it) to pay for a community for the elderly. As in other industries, assisted living communities in urban areas tend to cost more than those in rural areas.
