If it is time for you or a loved one to move into a senior care facility, you need to make sure you know your finance options. Prices can vary between the type of care needed and the room size, so it can be important to know the ways you can get assistance with financing. Sometimes the only option is to pay out of pocket, but it is important to know what options are available to you. Below are some ways that you or your loved can pay for the assisted living that is needed.
Medicaid and Other State Aid Programs
Medicaid is a state health program that gives assistance to those who need financing. This is the best option for those of low income and limited assets. This usually means that you own less than $2,000, but varies from state to state. Assisted living is considered long term care, but sometimes you may not qualify for financing for your or your loved one’s senior care. If yu are looking for financing, check out medicaid in your state and see if you qualify.
In addition to Medicaid, there are many other state aid programs that may be available to you. One example is The Federal Long Term Care Insurance Program, so do some research and see which types of aid you qualify for.
Insurance
According to the American Association for Long-Term Care, 8.1 million Americans have long-term care insurance. Considering there are 316 million Americans, not many people have long-term care, but almost 50% of Americans do have life insurance and you can use that to finance your log-term care immediately by cashing out your policy for cash. You must look at the exception that the insurance company has before you cash out.
Veteran’s Aid
The Improved Pension Benefit allows a veteran or spouse to get help from long term care i they need help with daily activities and cannot live alone anymore. Eligibility for this benefit is as follows:
- Veteran: up to $1,732 monthly
- Surviving spouse: up to $1,113 monthly
- Veteran with spouse: up to $2,054 monthly
- Veteran with Sick Spouse: up to $1,360 monthly
Selling the House
It is very hard to sell your house when you have lived in it almost your whole life, but if you need senior care, you probably should sell your house. IT will allow you to use that money for other services such as long-term care and medical assistance if needed. It will be hard to say goodbye, but it will be worth it when it comes to financial benefits.
There are many different ways you can finance your long-term care. Look into your insurance and medical care and see what you qualify for. If you have questions about senior care financing or are looking for a perfect care facility call Senior Living Advisors at 720-458-1392 today!
About Senior Path:
We are a professional, senior housing advisory service which provides personal attention to Seniors and their families. We employ a staff of talented, caring Advisors who have vast experience helping Seniors and their families through this transition. Our Advisors have extensive backgrounds in the Senior Care industry enabling them to understand what Seniors want and need.