4 Creative Ways to Help Pay for Assisted Living!

The financial strain additional care needs can place on a family are often not anticipated and under prepared for. Waiting until the need is imminent may limit important choices due to limited resources.  Considering the options prior to a crisis or circumstance requiring assisted living placement may protect choice and options.

Veterans Aid & Attendance

This little known pension support program can be a resource to some Veterans who require assistance with activities of daily living.  These Veterans are over the age of 65 and served in our military for a minimum of 90 days with at least one day of service being during a declared time of war.  (It is not necessary to have been in combat or deployed overseas to qualify.) Under certain circumstances spouses and widows/widowers may also be eligible to apply for benefits based on the Veteran’s service. There are income and other qualifying criteria that must be met.  The best place to start is an internet search of “VA Aid & Attendance” for more details on qualifications and applying for benefits.  The process of applying for this benefit is detailed and can be lengthy, many find it helpful to contact their local Veterans benefits office.

Long Term Care Insurance (LTCI)

This is another source of financial support that can make a great difference in making assisted living care more affordable.  If you have this policy, it’s important to review it and be familiar with the benefits you are entitled to and how you are required to open a claim when the time comes.  It’s best to do this homework before you need reimbursement as there will probably be a number of days before LTCI will begin reimbursing policy holders (usually 30 -100 days depending on the policy provision). The best place to start is with a review of your policy and a call to the insurance company to discuss updated procedures for opening a claim and using benefits.   Most assisted living providers will assist you in providing the insurance company the care information required to be reimbursed.

Private Pay/Family Support

It takes a village to care for an aging loved one. By far the most common method for paying for assisted living is by private pay dollars.  Not all family members and other interested parties are able to be present and participate in daily activities of care and decision making. Consider involving those who have circumstances that require them to live far away to contribute according to their means.  “Many hands make light work” also works by applying multiple funding sources to monthly assisted living fees.  It can be surprising how multiple family members contributing in various amounts can make what seems impossible to pay for within reach.  These may be difficult or uncomfortable conversations to have with family members, ask the assisted living provider to help you work out clear, itemized payment needs to help you approach loved ones.

Medicaid

For some people the state Medicaid program may be a source of funds for assisted living placement.  These funds are subject to income limits and functional disability requirements and require different eligibility factors.  These funds are rarely available quickly and usually require an application process that can be detailed and lengthy.  If Medicaid funding is anticipated to be necessary, prior planning is vital to ensure eligibility is possible.  If private funds are dispersed in some particular ways, a person may become ineligible for Medicaid program participation.  If you believe Medicaid programs may be required as a funding source, begin investigating possibilities as soon as possible in order to give time for arrangements to be made.  

Senior.One is here to assist you in clearly identifying needs, options and problem solving to work towards the care and quality of life you seek.  Contact us today to help you “Explore your options” or “Get Help Now”. We are just a click or phone call away!