Assisted living can be a costly endeavor, with the national median being around $4,500 per month. Depending on location and amenities offered, seniors may find themselves paying up to nearly $100K each year for their accommodations – an astonishing figure that is sure to raise questions among many families as they seek support in covering these costs. For those seeking answers about financing assisted living expenses: who pays?
Seniors have many funding sources available to them when considering assisted living, such as Medicaid or personal savings. Utilizing a combination of options may be necessary in order to pay the full costs – though it’s important that seniors note financial assistance is limited and typically does not cover all expenses.
Assisted living can be expensive, but there are many payment options available – some of which you may not have heard about. From the classic to the creative and everything in between, let’s explore popular ways to pay for assisted living.
How To Pay For Assisted Living?
For many seniors, Medicaid can provide a financial bridge to access the care services they need in an assisted living community. However, it doesn’t cover room and board expenses like nursing home costs may – meaning that other resources or strategies must be sought after if there are limited funds available. Fortunately, numerous states do offer various forms of support programs which could help delay or prevent moving into long-term care facilities altogether!
As a reminder, Medicaid helps those struggling with financial issues maintain access to quality healthcare. This includes long-term care and various services provided in assisted living facilities across the nation – ranging from assistance with daily activities like bathing and dressing, up to more complex medical interventions such as skilled nursing support or rehabilitative therapies (depending on state regulations).
States ensure Medicaid beneficiaries have access to home and community-based services, such as assisted living. To do so, they follow federal standards while setting their own guidelines for eligibility and service provision. With this support in place, individuals can receive the comprehensive care they need within their local communities.
Medicare offers peace of mind for seniors age 65 and above, as well as those with disabilities, end-stage renal disease or ALS. As a federal health insurance program it covers many medical expenses; however long-term care services are not included in this plan so seeking alternative sources may be necessary to cover costs associated with things like room and board in an assisted living facility.
Long-term care insurance is a smart and necessary way to protect your finances if you require elder care down the road. With different policies offering varied coverage, it’s important to research options thoroughly before committing – downloading all of those pesky small-print pages will be worth it in the end when identifying what works best for you!
The U.S. Department of Veterans Affairs provides pension funds to qualified wartime veterans and their surviving spouses with limited income or assets, empowering them for a more secure future through the Aid & Attendance benefit – an additional monthly supplement that significantly increases possible benefits when extra help is needed in daily life due to physical limitations.
Life Insurance Settlement
Looking for an innovative way to finance long-term care services? Consider a life settlement. This option permits policyholders to unlock the value of their life insurance by selling it on the open market at potentially greater than its surrender value, delivering cash they can use while alive – and with peace of mind that after death, future expenses will be taken cares off thanks to a third party who takes over premium payments in exchange for any remaining benefits due upon passing away.
Reverse mortgages can be used to cover the costs of residential senior living in Myrtle Beach, but only under certain conditions. If a co-borrower–such as the institutionalized elder’s spouse or another individual with whom they share ownership on the loan–continues to live in and maintain their home following all terms of the agreement, these loans remain viable options for payment. When this is no longer true due to death, sale of property, or extended absence from residence lasting one year of concurrent months, however, repayment becomes mandatory.
Annuities offer an effective way for seniors to take their accumulated savings and turn them into a reliable source of income. This can help pay for long-term care services, such as assisted living in Myrtle Beach, so retirees are free to enjoy the freedom that comes with retirement.
Bridge loans may prove a risk to seniors wishing to move into long-term care, but can be used as an appropriate financial strategy in those cases where other options are unavailable. Such short-term solutions should however always be considered with the utmost caution.
Call Reflections Assisted Living at Carolina Forest now if you’re looking for the best senior living community in Myrtle Beach.
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