5 Common Questions Families Have About Financing Senior Living
With multiple assisted living communities today, you probably have a suitable option to take your aging loved one to enjoy a healthy lifestyle, network with other seniors, as well as engage in various activities that keep the body stronger and more active. However, you may have many questions about how to finance senior living.
It is best to choose a caregiver that fits your financial needs and expectations. But how do you know this? The best way is by asking the assisted living community several questions. Below are the questions to ask a home care agency and help you determine whether they suit your financial expectations.
How Much Does Senior Living Cost?
Different home care agencies charge different prices based on various elements. This includes the state, type of facility, as well as the kind of services you want. If your loved one requires multiple services, you might get a better deal.
The most important thing is to find a comfortable home care agency for your loved one that is within your budget. Ensure the home care agency gives you a clear breakdown of the pricing to help you make informed decisions.
Can Life Insurance Coverage Pay for Assisted Living?
A life insurance policy can pay for the senior living costs. Unfortunately, many people do not know about this and spend a lot of money from their pockets.
Take advantage of the life insurance policy to settle assisted living costs. However, it is best to first speak to the insurer to understand the policy terms. Let the insurance agent clarify the levels covered and the daily rates. Also, find out if the settlement is taxable.
Will Medicare Cover Any Assisted Living Costs?
Medicare only pays for the medical expenses of your loved one but does not cover the cost of assisted living. If you find a community that accepts Medicaid, you will only get waivers. In short, Medicare cannot help you pay the cost of assisted living. Ensure you seek clarification from the home care agency you plan to take your loved one to help you make informed decisions.
Will Medicaid Pay Assisted Living Costs?
Medicaid covers some long-term assisted senior living costs, but the coverage cost varies from state to state. It covers the following costs.
- Drug prescription
- Hospice
- Eyeglasses
- Hearing aid
- Home health care
- Long term care for seniors
- Inpatient and outpatient not covered by Medicare
- Speech, physical and occupational therapy
You can check out your state policy terms from the Medicaid website to help determine a better funding option.
What Programs Can Finance Assisted Living?
There are also multiple places you can look for finances for assisted senior living. This includes Medicaid, Social Security, Long-Term Care Insurance, State Non-Medicaid Programs, The Aid & Attendance Benefit, Assisted Living Loans, Reverse Mortgages, as well as Home Equity Lines of Credit.
Want to Learn More About Assisted Living Financing?
If you are looking into taking your aged loved one to an assisted living community, it is imperative to explore multiple financing options to enable you to make informed decisions.
If you want to know more about senior assisted living financing, we can help. Contact us today for a free consultation, and we will guide you through.