Paving the Way: 4 Ways to Finance Your Assisted Living Care

Today, most assisted living communities will provide residents with a few choices when it comes to fees. The most common options include fee-for-service pricing or all-inclusive pricing.

If all-inclusive pricing is selected, it means a single monthly fee will cover things like meals, rent, and other services the resident needs, such as transportation or housekeeping. With fee-for-service, it means a resident is only paying for the services they use.

Usually, if a resident has plans to use the entire suite of services that an assisted living facility offers, it is going to be more affordable to select the all-inclusive option. If a resident only needs some services, then the fee-for-service approach provides more cost savings.

Regardless of what payment option is selected to cover Independent Living Near Me, some people still need assistance to cover the cost. There are a few options that are available to cover this care.

Ways to Cover Your Assisted Living Costs

Stay young and healthy over 50

1. Medicaid and Assisted Living

There are several Medicaid programs that can provide financial assistance for assisted living. The most common of these are Medicaid Waivers, which are also called HCBS –  Home and Community Based Services Waivers – or 1915(C) Waivers. The total number of states that now offer these waivers has grown over the years, and it is something that should be offered around the country very soon.

2. Veteran’s Programs to Cover Assisted Living Costs

This is a type of financial assistance for veterans who are using assisted living facilities. They are available in the form of a pension, which is called the Aid and Attendance Benefit. The program provides up to $1,881 per month for single veterans and as much as $2,230 per month for those who are married. Unfortunately, eligibility for this problem can be complicated and there are significant wait times involved. It is a good idea to learn more about the approval process before applying.

3. Non-Medicaid Programs Offered by the State

There are some states that have recognized that offering financial assistance to seniors to pay for assisted living is much more affordable than having to cover the cost of a nursing home that is funded by Medicaid. This is also often a preferable option for the person and their families. While this is true, these financial options are not available in every state. Also, the programs vary quite a bit from one offering to another and from one state to another.

4. Original Medicare or Medicare Advantage

It is important to fully understand the way Medicare provides coverage for assisted living-related costs. This program does not cover assisted living costs, including room and board or personal care services. However, the medical expenses that are incurred while someone is at this facility can be covered by Medicare, just like they would be covered if the medical services were provided at the person’s home, in a hospital, or at the doctor’s office. However, Medicare Advantage can provide coverage for supportive services and personal care assistance in assisted living facilities.

It is a good idea to keep the financing options mentioned here in mind for those who are considering an assisted living facility. Being informed and knowing what to expect is the best way to cover these costs and ensure that the required level of care is received.

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