How To Pay for Assisted Living or Memory Care
No one wants to talk about it, but part of the process of finding the right assisted living or memory care community for your loved one includes answering financial questions about how you are going to pay for it. The good news is there are many options when it comes to paying for senior care.
Private Pay with Personal Funds
The obvious first option to consider includes looking at your personal savings or investment portfolios (like 401K plans or IRAs) that can be cashed in to help pay for care. However, paying out of pocket is often more than many people can afford over time.
Long-Term Care Insurance
Check to see if your loved one has a long-term care insurance policy. This can help cover the cost of care, including staying in an assisted living facility if they have a chronic medical condition, a disability, or a disorder such as Alzheimer’s disease.
A Reverse Mortgage
A reverse mortgage on a home you or your loved one owns lets you borrow money on the equity that has been built up over time. There are several types of reverse mortgages, but only one is relevant in this case; the Home Equity Conversion Mortgage (HECM), insured by the United States Federal Government and accessible through Federal Housing Administration (FHA).
Veterans Benefits
There are many benefits available to those who have served our country. The Veterans Administration (VA) offers benefits that can be used to pay for assisted living, known as Non-Service Connected Improved Pension Benefit with Aid and Attendance (or simply, Aid and Attendance). Visit https://www.benefits.va.gov/persona/veteran-elderly.asp to see if your loved one is eligible.
Medicare vs. Medicaid
Medicare is a federal health insurance program for seniors over 65 and does NOT pay for residential services or personal care in an assisted living community. Medicaid, however, is administered by each state and is available to those who have exhausted their own personal resources or are considered low income. A complete list of states whose Medicaid programs help with the cost of assisted living and their eligibility requirements is available here.
About Calson
Calson has been actively involved in senior living for over 30 years, and we are continuously innovating our communities for seniors throughout Northern California. Our family and team members work to provide a safe, engaging, and comfortable environment for our residents. Want to learn more about what our independent living, assisted living, and memory care communities offer?
visit us at https://calsonmanagement.com/current-communities.