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How to pay for Senior Housing and care
If you determine that assisted living or other care levels is necessary but don’t have money in the bank to pay for it, there are some possible sources of help:
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Private Funding
Cash Assets and savings, IRA’s, Stocks, Bonds, Sale of a Home, Family pooling funds together or personal loan to a parent
Veterans Aid & Attendance
Aid and Attendance is an amount awarded in addition to the basic pension. This benefit takes into account a person’s unreimbursed (out-of-pocket) medical expenses. These medical expenses are subtracted from a person’s gross income to determine eligibility.
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Benefit Guide from 2024
Surviving spouse: $1478 month/ $17,743 Annually
Single Veteran: $2300 Monthly/ $27, 609 Annually
Married Veteran: $2727 Monthly / $32,729 Annually
Two Vets Married: $3649 Monthly/ $43, 791 Annually
http://www.benefits.va.gov/pension/aid_attendance_housebound.asp
http://www.carefundingsolutions.com/veteran.html
Elderlife Financial
Options like a Bridge Loan
To learn more visit http://www.elderlifefinancial.com/
Medicaid
Medicaid can financially assist those needing physical & financial assistance in their home or a community setting. Some Assisted Living, Memory Care, Adult Care Homes and Skilled Care settings have a contract with Medicaid. Medicaid is the United States health program for people with low incomes and resources. To qualify a caseworker will review your financial need and physical need.
Application process go to http://www.medicaid.gov.