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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• Long-term care insurance.

• Life insurance.

• Pensions, annuities and investments.

• Veteran benefits.

• Real estate.

• Loans

• Family funding

    Helpful article: https://health.usnews.com/best-senior-living/assisted-living/articles/how-should-i-finance-assisted-living

 

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

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http://www.benefits.va.gov/pension/aid_attendance_housebound.asp

http://www.carefundingsolutions.com/veteran.html

Options like a Bridge Loan

To learn more visit these sites or speak to you financial advisor:

ElderLife Financial 

http://www.elderlifefinancial.com/

or

Second Act Financial

https://secondact.com/senior-living/pay-for-senior-living/bridge-loan-solutions/

 

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.

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Some of our community partners offer discounts for veterans!

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Does MEDICARE Pay?: We are frequently asked if Medicare pays for housing and care. The short answer is NO, medicare covers medical expenses through contracted medical providers, like your physicians, pharmacies etc. 

 

Our advisors are experts in assisted living locators, memory care locators, In Home Care agencies, a place for mom or a place for dad. What ever you need, we have the resources and try to work within a budget you can afford!

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To discuss financial options or to simply brainstorm, give us a call.