Helpful Ways to Pay for Assisted Living
As we age, we may need to live in an assisted living care facility. It is often part of growing older, so it is important to understand the best ways to pay for assisted living and get the best deal possible.
When it comes to assisted living, it is a good idea to choose a facility that best fits the resident’s current level of care, but can also accommodate any changes that happen over time. For instance, progressive diseases such as Parkinson’s or Alzheimer’s may require different types of care down the line. It may be better to choose an assisted living facility that can changes in need, as opposed to having to move into a second care facility. It is a good idea to have a transition plan in place to accommodate changes in health and the support necessary to receive the best care possible.
Sometimes confusion can arise between what an assisted living care facility is and how it is different from a nursing home. An assisted living environment provides some assistance with tasks, but not total assistance. If the resident has some level of independence, this setting may be a good fit.
Help with daily activities and tasks may be rolled into the monthly rent of a facility. Meal plans are usually available, and meals are most likely served in a central dining room. The rooms may be equipped with small bathrooms and kitchens.
Rent is usually determined by the number of services needed in an assisted living care facility. Rates depend on how much assistance you or a loved one need. Someone with minor memory loss, who may need reminders about taking medication, will likely incur less cost than someone who needs daily assistance with showering and dressing. Some facilities, however, have an all-inclusive rate. One may be better than the other, depending on your financial situation and level of need.
Tips for Paying Out of Pocket
The simplest approach to paying for assisted living is to pay out of pocket. If you do not qualify for certain assistance programs, or you have put money aside for this purpose, paying out-of-pocket makes sense. However, if this is unplanned, there are things you can do to make the cost more manageable. Check with the facility about cost-cutting options live move-in specials, room sharing, or a more affordable location.
Tips for Veterans
You can also check eligibility through the Veteran Aid and Attendance Pension, a federal program that may be able to provide some assistance. It can pay up to $1,912 per month to a veteran, $1,230 per month to a surviving spouse, or $2,266 per month to a couple for veterans and spouses, if eligible.
Tips for Qualifying for Medicaid
Medicaid is also a way to pay for assisted living care. Medicaid is a federal program that is administered by the state. There are certain requirements needed to receive Medicaid. There are ways to deal with exceeding the asset limits for Medicaid. These involve paying down assets, making sure your property in the community is below the eligibility limit, reducing assets by paying off debt, transferring assets, and reducing assets by purchasing assets exempt under Medicaid. An elder law lawyer can help you to set up a sound financial plan and explain how to best meet the financial requirements.
Contact The Mattar Firm
The Mattar Firm’s experienced estate planning and asset protection lawyers can discuss potential assisted living options for you or a loved one. This includes suggestions on paying for assisted living as well as how to protect any assets. Call today for your free consultation. 844-444-4444.