Financial Assistance for Assisted Living and
Senior Living Care
Several
government subsidies are available to fund senior housing. However, the reality
is that these amounts are limited and will impose restrictions on what care you
receive and where you receive it.
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Medicare: Neither Medicare Parts A nor B offer coverage
for comprehensive ongoing long-term care. Medicare A (hospital insurance) may
cover costs for a semiprivate room, meals, nursing and rehab services,
medications, and medical supplies in a skilled nursing facility for the first
100 days after being released from hospitalization for an acute illness or
injury. The first 20 days are covered at 80 percent, with the rest of that time
period covered at decreasing rates. It never covers a private room nor services
in an assisted living residence. Medicare B only offers reimbursement for
covered services you receive from a doctor.
Ask Medicare is designed to support and assist caregivers. Ask Medicareoffers a wide range of helpful information for the nearly 66 million Americans who provide help to an aging, seriously ill, or disabled family member or friend. Ask Medicare offers tools that helps caregivers and those they care for make informed health decisions.
Ask Medicare is designed to support and assist caregivers. Ask Medicareoffers a wide range of helpful information for the nearly 66 million Americans who provide help to an aging, seriously ill, or disabled family member or friend. Ask Medicare offers tools that helps caregivers and those they care for make informed health decisions.
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Medicaid: Medicaid, which provides federal health-care
assistance to low-income Americans, is the biggest payer for room, board,
nursing care, and social activities in nursing homes. Many, but not all, states
now cover some assisted living services under their Medicaid programs; however,
these fluctuate widely in terms of eligibility requirements, and dollar amounts
of coverage. The Senior Assisted Housing Waiver provides eligible low-income
adults a choice of receiving senior living care services in a community-based
setting rather than in a nursing facility. Bear in mind that faced with budget
deficits for years to come, states are more likely to cut, rather than expand,
these programs.
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Housing and Veterans Subsidies: Seniors with annual
incomes under $12,000 may qualify for U.S. Department of Housing and Urban
Development 202 and Section 8 senior housing, which provide rent subsidies that
can help pay for the room-and-board portion of both independent living and
assisted living environments. The Department of Veterans Affairs also provides some
skilled and intermediate-level care to veterans in its own residences,
depending on space availability.
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For more information on benefits, visit Federal Benefits
for Veterans and Dependents or
check out the VA's benefits
fact sheets.
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Life Care
Funding Group (LCFG)
assists people in need of funds to cover the costs of senior housing and long
term care. LCFG specializes in converting the death benefit of an in-force life
insurance policy into a long term care benefit to cover the costs of skilled
nursing home care, assisted living, home health care, and hospice.
Additional
Resources and Advice for Financing Senior Living:
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AARP
Senior Living Care Insurance
Long-term
care insurance is perhaps the best way to ensure you can afford to pay
privately to receive the most choice in housing environment possible from your
provider of choice, whether it's independent living, assisted living, or
another housing option. Experts suggest consumers should be looking at
long-term care insurance at 40 and own it by age 50. When choosing an insurance
provider, consider the following tips:
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As with any insurance, read the fine print on the policy and ask
questions.
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Compare at least three different insurers.
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Verify each company's financial strength through independent
rating systems such as AM Best.
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Review the company's rate history for stability.
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Check to see if the policy is tax-qualified, in which case premiums
may be deducted under medical expenses if you itemize your deductions.
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Select an inflation-protected policy to ensure sufficient
coverage when you file your first claim years from now.