How to Finance Senior Living
Understanding the Costs to Determine What is Right for You.
There are numerous factors that go into selecting a senior living community for you or a loved one, including living and care options, dining, staff, food, amenities and, of course, the costs. At Americare, all our costs are clear and transparent so there are no surprises. And when it comes to financing those costs, count on Americare to help you understand your options, and provide resources for accessing potential financial assistance.
Medicare
Medicare is a federal health insurance program primarily for people aged 65 and older, though it also covers certain younger individuals with disabilities or end-stage renal disease. While Medicare does not pay for long-term care in a skilled nursing or assisted living setting, it may help cover short-term rehabilitation stays, outpatient therapy services provided within a senior living community and hospice care for eligible individuals.
Medicaid
Medicaid is a joint federal and state program that helps cover healthcare costs for individuals with limited income and resources. In many states, Medicaid can help pay for long-term care services in skilled nursing communities. In some states Medicaid funds are available to individuals living in an assisted living setting who require a higher level of support. We can help you determine your eligibility for assistance through your state’s Medicaid program.
Veterans Benefits
Veterans benefits may be available to eligible veterans and their surviving spouses who qualify for a VA pension and require help with daily activities, such as those provided in an assisted living setting. In addition, qualified Veterans can access their VA benefits to cover the cost of short-term rehabilitation stays in a skilled nursing community. These benefits are paid in addition to the monthly pension and can help offset the out-of-pocket costs of senior care.
Private Long-Term Care Insurance
Private long-term care insurance is designed to help cover the cost of services that aren’t typically paid for by Medicare or Medicaid, such as long-term skilled nursing, assisted living, memory care or in-home support. Coverage varies based on the specific policy, but many plans can help offset out-of-pocket expenses for personal care and daily assistance. It’s important to review your policy details to understand what’s included and when benefits become available. Our senior living advisors and admission specialists can help you with the process.
Do You Qualify for Financial Assistance?
As you plan for a move to a senior living community, one vital question is how you’ll pay the costs. Fortunately, many financial solutions are designed to accommodate different needs and situations. To see if you qualify, complete the form below.
RESOURCES
Discover the tools and resources that will help you make the senior living decision that’s right for you.
FAQS
If you have questions about senior living, browse our FAQs to discover the answer. We’re here to help.
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