How to Pay for Assisted Living?
July 19, 2022
One thing that keeps many seniors from receiving the assisted living they need is the cost. However, there are actually many different ways to go about handling the finances of assisted living. In fact, there are programs that can help pay for assisted living costs. If you’re wondering how to pay for assisted living for yourself or the senior in your life, then here are some methods that may help.
Great Tips for How to Pay for Assisted Living
Check for Veteran Benefits.
When trying to figure out how to pay for assisted living, one of the first things you should ask is if you or your senior have access to veteran benefits. All veterans have the opportunity to apply to Non-Service Connected Improved Pension Benefit with Aid and Attendance through the Veterans Administration. However, the application process is lengthy, and just because one served does not necessarily mean that they will be approved for this benefit. Therefore, it is important to start this process well in advance before having to move to assisted living.
Inquire About Medicaid.
Another government program that can help cover some of the costs of assisted living is Medicaid. However, this depends on what state you live in. Since 2021, the number of states that have begun to offer financial aid for assisted living has increased, and currently, over 30 different states across the country can help provide different forms of financial assistance for assisted living. Most commonly, eligible applicants can get what is called a Medicaid Waiver. However, again, Medicaid benefits vary largely depending on where you live, so, be sure to check your local Medicaid benefits before pursing this option.
Consider a Long-term Care Insurance Policy.
If one of your main priorities is preserving as much savings as possible, a long-term care insurance policy is the route for you. By getting a long-term care insurance policy, you’re basically making it so that the full amount of your monthly payments does not have to be paid out of pocket by you. Instead, it can be supplemented by your policy. Just be aware that what you get out of your policy will vary depending on what policy you get, so make sure that you have the right policy for you or your senior loved one’s specific needs.
Premium Senior Living in Central Florida
After you consider how to pay for assisted living, your next step is to figure out where to live. At Encore at Avalon Park, we know how important it is to find the perfect senior living community for the beloved senior in your life. This is why our seniors have access to engaging social and recreational activities, delicious and healthy meals, comfortable accommodations, and so much more.
Find out for yourself what makes Encore at Avalon Park your premium senior living solution by calling 407-270-7500 to schedule your tour today.
