Finances are often one of the main deciding factors when choosing a community. As you are reviewing finances, it’s important to consider the cost of living independently against the cost of a senior living community.
On top of services like assistance with the activities of daily living, housing, meals and transportation, senior living communities, also offer things you cannot put a price tag on like: peace of mind, socialization, engagement, and happiness.
Still, if you find that your finances fall short, there are other resources available to compensate for the differences. Everyone’s situation is unique and may qualify him or her to receive financial aid when choosing senior care options.
Before looking to an outside source for financial aid, there are more “traditional options” like:
- Sharing an Apartment with a Roommate
- Selling Your Home
- Opening a Home Equity Line of Credit
- Reverse Mortgages
- Cash & Savings
- IRAs & 401(k)
- Social Security
Currently, Medicare will not cover assisted living. However, Medicare can handle the costs for home health agencies to care for their patients who are in assisted living. This can include nursing, physical, occupational and speech therapy, as well as diabetes and insulin management.
This depends solely on your plan and policy, but some providers do have a benefit that will pay the entire amount or a portion of the cost. You will need to look at the plan to see if it has a benefit for personal care homes, assisted living, or memory care.
Yes! There are unique pension benefits available to help veterans who served during a war period, or their widows, pay for services. However, there are asset and income limits to qualify for these benefits and are only offered if the service, financial and medical qualifications are met.
Veterans can also qualify for additional funds monthly that can be used for medical supplies and medicines from the Department of Veterans Affairs. This benefit is called Aid and Attendance Pension. Veterans receiving a monthly pension that meet specific parameters may qualify. More information on how to file for benefits, what they cover and forms is available at VA.GOV.
To discuss your situation, please reach out to the Oaks Senior Living community you are interested in, and we will be happy to help you through the financial process.