Financial Information and Insurance for Assisted Living Facility
Learning about insurance for assisted living facilities can be overwhelming. And moving into an assisted living facility can come with a myriad of decisions and challenges. We understand that finances play a big role in choosing an assisted living community. Our knowledgeable staff is here to help you navigate this process with ease and learn about insurance for our assisted living facility. We accept private pay and other forms of payments listed below
Long Term Care Insurance For Assisted Living Facilities
Long-term Care Insurance is a way to pay for long-term care needed due to chronic illness, degenerative disease, or another reason. Contact your insurance agent to see if your policy covers assisted living expenses.
Veterans Benefits
The Veterans Administration can pay for assisted living care for veterans and their spouses, especially if the veteran was wounded or disabled in combat. There is also the “Aid and Attendance” program designed to help veterans who were not wounded, but who served at least 90 active days in the military. These benefits can also be extended to a surviving spouse. It is always recommended that you speak with a financial expert to find out how you can maximize these benefits.
As of 2021, the Aid and Attendance program can provide assistance up to $1,936 / month for a single veteran and up to $2,295 / month for a married veteran. However, eligibility is complicated and there can be extensive wait times for approval. Details of the program, eligibility requirements, and tips for expediting the approval process are available here. Veterans who may be eligible for both Medicaid and Aid and Attendance might want to review this comparison of the two programs.
Visit VeteranAid.org for more information
Family Support
Enlisting the support of family members can reduce your out-of-pocket costs, especially for things such as transportation to medical appointments or medication management.
Personal Funds (Out-of-Pocket Expenses)
Professional care in assisted living facilities is almost always paid for out of pocket. Initially, many older adults pay for care with their own money. They could use personal savings, a pension or other retirement fund, stock and bond income, or the proceeds from the sale of a home.
Initially, family and friends frequently provide free personal care and other services such as transportation. However, as a person’s needs grow, paid services may be required.
