What Are Your Assisted Living Payment Options?
Moving loved ones from their house into an assisted living facility means making numerous important decisions, such as how to pay for the elderly care service. Here, the assisted living placement team at CarePatrol in Westport, CT, explain available payment options so you and your loved one make the best financial decision possible.
How to Pay for Assisted Living
Medicaid
While Medicare only pays for professional rehabilitative care following a three-day hospital stay, Medicaid covers assisted living costs in specified nursing homes. This insurance is available on a state-by-state basis and only to seniors with few or no assets. For example, in Connecticut, Medicaid-related assisted living is covered through the Home Care Program for the Elderly.
Long-Term Care Insurance
Long-term care insurance covers all or some of the assisted living costs depending on the individual policy. If your loved one does not have long-term care insurance, research and compare available plans. Long-term care plans let your loved one decide where they receive care, unlike Medicaid.
Veteran’s Benefits
The Veterans Aid and Attendance Program is one of the assistance programs available through the Department of Veterans Affairs (VA) that can help pay for assisted living. The program is available to veterans and their spouses. Additionally, some senior living facilities cater to veterans only.
Reverse Mortgage & Other Options
Additional payment options include obtaining a reverse mortgage, which lets a person borrow money based on home equity. You can also work with your loved one to sell their life insurance policy or rent or sell their home. Financial support from you and other family members is an option as well.
CarePatrol reviews each client’s financial options and provides unparalleled assisted living placement services throughout Fairfield County. Their team will meet with your family and determine which senior living facility is best for your loved one, at no cost to you. Fill out the online form or call (203) 244-9562 to speak with an advisor.
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