Navigating the financial landscape of assisted living can feel like a daunting task. With various care options, insurance policies, and personal assets to consider, it is vital to plan ahead and understand the potential routes you can take to secure comfortable, high-quality care for yourself or a family member.
As an assisted living provider in Ormond Beach, Florida, our team at Aden Senior Living is shedding light on the different ways to pay for assisted living and ensure you or your family member gets the care they deserve.
1. Utilize Personal Savings and Assets
Personal savings and assets play a critical role in financing assisted living. It is important to evaluate all forms of income, such as social security, pensions, retirement accounts, and other assets like stocks and bonds. You may also want to consider any life insurance policies that have a cash value or can be converted into a long-term care benefit plan.
2. Explore Insurance Options
One of the first steps in planning for assisted living is understanding your insurance coverage. Different insurance plans offer varying levels of coverage for assisted living costs, and it is important to explore all the options available to you.
Medicare: Generally, Medicare does not cover the costs of assisted living communities or long-term care. However, Medicare will cover qualified healthcare costs while you or your family member is living in a certain community.
Medicaid: Medicaid programs must cover nursing home care. However, states have the choice of whether to cover assisted living and other types of care outside of nursing homes, and their coverage may vary. However, Florida is one of the few states that qualify assisted living for Medicaid. Forbes Health states, “Floridians can receive support for assisted living through the state’s Long-Term Care Managed Program and the Managed Medical Assistance Program (which are part of Florida’s Statewide Medicaid Managed Care Program).”
Long-Term Care Insurance: These policies can help cover the cost of assisted living care. However, the cost-effectiveness of such policies depends on the premiums, the benefits, and the policyholder’s age and health. For example, if you bought a policy in early adulthood and were in good health, chances are that you have a lower premium. Be sure to look at the specifics in your or your family member’s policy to see if assisted living costs are covered.
3. Veteran Benefits
For those who have served in the military, financial assistance may be available through veterans’ benefits. The Veterans Aid and Attendance Benefit can provide funds for assisted living care if you meet certain criteria. This benefit is available to war veterans and their surviving spouses and is over and above the basic pension provided to veterans.
4. Sell or Rent Your Home
For many, the home is the largest asset they own. If moving into an assisted living community, your or your family member’s home may no longer be necessary. Selling the home can provide a significant source of funds.
If you or your family member is not ready to fully part with the home, renting it out can provide a steady stream of income to help cover assisted living costs. However, consulting with a financial advisor is recommended to understand the implications of selling or renting your home.
Understanding the Costs of Different Types of Care
Assisted living costs can vary greatly depending on the level of care needed. Generally, costs increase with the level of care. For instance, our assisted living community in Ormond Beach offers wellness levels not only to set costs for varying levels of care but also to help us customize our support offerings to each resident.
It is crucial to understand what each level of care includes and what costs are associated with them to make an informed decision that best suits your or your family member’s needs and budget.
Planning for the cost of assisted living can seem overwhelming, but understanding your options and planning ahead can make the process much more manageable. Whether through insurance, veteran benefits, personal savings, or selling or renting your home, there are several ways to pay for assisted living care.
Everyone’s situation is unique, and what works for one person may not work for another. Therefore, consulting with a financial advisor or elder law attorney is recommended for a personalized financial plan.
To learn more about our assisted living services in Ormond Beach, Florida, and how we can customize our support to help you or someone you love thrive, we invite you to contact a member of the Aden Senior Living team.
