Financing Senior Living

Senior living communities, such as nursing homes, assisted living, and additional communities can provide immense assistance and care for individuals who are looking for a living community with health care and social services for this stage of their life; but it can also be very costly. The costs associated with senior living are often more than some seniors can afford on their own, especially if they do not have sufficient retirement funds or savings that they have put aside for senior living. Even so, many seniors find it difficult to finance the entire cost of living in such communities. In order to improve your quality of life as a senior, it helps to understand the various options you have when you are looking to get assistance in affording the best senior living available.

Medicaid

Medicaid is a joint Federal and State program which can assist seniors in paying for medical services, which can vary from state to state. There are eligibility requirements to qualify for Medicaid which typically involve your income. For seniors on a fixed income, they may be eligible for Medicaid and in some cases, can combine their Medicaid and Medicare policies for financial help. Aside from helping with medical care costs, many Medicaid plans will offer community-based care for seniors living in nursing facilities or senior living communities. While it may only pay about 10 percent of the costs of senior living fees, it can help tremendously when combined with other financial options.

Medicare

Seniors who are at 65 years of age or older are qualified to receive Medicare services which not only help cover medical costs along with prescription plans but Part A and Part B of the Medicare program can assist individuals in helping to finance senior living costs. Part A of Medicare is also called Hospital Insurance, and can be used for costs associated with Skilled Nursing Facility Care. In many cases, senior living with skilled nursing care may be partially covered by your Medicare plan. Part B of Medicare provides medical insurance after paying a monthly premium, and can be used for some of the medical costs associated with senior living care such as doctor visits, laboratory tests, ambulance services, and therapy services.

Long-Term Care Insurance

If you have long-term care insurance, which is typically purchased by private insurance companies before you turn 65, you can use it to help finance your senior living community costs and care. Long term insurance when purchased before you need it, can be an affordable way to help you in the future with associated senior living costs. This type of insurance policy helps cover your stay in licensed senior living communities and nursing facilities and may help pay for room and board and some medical costs associated with your community. Typically, the younger you are at the time you purchase the long-term care insurance plan, the less expensive it will be.

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Originally posted on Living Senior.