 | Lynn Spragg is a Licensed Practical Nurse with 13 years long term care experience, she has been the Operator/Director of Vintage Place Assisted Living for 4 years. |
Senior Living
2010-11-01 13:31:00
Is financial aid available for assisted living?
Answer: This is one of the most common problems facing older Americans and their families. In fact, only those with expert retirement planning or long-term care insurance are truly able to pay the full rates in most cases. Although it seems costly, assisted living care is tailored to meet the needs of the residents and the cost is comparatively low for other long term care options. Still, affording a long term care facility can be difficult. Most often, it is necessary to pool resources from several places. I will try to offer a few ideas to get you started.
Medicaid is a government program which may be able to assist in paying for a portion of the rates. Program eligibility is based on income and personal resources.
Some people have long term care insurance as part of an insurance package. If your mom has been keeping insurance, find out exactly what is covered. Even if it is clear that she has long term care insurance, it is still necessary to find out what is included.
If your mom owns a home, a reverse mortgage is another option. This is a special type of loan which allows the homeowner to convert a portion of the equity in their home into cash. The Department of Housing and Urban Development or HUD also offers federally insured reverse mortgages to those 62 and older and meet financial requirements.
Wartime veterans and their spouses may also be eligible for Aid and Attendance Pension benefit through the VA.
Senior living line of credit is a financing option that allows someone to move into an assisted living community before other funds kick in.
Pooling family resources is another way families fund the care of a loved one. Often, loved ones find that they have assets they can liquidate in order to make up a portion of the bill.
Some of these programs have a lengthy process of application and approval, so keep that in mind as you find the best options for you and your family.
