It's not easy paying for assisted living. Here are some tips. Let's make it clear that in most cases you will pay out of your own pocket. But there are some programs you may qualify for:
Seek the advice of a financial planner or insurance provider especially if you are single or have in your family a long term illness such as diabetes or Alzheimer's.
In addition, the VA has other programs for assistance benefits such as their Adult Day Care, Home Aide and Respite programs. These are helpful to relieve stress on the caregiver.
There can be long wait lists if these are established or popular. If you find a new community, you should act quickly or get on the wait list.
Medicare: Most people think that assisted living facilities will be paid by medicare if they run out of money--unfortunately, no. Medicare is a short-term benefit when you have had an illness in a nursing home and require home care for a short period of time after you leave that care.
You pay for assisted living out of your own pocket. Further, you must be able to afford the costs of a facility, and your income and assets will be taken into consideration by the them to determine if you qualify for the monthly fee.
Medicaid: If you qualify for the medicaid program, this can be an invaluable financial assistance if you or your loved one becomes ill and need nursing home care. There are income and assets limits. Ask if the community takes medicaid applicants.
This is good news about assisted living: Most facilities are on a month-to-month rental basis so that it is easy to move out should your circumstances change. Remember that the costs increase if you need more services as you age. See our article on Assisted Living Costs for more information.
All-inclusive fee facilities offer the best value as well as facilities with less services:
A more recent survey of assisted living costs by cities and states was done by Genworth in 2014.
See if you qualify for any of the benefits mentioned above. Other options include (check out the average costs for your state for these services with the Gencare site, listed above):
Again, paying for assisted living is paid for by you from your own resources.
In general, an assisted living facility will cost a little more than it costs to live in your own home. You can do a comparison sheet which is available at facilities to compare how much it costs to live in your home with how much it costs to live in a facility.
The facility will be a little more but includes your meals, shelter, activities, services and amenities and sometimes transportation. All the necessities of life with the added conveniences and easier living.
Compare the costs at different facilities to get the best value for you. See our article on assisted living costs.
A financial planner may be able to help if you seek help early on in retirement before your money runs out, and they may be able to help to prevent that from happening with some planning.
Please verify all information in Paying for Assisted Living. Consult with financial planners and other professional advisors. This article is for information only--please do thorough investigations of all information.