Nearly a third of all seniors live alone, and loneliness has long-lasting effects on their mental health. In fact, the health effects of loneliness have been compared to smoking nearly an entire pack of cigarettes every day.
Unfortunately, not every senior citizen has the luxury of living with family or friends. Nor can they afford to live in an assisted living community without extensive budgeting or using government benefits.
Here are some of the financing options for assisted living care and how they can help your loved one live more comfortably.
Before you pay for assisted living, it's important to understand the associated costs to expect.
An assisted living community provides specialized care for each resident and scales that care based on their needs. If a resident struggles to keep their space clean, they can get help from cleaning services. These costs are baked into their agreement.
However, certain communities also offer various features, such as heightened security, in-room dining options, and organized socialization opportunities. These will vary from place to place and influence the overall cost.
If your loved one requires specific medical care, then those will count towards their medical expenses. Some insurance companies cover these medical expenses but not the cost of the home.
Assisted living care can cost a person thousands of dollars per month. That's on top of other medical expenses, such as medication and hospital visits.
As such, your best bet is to figure out some way to cover these costs without driving yourself into debt. The problem is that not every insurance company covers senior communities or their associated costs.
A long-term care insurance policy will likely be one of your first options when it comes to covering the costs of assisted living care. These policies provide a certain amount of monthly benefits and have a maximum benefit period. Premiums will be based on the person's age and health.
Unfortunately, you can't always rely on these to cover all of the expected costs.
For one, assisted living communities are often more expensive than what these policies will provide. In addition, they don't always apply to assisted living but may instead help with some of the associated medical costs.
Medicaid provides health coverage to low-income individuals, and this includes coverage for long-term care services. Eligibility varies by state, but you usually have to make under a certain amount of income and have a limited amount of assets.
Coverage is provided through home and community-based services (HCBS) waivers. These waivers can cover personal care, medication management, and even transportation.
The biggest limitation of Medicaid is that it does not cover the cost of room and board. If you intend to live in an assisted living community, you will want to reach out to them to see what, if any, of the costs are covered.
Veterans and their spouses are able to get certain benefits through the VA that can help cover the costs of assisted living care. Eligible applicants can qualify if they need any kind of aid for various daily activities, such as dressing, bathing, eating, and so forth.
It's important to note that the application process could take months to complete, but you do get retroactive benefits matching your initial application date.
If you fail to get financial assistance from official sources, then you'll need to draw on your own personal savings. One of the easiest ways to make money quickly is to sell some of your investments, such as shares in a company.
While something like a retirement account can go a long way, it will also have long-term implications. That money won't last forever, and you'll eventually need to find a replacement for it.
A common way for senior citizens to get the funds to stay in their assisted living communities is by selling their property. This most often happens if their family members already live in another area or if renting out the space is too much trouble.
However, they should make sure to get a good price on the property if they want the money to last longer. Starting this process as soon as possible is important to ensure you don't have to make a rushed decision or take a lowball offer.
The last option that some people may want to avoid is getting financial assistance through your family and friends. This may involve contributions from adult children and other family members to cover expenses.
In these cases, it's best to come up with some kind of written agreement so no one feels taken advantage of. It's also important for each family member to stay in touch with the assisted living community and their loved ones.
Your assisted living plans should take into account all of your options. That includes researching what kind of home your loved one will require, if you can afford it, the amenities offered, and the area it's located in.
Look for reviews of care communities in Illinois and take the time to visit the ones you like in person. Evaluate the level of care that will be required and ask if medical care is provided on-site.
An important part of any assisted living community is maintaining social connections. See what kind of activities they provide and if they're what your loved one will enjoy.
There are a wide variety of financing options for assisted living care. The biggest challenge is organizing these options and making them work for your specific needs. At the very least, it's in your best interest to talk to the community you're most interested in and hear from them directly.
Addington Place of Sparta offers our senior residents quality dining, daily social activities, weekly housekeeping, and much more. We have both assisted living and memory care room options. Contact us today to learn more and schedule an in-person visit.