Financial Planning

Has your parent recently been hospitalized and needs a place to recover? Do they seem lonely and withdrawn living on their own? Have you noticed your  parent’s physical or mental health is declining, and they are not safe living alone? These are often the first signs it may be time to look into long-term care for your loved one.

The beginning of this process may be overwhelming. But if we break it down into parts, you can tackle each aspect and better educate yourself quickly to find the best solution for your parent. Let’s start with the financial considerations when looking for senior care.

Your family may need to have the tough conversation of how to pay for the expense of senior care. The expense can be challenging for some families on a fixed income or who have not planned for future care.  There are options to overcome financial hurdles and to get to a happy ending.  Let us help you find the information you need to make the best choice for your family.

RATES

  • Independent Living – Level 1 Care – Range in price from $3400-$3800 per month for a private Independent Living Suite.
  • Assisted Living – Level 2 through Level 5 Care-  Range in price from  $5000-$6200 depending on level of care needed and room choice.
  • Memory Care – Level 4 and 5 Care – Range in price from $6000 – $7700 based on care needs.

Options to Help Cover Senior Care Costs

Medicare & MedicaidMedicare does not cover the cost of assisted living. It can help cover the costs of some services received while living in a community, like medication, preventive medical services, outpatient care, or wellness programs. On the other hand, Medicaid may help cover some expenses of assisted living, but there is an income restriction. Medicaid is administered differently according to the regulations of each state. It is best to work with an eldercare attorney or speak with a free, confidential counselor from SHIP (State Health Insurance Program) to determine what Medicare or Medicaid benefits are available to your loved one.
Long-Term Care InsuranceLong-term care insurance is different from traditional health insurance. It is designed to cover the costs of services and support when you can no longer care for yourself—whether that is in your home, at an assisted living community, memory care community, respite care, hospice care, or in a nursing home. The policyholder can select from a range of care options and benefits. Services can include caring for the ADLs, such as bathing, toileting, and dressing, or skilled nursing, or occupational, speech or physical therapy. Long-term care insurance typically covers what is not covered by health insurance, Medicare, or Medicaid.
Private PayAs you assess assisted living and memory care community options, it is good to have a budget in mind of what you can afford. It is best to get a clear understanding of your parent’s finances and assets, as well as if any family members want to contribute, to create a budget. You may need to consider selling or renting their home. Like any apartment options or real estate investments, the expenses (or savings) of an assisted living community can be determined by the location and the amenities offered. We encourage you to tour multiple properties to understand and compare costs.
Veteran’s BenefitsUnder the VA Aid and Attendance Special Pension, also known as the A&A Pension, qualified veterans or their surviving spouses can receive a tax-free monthly sum meant to help defray the costs of assisted living or memory care. A single veteran may receive $1,911 per month. Two married veterans may receive up to a maximum of $3,032 each month in 2020 for this purpose, while a veteran and his or her spouse may receive up to $2,266. A surviving spouse may be entitled to $1,228 monthly.

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