Elderly Assisted Living Financial Advice
Typically, it has been seen that most average people in the US end up paying for assisted living with their own money along with some help from the Social Security, pension schemes and savings. At times, people also use reverse mortgage to raise money to pay for assisted living. However, if such seniors had gotten proper financial advice, this would not have been necessary.
Some people look towards Medicare to cover assisted living costs. However, personal care, room and boarding are paid for by Medicare. Some of the expenses incurred for medical reasons could get covered by Medicare and that is about all. On the other hand, low income seniors can get coverage through Medicaid, as long as they qualify for it and the assisted living facility accepts Medicaid. The qualifying is the hard part, as different states have different criteria for qualification. So, as a result it is left to the senior and their family to bear the cost of assisted living. Hence, getting elderly assisted living financial advice is a must for such people.
When it comes to Social Security, get in touch with the office in your town or city. Usually, Social Security will cover some of the expenses related to assisted living. Even if they do not, they will be able to inform you of other programs that assist people with funding for assisted living.
A senior who wants to live in an assisted living facility should always have a long-term financial plan to make sure that he or she has the comfortable life while aging and they also end up protecting their assets and other resources. Making a financial plan to work out the details of assisted living is a complex procedure and requires the assistance of an expert. A person can get in touch with counselors at local public benefits agencies, like Aging and Disability Resource Center, who can help with the planning. Usually, such agencies provide the service for free, but are hard pressed for time as they do not have enough people working for them. On the other hand, you can spend some money and pay a geriatric care manager to do the financial planning associated with assisted living. Such managers have experience working in health care and nursing industries, but may not have the necessary financial expertise.
Alternatively, seniors and their loved ones can get in touch with elder care financial planners who can do provide financial advice and planning. However, this option may be a little expensive.
If funding assisted living is turning out to be a real issue, you can also get in touch with local charities and non-profit organizations that help seniors. Such organizations may have sources that could help in paying the costs related to assisted living. But, it is imperative that all people think of long-term health insurance to cover costs as they grow old. Check out if the insurance will also cover expenses related to assisted living. If it does, you will be lucky. However, make sure that you can afford the monthly premiums.
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