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Funding for Assisted Living & how it works

Feb 13, 2018

 

When exploring assisted living for your loved one, funding can be one of the deciding factors in the decision-making process. The fees associated with an assisted living facility can vary depending on its location, amenities, services and accommodations. But as you consider finding the best care for your loved one, you need to know how you will pay the expenses and if programs such as Medicare can help with the costs. 

Medicare

Traditionally, Medicare does not cover the costs of assisted living facilities or long-term care facilities. However, Medicare will cover qualified healthcare costs while your loved one is living at a certain facility. Medicare is more often used to pay for a skilled nursing facility or home health care. There are always exceptional circumstances that will allow Medicare to cover different types of care, but in most cases Medicare won’t cover the costs of "custodial care.”

Medicaid

In some states, Medicaid is used to pay for some of the costs associated with assisted living if your loved one has a limited income. Medicaid is designed to help seniors and some individuals with disabilities pay for healthcare when they are unable to pay for it themselves.

Other Funding Options

Some assisted living facilities will offer their own private funding options for residents. If an individual has long-term care insurance, sometimes they can use that to cover a portion of their care costs. In most instances, residents pay out-of-pocket for assisted living. By selling their house and using money saved in the bank, there are a variety of options for funding your loved one's care. 

Next Stage will help with this process and explain in more detail how these funding sources apply to Assisted Living.  Next Stage has also developed deep relationships in the communities that we partner with and can have an influence on negotiating down the 2 year spend down that most communities will require as well as saving you some money on the monthly rent.  We will also connect with you our preferred Elder Law Attorney so you can prepare for the Medicaid spend down process and protect your money and not have to deplete all your funds that you have worked for all your life.  Call Next Stage today! 

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