Affordable Senior Living: Exploring Financial Choices
Moving to a Colonial Assisted Living community is an exciting yet significant life step. Enjoy a maintenance-free lifestyle with access to care and social opportunities. Wondering how to pay for it? Multiple financial options exist to suit residents’ needs.
At Colonial Assisted Living, our well-trained advisors assist you and your family in finding available resources and the best way forward. Discover some financial solutions families use for senior living expenses below.
Funding Your Senior Living with Private Pay Resources:
To gauge affordability, begin with a comprehensive budget and assess your available personal resources. Over time, you may have accumulated assets, saved funds, and acquired insurance policies. In addition to social security, drawing from savings accounts, 401k, stocks, bonds, CDs, or other sources can help cover your ongoing care expenses.
Assisting Veterans: Unlocking Benefits with VA Aid & Attendance:
Within the array of benefits provided by the Department of Veteran Affairs (VA), lies the Aid and Attendance program—a powerful resource for eligible U.S. Military Veterans and their spouses. This program extends over $2,600 in monthly, tax-free income, effectively easing the financial burden of senior care expenses. Evaluating eligibility takes less than 5 minutes, involving a simple assessment of wartime service dates, discharge status, care requirements, income, and assets.
Medicaid Long-Term Care:
Often referred to as the “Florida Medicaid Assisted Living Waiver” program, Medicaid LTC is designed to assist eligible seniors in covering the costs of assisted living services. Medicaid is a joint federal and state program that provides healthcare coverage for individuals with limited financial resources.
In Florida, the Assisted Living Waiver program allows qualified seniors to receive services in an assisted living facility, rather than a nursing home, which can be a more cost-effective and desirable option for many individuals. The program provides financial assistance for services such as personal care, supervision, medication management, and some medical services.
Long-term Care Insurance:
A long-term care insurance policy is designed to financially support policyholders when they need assistance with daily activities in an assisted living facility. The policy specifies a maximum benefit amount or daily limit to cover expenses. Policyholders should consider inflation protection, pre-existing condition exclusions, and premium costs when selecting a policy.
Life Insurance and Funding Senior Living:
Life insurance is a common form of coverage purchased to provide financial support to loved ones after the policyholder’s passing. However, as policyholders age, premiums may rise, leading some to consider letting the policy lapse. Yet, certain types of life insurance policies can be accessed or sold during the policyholder’s lifetime to fund senior living expenses. Not all policies offer this option, so reviewing the policy is essential to understand how it can assist with senior living costs.