Making the transition to assisted living in any form is usually a choice made over time that requires much thought and preparation. We would like to help you in that process by providing guidance to resources that will help. These resources can help financially and/or emotionally through the process – giving direction when you may not know where to find it.
Making the transition to senior living in any form is usually a choice made over time that requires much thought and preparation. We would like to help you in that process by providing guidance to resources that will help.
On the right are financial assistance resources. To understand the different options for senior living CLICK HERE TO LEARN MORE.
Alzheimer’s is the most common form of dementia, a general term for memory loss and other intellectual abilities serious enough to interfere with daily life. Alzheimer’s disease accounts for 60 to 80 percent of dementia cases.
More resources exist to help with financing independent, assisted living, memory care, home health, hospice, nursing home care, and short stay rehab than ever before. People are often surprised to find senior living is more affordable than other alternatives. Outlined below are various options available for financing senior care. Not all financial options are available for every service.
Personal savings and investments can provide the money necessary to cover the costs of senior living. For many seniors their home is their nest egg and can also provide the money necessary for paying for senior living once it is sold. Personal loans are also available to help bridge the funding gap until the home sells or other assets are made available.
Veteran’s Administration also offers a benefit that can assist in covering the costs of senior living. This benefit is available to veterans and surviving spouses who qualify. For information on who to contact call:
Phone Number: 208-359- 6249
Medicaid is available to those residents whose income is less than $2200.00 a month. It is also based on assets that the resident owns. Often a resident’s home can be excluded from their personal assets. If an individual qualifies, Medicaid will usually help with Assisted Living, Memory Care, and Short Stay Rehab.
To learn more about qualifying for Medicaid Services you can call:
Phone Number: 1-877-456-1233
Medicare Service – See Insurance Options
The equity in real estate can also provide funding for senior living. While many people will decide to sell their home in order to move to a senior housing community, others will choose to borrow against the equity in their home in order to pay the costs of senior living. Home equity loans enable owners to use the equity in their home as collateral on the loan.
Long Term Care Insurance
This insurance can also help defray the costs of senior living. This product covers care received in various senior housing settings, including assisted living, memory care communities, and skilled nursing facilities. Insurance premiums will vary based upon the age of the insured, the type of coverage desired, and other factors. For individuals owning whole life insurance policies, a life settlement product may afford an avenue to convert the value of the whole life policy into funds to defray the cost of senior housing. All of these financial options for paying for senior care must be tailored to each individual’s needs. We urge you to seek independent financial advice as you explore those options for yourself or a loved one.
General health insurance can be helpful with home health and short stay rehab services. MEDICARE will help with Hospice, Home Health, and Short Stay Rehab. Each insurance carrier has its qualifying factors. If you have questions about your insurance provider feel free to give Dave a call. CONTACT US
Please note that while we cannot give tax advice, we understand that there may be some tax benefit available to residents at The Homestead Assisted Living – Talk to your accountant for advice.