If you or a family member are considering moving into an assisted living community, you may be feeling a bit intimidated by the high monthly cost of many potential locations. Unfortunately, Medicare does not cover assisted living costs, but you have several options for financing your new home. We are always here to discuss what your best plan may be, and we look forward to welcoming you to one of our communities!
Many people can cover at least some of their assisted living costs using Medicaid, although the amount of coverage that may be available varies from state to state. In Nebraska, the Aged and Disabled Medicaid Waiver provides assisted living coverage as one of several benefits.
To qualify for this waiver, residents of Nebraska must be at least 65 years old unless they have a disability that prevents independent living and meet income and asset limits and have a medically qualified need.
Residents can meet income requirements through a couple of options, depending on their unique circumstances.
- Categorical need, which requires that Nebraska residents have an annual income below the Federal Poverty Level (FPL)
- Medical need, which requires that residents must have less than approximately $400 left per month after paying medical expenses, regardless of their total income.
Applicants for the Aged and Disabled Medicaid Waiver should also have less than $4,000 in countable assets, regardless of which type of need they apply for.
Veterans are also eligible to receive financial assistance for assisted living through the VA and other sources. The VA offers a wide variety of long-term care services in several settings to meet the needs of as many veterans as possible, including assisted living communities, nursing homes, and private homes. These benefits allow veterans to receive assistance with daily tasks, physical therapy, and other types of extra help even if they are still able to live in their own homes, as well as 24-hour support when living in an assisted living community.
Any veterans that are currently signed up to receive healthcare through their VA are eligible to receive these services as long as the VA considers the services to be necessary for your unique situation and the services and space in a qualifying assisted living community are currently available in your area. The VA typically pays for a portion of the overall cost of living in an assisted living facility and any other services you may receive, but it rarely provides full coverage, and you may need to go through Medicaid or your private insurance company to cover some services.
Private Long-Term Care Insurance
You may also use long-term care private insurance to finance assisted living, which can be particularly helpful if you do not qualify for either of the above options. Although private insurance companies can vary significantly as far as how they handle assisted living and how much coverage they provide, most long-term care insurance policies are often your best option for covering up to 100 percent of the funds you need to move yourself or a family member to an assisted living community.
Before making any decisions, be sure to read your policy carefully to learn more about the coverage you may be eligible for and any monthly premiums you will need to pay, as well as get answers to any other questions you may still have from your provider. You may also be able to meet with an advocate or case manager through your insurance provider, who can help you better understand the benefits and limitations of your insurance and how to best benefit from using it.
At Nye Health Services, we care about making assisted living an affordable option for senior residents of Nebraska and surrounding areas. You have several options for finding the funds you need and moving into a welcoming community that meets your needs. Contact us today to speak with us about evaluating your best options for financing assisted living or to schedule a tour of any of our communities that interest you!