More people are living longer lives due to improved healthcare options—this is good news, but it also means that many families are finding themselves in the position of having to figure out how to finance senior care. There is no easy answer to the question “How much does assisted living cost?” because everyone’s senior care needs are different.
How do I know if we need independent living, assisted living, memory care or skilled nursing?
Answering this question can help you better plan for financing senior care. Consider the following options available for senior care and see which is right for your loved ones.
- Independent Living:This option is ideal for seniors who have very little problem continuing to live on their own. Independent living communities typically offer seniors convenience and amenities to make many daily tasks easier, and also include the option of assistance or medical care if needed.
- Assisted Living: This option is for seniors who may be disabled or in need of assistance with daily tasks such as cleaning and housekeeping, preparing daily meals, and other activities. At-home nursing care can provide medical assistance and help with running errands, doing laundry, etc.
- Memory Care: This specialized care is for seniors living with dementia, Alzheimer’s or another form of cognitive disease. Memory care communities provide a safe and secure environment that includes programs and activities to help residents and improve their quality of life.
- Skilled Nursing: With this option, a licensed health professional provides a high level of medical care for both short-term and long-term needs. This can be provided in a private home by a home health care provider.
How much does assisted living cost?
Costs for senior living can vary based on the types of services needed, the facility chosen, if any, and what state you live in. On average, a senior living community, both independent and assisted, can cost about $4,000 a month.
How do I finance senior care?
Thankfully, there are many options available to help you finance senior care. Depending upon whether or not your loved one is going to move to another facility or community, there is always the option of selling the senior’s home or renting out the home.
Will Medicare pay for senior living?
Unfortunately, Medicare does not pay for assisted living. While stays in hospitals or other associated medical expenses are covered, assisted living and related types of senior care are not deemed as covered medical services.
Medicaid will help with senior living costs, but only after all assets have already been spent.
Can I use my life insurance to pay for senior living?
The short answer is yes if you use a life settlement. This provides you with a large lump sum that you can use for senior care costs with no restrictions. However, doing this means you may be disqualified from using Medicaid, and the settlement can also be taxed or require broker fees.
Are there benefits for veterans?
Eligible veterans who receive a VA pension may also receive benefits that will help pay some of the costs of assisted living and other senior care options. Contact the regional office in your state to learn more about the Aid and Attendance Program.
Want to learn more about senior care options for your loved ones? Contact NYE Health Services to see how we can help you determine the appropriate level of care they may need.