Paying for Assisted Living
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Paying for Assisted Living

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Assisted living can be expensive, and most of us don't plan ahead to pay for long-term care. Learn your options for paying for assisted living.

Assisted living can be expensive, and most of us don't plan ahead to pay for long-term care. Learn your options for paying for assisted living.

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Paying for Assisted Living Presentation Transcript

  • 1. Paying for Assisted Living
  • 2. Assisted Living
    • Targeted primarily to Americans 85 and older
    • Safe, sanitary, supervised living space
    • U.S. Census Bureau estimates 6.5 million older people currently need assistance with daily living activities
      • Number expected to double by 2020
    • How do people pay for assisted living services?
  • 3. What does assisted living cost?
    • About 60% to 70% of the cost of a similar-sized room in a nursing home (average, per diem)
    • Between $50 and $120 per day
  • 4. How can you pay for assisted living?
    • Private funds
      • Personal investment portfolios
      • Home equity
        • Sale of home
        • Reverse mortgage
    • Long-term care insurance
    • Veterans benefits
  • 5. Long Term Care Insurance
    • Most won’t cover costs unless you are unable to perform two or more activities of daily living
      • Bathing, eating, dressing, transferring, toileting, ambulation
      • Insurers may evaluate with a physician of their choosing
    • Type of policy is critical
    • “ Facility-only” policy covers care in a licensed assisted living facility or skilled nursing facility, but not an unlicensed facility or in your home
    • Choose an integrated home care policy with 100% protection for care provided in a variety of settings
  • 6. Veterans Benefits
    • To quality, you’ll need:
      • Military discharge papers
      • Valid medical condition
      • Minimal financial asset conditions
      • Filing of a formal application
        • Veteran’s Application for Compensation and/or Pension,
        • VA FORM 21-256, Parts A, B, C, and D
  • 7. Does Medicaid Cover Assisted Living?
    • May pay for an assisted living stay of limited duration (90 days or less)
    • Factors could reduce or stop Medicaid from paying for assisted living during that time:
      • Ex. Physical condition hasn’t improved
    • Payment statutes vary from state to state
  • 8. SeniorHomes.com
    • SeniorHomes.com is a resource for seniors and families searching for housing and care services
    • Visit http://www.seniorhomes.com for more information on senior housing
    • Information in this presentation provided by senior finance expert Brian O’Connell