Financial Options For Seniorspod

Pat O’Dea-Evans, MS, RN, LCPC,CCM President A SILVER CONNECTION Paula Skweres Senior Care Consultant A Silver Connection Social and Financial Resources for the Elderly in Illinois

1. HOUSING AND CARE COSTS
2. DISCUSS GOVERNMENT FUNDED OPTIONS
to pay for housing, care and/or assisted living
MEDICARE/MEDICAID/SUPPORTIVE LIVING
HUD
VA AID & ATTENDANCE
OTHER STATE PROGRAMS
3. PERSONAL FUNDED OPTIONS
REVERSE MORTGAGE
HOME EQUITY OTHER OPTIONS
COMPANION LIVING
SENIOR REFERRAL SERVICES

Costs are determined by:
Location
The cost of senior housing can be comparable to that of other housing in the local market area.
Size of residence
If you explore independent living, you’ll find the accommodations vary from small studio units in an apartment complex to large single-family homes in an upscale retirement community.
Amenities or services
Some communities are basic while some may have their own golf course, health club, classes and other organized social activities. For extra fees, housework, laundry, care assistance, shopping and transportation may be available.
Assisted Living is not “standard”
“ Assisted living” can be little more than providing communal meals or it could include help with activities of daily living: bathing, dressing, grooming, toileting from getting to custodial care.
Medical needs
For people with chronic illnesses or with significant disabilities, the care of trained professionals may be a necessity, making housing more costly.

The cost depends on the range of services you want or need.
Continuing Care Retirement Communities (CCRCs)
Provide all options from independent living to skilled nursing care.
Buy in of $50,000 to way over $500,000
Monthly fee from $700 to $4000 depending on level of care, if any.
Independent Retirement Communities
Allow for an independent lifestyle and may provide some light assistance as needed
Usually a rental apartment, doorman, check-in system.
Range widely from 400 sq. ft. to over 2,000 sq. ft.
Priced from the mid-$1000 to $5000+ monthly.
Typically offers from 1 to 3 meals but provides a full kitchen in the apartment.

Assisted Living
Provides light to moderate assistance in activities of daily living.
Apartment or group home style for seniors with some medical needs or independence/ADL needs. Medication assistance , activities, programs, full or partial kitchens, laundry service, housekeeping, on-site nursing care, scheduled transportation, and other features. RN is on call or 24hrs.
Private Pay $2500 - $6000 a month
Supportive Living
Light assistance in activities of daily living.
Most are studio apartment living for seniors with some medical needs or independence issues. Medication assistance , activities, programs, partial kitchens, laundry service, housekeeping, on-site nursing care, scheduled transportation, and other features.
Private pay $3400 to Medicaid funded minimum $90 mo allowance

Subsidized senior housing —(sometimes called HUD housing or Section 8 Housing) You pay part of the rent and government funding covers the rest. Rent is based on the ability to pay—usually 30% of your income. Many of these programs have long waiting lists and you must have limited income and assets to qualify.
Over 55 Below Market Rent (BMR) also developed with HUD tax credits. Some of these apartments have short or no waiting lists and you must have limited income and assets to qualify, less than 60% of local income and housing costs $31,680 & 36,180 and $ 848.00 monthly for a 1-br.

Skilled Nursing –
Individuals requiring high-level medical care and are dependent on the care provided by the nursing home staff. Dementia care. 2009 rates
Regular Medicare After 3 day qualifying stay Medicare 1-20 @ 100%
then $133.50 per day for days 21 through 100 each benefit period.
Must have pre-screen
Private Pay range from $150 to $250+ a day
Medicaid – spend down then all income but $30 mo allowance.
Sheltered Care-
Individual/shared or group home for seniors with some medical needs or independence/ADL needs. RN Medication assistance , activities, programs, no kitchens, laundry service, housekeeping, on-site nursing care. Public Aid and Private Pay $2500 - $6000 a month

There are some government and community service programs that help reduce expenses so your home continues to be affordable, but many of them are available only to seniors with very limited income and assets. Some possibilities:
You may be able to get reduced rates on utility bills and property taxes.
Your local township or senior center may provide volunteers that help seniors with a range of needs from transportation to gardening.
Meals delivered through “Meals on Wheels”
If you need a few visits by a nurse or physical therapist following hospitalization, Medicare is $130 then 20% co-pay medical insurance may cover this cost.
If you have a terminal illness, Medicare or medical insurance may pay for hospice care at home.
If you have a disability or chronic illness, the Community Care Program may cover the cost of a limited number of hours per month for someone to assist you with homemaking and personal care.

Medicare and Private health insurance - I s strictly for medical care. They do not pay for custodial care such as help with bathing, dressing, grocery shopping or getting around the house. After a hospital stay, Medicare and private health insurance sometimes pay for follow-up care in a nursing home or skilled nursing facility for a limited period of rehabilitation.
Coverage ends when there is a need for long term nursing care
Home care is for a limited time as determined by need and/or progress by the home care nurse or therapist.
Private Health Insurance and Medigap policies follow Medicare guidelines
Long term care insurance or Medicaid do pay for custodial care costs but not all medical care. Often have many limitations and restrictions to the coverage.

Personal or family money -- assets like stocks ,pensions, savings, plus income from social security, job or investments. Pensions and Social Security retirement benefits are the primary income source for many seniors that can cover rent or mortgage payments.
Supplemental Security Income (SSI) --monthly public assistance checks for seniors and the disabled who have very limited income and assets.
Reverse mortgage or home equity loan --can be an income source to pay for services to keep a senior in their own home, or to pay for nursing home care of a very ill spouse, or even pay for long-term care insurance.
Long-term-care insurance -- sometimes pays only for nursing home care, but some policies cover an array of services in a private home or in an assisted living type of facility.
Medicaid --for people who have very limited assets and income, this coverage acts as health insurance for costs of hospitalization, rehab and medicine; also covers some custodial long-term care in a nursing home or supportive living program.

What types of senior communities can I enter under Medicaid coverage?
Certain assisted living (Supportive Living) and skilled nursing communities can accept residents who are on Medicaid
May only have a percentage of their total beds that can be occupied by Medicaid residents.
You will need to check with the individual communities to find out if they will accept Medicaid.
Some communities will make an arrangement that, if you can pay privately for 6 months to one year, they will assist you in converting your payments to Medicaid.

Illinois developed the Supportive Living Program as an alternative to nursing home care for low-income older persons and persons with disabilities under Medicaid. It is affordable assisted living model administered by the Department of Healthcare and Family Services that offers frail elderly (65 and older) or persons with disabilities (22 and older) housing with services.
Each Medicaid-eligible resident must have income equal to or greater than the current SSI and must contribute all but $90 each month to the provider for lodging and meals. Additionally, a provider may become a food stamp agent and receive food stamp allotments from residents as payment toward meal costs.
Limited Nursing
Social/Recreational Programming
Health Promotion & Exercise
Medication Oversight
Ancillary Services
24-hour Response/Security
Meals
Personal Care
Laundry
Housekeeping
Maintenance
Transportation
Apartment Style housing

Undergoes preadmission screening (individuals seeking assistance through the Medical Assistance Program must be found in need of nursing facility level of care according to screening guidelines);
Is without a primary or secondary diagnosis of developmental disability or serious and persistent mental illness;
Has income no less than the current maximum allowable amount of Supplemental Security Income (SSI amounts for 2009 - $674 for a single person; $1011 for a couple);
Tuberculosis test that indicates the absence of active tuberculosis. The test must be completed no more than 90 days prior to the date of admission, or no more than seven days after admission; and
Is not participating in the Department on Aging Community Care Program or the Department of Human Services Home Services Program.

VA Aid & Attendance is a special pension program from the Veterans Administration
This is not dependent upon service-related injuries for compensation
Allows for War-time Veterans and surviving spouses who require the regular attendance of another person to provide ADL’s. For in-home care, AL or skilled.
In ‘09 a Veteran is eligible for up to $1,632 per month, while a surviving spouse is eligible for up to $1,055 per month. A couple is eligible for up to $1,949 per month
www.seniorveteran.org

A life settlement is a financial transaction in which a life insurance policy is sold to a third party for more than the cash surrender value The purchaser becomes the new beneficiary of the policy at maturation and is responsible for all following premium payments. A life settlement allows you to convert your life insurance policy into cash.
Rather than accepting the lower cash surrender value from the issuing life insurance company. The proceeds are given to the owner and used as they wish for retirement, healthcare, vacations, investments, travel.

Short and long term loans
Lending institutions can provide loans for seniors. The loan is an easy way to finance senior living, eliminating for many, a significant obstacle to moving into a senior living community. This loan can be utilized to:
Pay for rent while waiting for a home to sell
Pay for rent while waiting for VA or other benefits
Finance move-in fees
Supplement monthly rent

Friendship or Companion Suites are another solution. Seniors are brought together to share an apartment and cost savings while forming new friendships.
Other options are community services that provide home-sharing opportunities.

ILLINOIS Funded by AAA
IL funded Programs: financial net limit $17,500.00
Meals-on-Wheels
Community Care Program
Adult Day Care Programs
Emergency home response
Home modifications (have various funding sources)
Congruent Meals = at many senior centers
Money Follows the Person
No financial limit = Respite Care, benefit check up, SHIP, enhanced volume phones and most local senior transportation programs.

Helping Elderly with Finances
Talk to your parent about their financial welfare and future planning.
Help your parents to meet with an Elder-Law attorney to set up a financial plan, trust, will …..and
Obtain a “Power of Attorney” for property and for health care.
Make sure parents don’t need help with routine bills, (check on-line) that property taxes, Federal/State taxes and that utilities are being paid.

Organizations provide free consultation, assistance resource and referral services.
www.ASilverConnection.com
Helping to match seniors and families to a variety of senior resources, including assisted living, in home care and senior housing alternatives.
Provide information on how to find funding for housing or care options.

Paula Skweres
Senior Care Consultant
Silver Connections
[email_address]
224-723-8858
www.ASilverConnection.com

Financial Options For Seniorspod

by Pat O'Dea-evans

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