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.

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Paying for Assisted Living

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

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