If you're a senior citizen with medical needs that may require assisted living, you probably have many questions. One of the most important questions to ask is how you can pay for the care you need. Here is a guide with ways you can pay for assisted living:
If you're 65 years or older, you may qualify for Medicare. Medicare can help pay for the costs of nursing homes and in home care. However, Medicare won't cover the entire cost, and the care it will cover is determined by strict guidelines. Here are the guidelines for Medicare coverage:
- Covers 100 days in a nursing home if you've been hospitalized longer than 3 days
- Covers part time (up to 10 hours) of in-home care
- Will not cover assisted living facilities that aren't Medicare certified
If Medicare will not cover the cost of assisted living and you have a low income, you may qualify for Medicaid. Medicaid may cover the costs of care and services that Medicare doesn't. Even if you don't qualify for Medicare, you may still qualify for Medicaid. Unlike Medicare, your eligibility doesn't depend on your age but on your income. However, the eligibility requirements and coverage vary by state.
Also, applying for Medicaid can be a lot more complicated than Medicare. It's best to get Medicaid assistance. If you get assistance applying for Medicaid, you can get more information on eligibility, coverage, and you may be more likely to get approved.
Long Term Care Insurance
Long term care insurance will pay assisted living costs even if you've been denied Medicare and Medicaid assistance. Long term care insurance is provided by a private insurer, rather than a government or public program. Because it's provided by a company, you may also have more flexibility in where you live and what type of assistance you can get, depending on your policy. The cost of long term care insurance varies based on your age, medical history, and where you live.
If you have a life insurance policy, your life insurance may cover the costs of assisted living. Some insurance companies allow you to take a cash benefit on your life insurance if you're a senior citizen who has medical needs that require assisted living or other forms of senior care. However, you likely won't receive the full cash value of your life insurance. You may only receive a percentage, which is determined by your insurer. Contact your insurance agent to find out more.
These are several ways you can pay for assisted living as a senior citizen. Contact a specialist or an assisted living facility for more information.