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Financial options for different types of senior care

paying for senior living costsPaying for senior care can be a confusing and intimidating topic for families.
Stays in skilled nursing facilities can cost hundreds of dollars per day, while home care costs can add up quickly, too. Fortunately, there are many financial options available to help pay for your loved one to receive the care they need.
Here are some options to consider to help pay for senior care:

Medicare

Medicare will reimburse you for up to 100 days in a skilled nursing facility, but not for long-term care. These short-term stays for rehabilitation and recovery must be preapproved by your doctor.

Medicare Part A covers care in hospitals, skilled nursing facilities, nursing home care, Hospice and home health services.
Part B covers services such as lab tests, surgeries and doctor visits, as well as supplies like wheelchairs and walkers considered medically necessary to treat a condition.

Part B covers two types of services:

  • Medically necessary services: Services and supplies needed to diagnose or treat a medical condition. Must meet accepted standards of medical practice.
  • Preventative services: Health care to prevent illness (such as the flu) or detect it at an early stage, when treatment is likely to be the most effective.

Talk to your doctor about the services and supplies being recommended to you and whether Medicare may cover them. Coverage varies by state and municipality.

Medicaid

Seniors with a low income may qualify for Medicaid insurance. Guidelines and benefits for this program vary from state-to-state, so it’s important to do your research and see what benefits your loved one may qualify for.
Medicaid coverage varies by state. Click here for coverage details in Ohio, Indiana, North Carolina and New Mexico.

Long-term care insurance

Long-term care insurance covers needs such as meal preparation, bathing and dressing and medication assistance. Long-term care may include services needed for more than one month and their policies do not begin until after a month of care has been provided.
These insurance policies could help pay for care in your own home, senior care facility and adult day care.

Reverse mortgage

Your loved one may be able to get a reverse mortgage if they own their home. This will provide them with a monthly payment that can be used for care services. It’s a loan where you borrow against the equity in your house. Instead of making a monthly mortgage payment, you receive an advance on part of the equity.

Interest is added to the amount owed each month, meaning the amount you owe grows as the interest adds up. The loan must be repaid when the last surviving borrower dies, sells the home or no longer lives there as the main residence.

The fees on a reverse mortgage can be high, but this can still be a good choice if your loved one’s home has significantly increased in value. Still, you’ll want to do your homework and talk with a professional financial advisor to see if a reverse mortgage makes sense for you. It can use up the equity in your house, resulting in fewer assets for you and your heirs.

Veterans Aid & Attendance Benefit

Veterans (or a surviving spouse) may qualify for this pension benefit. They may even qualify to stay in a skilled nursing facility if they’re blind or disabled.

War-time veterans with 90 days of active duty, one day beginning or ending during a war, are eligible to apply. A surviving spouse of a war-time veteran may also apply.

There are medical and financial qualifications, such as having less than an average of $80,000 in assets, excluding home and vehicles. To qualify medically, the veteran or spouse must need help with daily tasks such as eating, dressing or using the restroom.

If you have any questions about receiving care at a Kingston Community location, please contact us.