Posts Tagged ‘paying for senior care’

What Will It Cost To Place a Loved One in an Assisted Living Facility?

Wednesday, January 5th, 2011

Author:

Shawna Ruppert

Of course there is no set answer to this question, as assisted living cost can vary depending on the location of the facility, what they offer, whether it\’s connected with a religious affiliation and of course whether it is privately owned, or is run by a large assisted living company.  It may also depend on how much assistance the person needs of course.

There is a tremendous amount of difference in assisted living cost if the assisted living care is very limited. For example assisted living in a private home may comprise solely of meals, bathing and dressing. In assisted living facilities where the residents have their own rooms or apartments, there may be sumptuous meals offered off of a menu, special diets may be available, all manner of activities may be offered, as well as entertainment and even heated swimming pools with instructors provided. Many of the assisted living facilities are closer to an opulent cruise ship, complete with full service dining rooms with tablecloths and a huge crystal chandelier.

As you may have surmised, the assisted living cost of each of these will actually be miles apart. Keep in mind too that assisted living is used to fill in the gap between receiving home care and then a nursing home. Nursing homes typically have a nurse\’s desk, rails up and down corridors and in general look much like a hospital setting because the residents there need constant medical supervision.

The assisted living cost is generally thought to be approximately half of the cost of a nursing home. This may or may not prove true if the assisted living facility is in a luxurious apartment style facility. Some assisted living facilities also have a concomitant nursing home offering, which would prove very important when it is time to graduate to such.  In this manner, the resident is not moved out of the facility into brand new surroundings that may not please them at all, but rather they remain on the same grounds that they are familiar with, but with more care.

Put another way, an assisted living cost will vary too based on the physical aspect of the care needed. Assisted living is in no way a nursing home, and whereas one person may only need to be helped with taking their medicine each day, another may need help with going to the bathroom. Be sure and ask about such things when you are considering assisted living for your own loved one so that they do receive the care they need.

 

Article Source: http://www.articlesbase.com/elderly-care-articles/what-will-it-cost-to-place-a-loved-one-in-an-assisted-living-facility-2535674.html

About the Author

If you are interested in accessing additional information about assisted living facilities in California or across the country, check out www.800Seniors.com. After discussing your needs or the needs of your loved one, the individuals at 800Seniors will provide you with a full range of options and information to ease the decision making process.

Tags: , , , , ,
Posted in Assisted living, how to pay for eldercare, how to pay for senior care, senior care | No Comments »

Medicare and Long Term Care for Seniors

Wednesday, January 5th, 2011

Author:

Senior Advocates

Most people do not realize the need for Medicare until they actually need it. The realization comes to them when they find themselves ailing and unable to afford to pay doctor and consultation fees as well as treatment fees and prescriptions. Just because one has always had good health throughout their 20s and 30s, they shouldn\’t think that automatically their health will remain that way. Lifestyle changes across the world, even for seniors, have deteriorated. Senior health services are available for many, especially from the age of 40 onwards. One may think that the age of 40 is too young to start thinking of senior health, but indeed it is not. It is important to know that Medicare enrollment can also be made available for people with disabilities and even veterans. It is important though to ensure that the senior services which are being offered are of quality. This is the reason why at age 40 one should start looking out for the best senior health program that they can enroll into. Senior advocates of this age have the advantage of being able to take the time out to plan their future health well, while giving considerations such as senior housing options. One would not want to end up in a housing scheme that has any complaints of elder abuse, for example. This is one of the things that Medicare tries to ensure doesn\’t happen in any senior health services.

Senior care is very sensitive and getting the right people who know how to do their job is important to having a happy stay at senior care. There are numerous ways to find out about Medicare services and availability for seniors, and some of the resources are readily accessible online. The nature of services available is also growing with time, and some of these are not just Long Term Care Insurance, but also medical supplements which have prescription coverage. There are other options available that are for employer groups and retiree health groups. Most importantly is guidance on how one can protect one self from Insurance fraud, which is a growing concern in the industry. Arming yourself with the information on senior health care is the first step to securing a well prepared future, not just financially but also having that psychological peace of mind without worry. Medicare enrollment is always a beneficial tool to have for your future because senior care needs come rushing one by one. It starts off with one small thing which when improper care is given, results in causing something else. It\’s almost like a down hill slide from there. Waiting until one is 50 or 60 is a bad idea; this is because by that age, most insurers prefer not to put the risk in covering you. It is advisable that at 40 one should look for an insurer that can cover long term senior health needs. Senior health services when purchased under a good long term health care insurance policy become more affordable.

Article Source: http://www.articlesbase.com/alternative-medicine-articles/medicare-and-long-term-care-for-seniors-3756408.html

About the Author

Senior Health Services is the author of this article on Medicare Enrollment. Find more information about Senior Housing here.

Tags: , , , , , , , , ,
Posted in Assisted living, Medicare, eldercare issues, senior issues | No Comments »

Paying for Assisted Living

Wednesday, January 5th, 2011

Author:

Angela Stringfellow

As more Baby Boomers – 77 million strong – begin to slide into retirement, the term ‘assisted living’ is going to be on the lips of everyone from financial planners to family physicians.

Assisted living gives older adults a safe, sanitary and supervised living space to spend their sunset years. The number of Americans with an assisted living facility in their future is on the rise – the U.S. Census Bureau estimates that the population of Americans 85-years-and-older will grow by 33by 2010.

In addition, the U.S. Census Bureau estimates that approximately 6.5 million older people currently need assistance with daily living activities. The Bureau reports that number is expected to double by 2020.

With great numbers, however, comes great financial responsibility. How, after all, are people going to pay for assisted living services? Let\’s take a look:

What does assisted living cost?

The Census Bureau estimates that, on average, the per-diem rate for assisted living in a private room is about 60to-70of the cost of a similar-sized room in a nursing home. That could mean a bill of between $50 and $120 per day- and a good-sized case of sticker shock for potentially millions of Americans.

How can you pay for assisted living?

There are several sources of funds commonly used for paying for assisted living: Private funds, long-term care insurance, or sometimes veterans benefits. Private funds can come from personal investment portfolios, like 401k plans or Individual Retirement Accounts. Many people sell their homes, using equity that has built up over their lifetime, to pay for assisted living.

Seniors who do not want to sell their home may consider paying for services through a reverse mortgage, where long-time homeowners essentially borrow against the value of their home. The U.S. Department of Housing and Urban Development has a good analysis of reverse mortgages.

Long-term care insurance – an umbrella term for insurance that covers nursing home care, home-based health care, assisted living health care (in addition to other medical services) – can help shoulder the cost of assisted living for those who have a policy with a few restrictions:

  • For example, most long-term care insurance policies won\’t cover the costs unless you are unable to perform two or more ‘activities of daily living’ (ADLs). Some examples of ADLs include bathing, dressing, eating, getting from a bed to a chair, using a toilet, and walking. Some insurers may evaluate with a physician of their choice – not yours – to see if your condition qualifies for coverage.
  • The type of long-term care policy is critical, too. For instance, a ‘facility-only’ policy covers care received in a licensed Assisted Living Facility or Skilled Nursing Facility, but not care in an unlicensed facility or in your home. Better to get an Integrated Home Care policy with 100protection for care received either in a licensed Assisted Living Facility or Skilled Nursing Facility, or in an unlicensed setting, like your home.

In some cases, veteran\’s benefits can cover the costs of assisted living programs. To qualify, you\’ll need your military discharge papers (copies are fine); a valid medical condition (like blindness – but the condition need not be life threatening) that comes with a doctor\’s letter of validation, certain minimum financial asset conditions, and the filing of a formal application, called the Veteran\’s Application for Compensation and/or Pension, VA FORM 21-526, Parts A, B, C, and D.

Does Medicaid cover assisted living?

While Medicare won\’t pay for assisted living care, in some cases, Medicaid will. Specifically, Medicaid may pay for an assisted living stay of limited duration (mostly 90 days or less). But there are factors that could reduce or stop Medicaid from paying during that time period (for example, your physical condition hasn\’t improved during your assisted care facility stay). Payment statutes vary from state to state, and with Medicaid, financial help with assisted living costs is highly needs-based, i.e. the less money you have, the better chance you have.

Article Source: http://www.articlesbase.com/elderly-care-articles/paying-for-assisted-living-2740629.html

About the Author

SeniorHomes.com is a free resource for people looking for senior housing or senior care for a loved one or themselves. Browse valuable articles to help you through or search or find assisted living, independent living, Alzheimer\’s care, or a retirement community with our nationwide directory.

Tags: , , ,
Posted in Assisted living, eldercare issues, how to pay for eldercare, how to pay for senior care | No Comments »

Paying For Elder Care Just Got Easier

Friday, July 23rd, 2010

By: Chuck Bongiovanni

Published: June 22, 2007

It’s not a surprise that thousands of families across the nation are facing the challlenges of an aging population. The “sandwich” generation, those who are caring for their children as well as their parents, have been feeling the financial pinch of caring for loved ones. Paying the high cost of Elder Care can cost a family thousands of dollars a month. Too many families are unaware of how utilizing a loved one’s life insurance policy can not only pay for Assisted Living and Nursing Home care, but can maintain the standards of living for the remaining spouse.

Not too many financial specialist inform their clients who have purchased life insurance policies with a death benefit over $250,000 that they can utilize a somewhat unknown option on their life insurance to pay for the high cost of Elder Care. It is called a Life Settlement and it can fully take the financial burden off of families who struggle to keep their loved one in a quality facility.

A policy owner has the right to sell his or her life insurance policy to an institution for signifantly more than the cash value of the policy. For example, a life insurance policy with a $500,000 death benefit and a $75,000 cash value can be purchased for $250,000 and up. This money can be used now to pay for assisted living, nursing homes as well as in home services also. The procedure is relatively quick with minimal paperwork. It is senseless to struggle financially to pay for the needs of elderly loved ones when they can utilize their life insurance policy to pay for care. Many, many times life insurance policies lapse when a loved one goes into assisted living or a nursing home just out of financial neccessity as well as through medicaid planning.

Instead of letting a policy lapse or into surrendership, smart families are looking into life settlements as a funding source for the high expense of Elder Care.

Chuck Bongiovanni, M.S.W. has been helping seniors and their fanmilies for over 20 years in the assisted living industry. Chuck can help your family investigate your options for paying for Elder Care through a Life Settlement. You can go to his website at http://www.LifeTransitionsOnline.com or call him directly at 480-703-7005.

Tags: , , , , , , , , ,
Posted in financial help for seniors, how to pay for eldercare, how to pay for senior care, paying for eldercare | No Comments »

Medicaid Planning

Tuesday, June 29th, 2010

A person facing the prospect of long-term care with moderate income and assets may eventually have to rely on Medicaid to pay part or all of the cost of care. In the Medicaid chapter we learn of provisions to protect a healthy spouse financially. But many states rob a healthy spouse of a previously adequate income by allowing too little in protected resources and income. Likewise, children, relatives and friends are not recognized for the financial sacrifices they make in providing the early care before a recipient becomes bad enough to need Medicaid funded professional help.

Medicaid planning, using a professional Medicaid planning advisor allows you to correct inequities in the system. Medicaid planning has gotten a bad name because some individuals, who would normally have too many assets to ever qualify for Medicaid, deliberately use it, many years in advance, to give away everything to their family so as to qualify for Medicaid. It is wrong to abuse the system in this way and to use taxpayer dollars to insure an inheritance for the family. And if that person is not anticipating immediate care, this strategy is just plain dumb.

Some Medicaid planners will attempt to discredit other forms of funding long-term care such as using insurance or a reverse mortgage. They do this in order to discourage the public from using these other strategies. The intent is to limit competition ensuring that paying clients will rely entirely on Medicaid planning as a solution. On the other hand, many long term care funding specialists will use the same strategy against Medicaid planners to eliminate competition from their services. These people make Medicaid planners appear as evil or dishonest. Medicaid planning is no different from tax planning. In fact a Supreme Court decision condones honest methods of eliminating income taxes or estate taxes. Tax planning and Medicaid planning both put an additional burden on taxpayers, but one is considered ethical and the other not.

We believe that all strategies have their place in the scheme of things. Medicaid planning fits certain circumstances usually where families are in a crisis mode trying to preserve a few assets such as a house or a savings plan. There is no attempt to take advantage of the taxpayers. Using other strategies for paying the cost of care is much better for a younger generation wanting a plan that will allow for home care, assisted living and a choice in care services.

Tom Day, http://www.longtermcarelink.net/eldercare_medicaid_planning.htm

Aging Avenues can help you with qualifying for Medicaid without spending all your assets. Give us a call 317-731-3315

Tags: , ,
Posted in nursing home, senior care | No Comments »

How to Pay for Senior Care in Indianapolis

Tuesday, February 2nd, 2010

Seniors want to stay in their homes rather than go to a nursing home but it is often difficult because of the cost of in-home care.  It is essential to pre-plan so that you have the resources to make this happen.  Here are the common ways to pay for senior care in the Indianapolis area.

1.    Privately paying for care in means paying for care out of your own income, investments, savings and assets.  

2.    Long-term care insurance will help pay for in-home care, assisted living, and nursing home care. This is the most appropriate and needed form of insurance protection available to us today. Long-term care insurance should be termed “lifestyle” insurance (it’s NOT just nursing home insurance!). If your vision of your later years includes sitting at home in your own recliner, with your own remote control, watching your own TV….well, you should be planning for that future with long-term care insurance.

3.    Reverse mortgages (Home Equity Conversion Mortgages) have become one of the most popular and accepted way of paying for many different expenses, including the cost of long-term care. Reverse mortgages are designed to keep seniors at home longer. A reverse mortgage can pay for in-home care, home repair, home modification, and any other need a senior may have.  Reverse Mortgage Companies 

4.    VA Aid and Attendance Pension Benefit: The Veterans Administration has established a pension program whereby your purchase of personal care and attendant home services may be paid for through your acquired pension. If you are a Veteran or the surviving spouse of a Veteran who has served at least 90 days or more on active duty with one day beginning or ending during a period of war, and you are in need of assistance at home or in an assisted living due to your disabilities, you may be eligible for VA’s non-service connected disability pension.    The benefit pays from $1056-$1949 per month tax free for life.  See a Veterans Benefits Consultant.

5.  Life Insurance:  Some insurance companies offer long term care additional riders for life insurance policies. Other options may enable you to use your life insurance policy to help pay for long term care. Accelerated death benefits and viatical settlements (selling your policy to a third party) provide payments lower than the full value of the policy, but can make sense for those who are terminally ill or in poor health. A life settlement essentially sells your life insurance policy for its present value—often a wise choice for those who no longer need or want a policy.

6.  Long Term Care Annuity:   An annuity is a series of regular payments over a specified and defined period of time. The funds for the annuity come from a single premium payment that you make when establishing the account. There are two types of annuities: deferred and immediate.  A deferred annuity includes two funds. The interest-bearing long term care fund is used to pay for long term care services and insurance. The cash fund grows at a guaranteed rate of 3 percent. The monthly amount depends upon the annuity value and generally provides coverage for up to 3 years.  An immediate annuity  also provides long term care coverage. This generally requires completing a medical questionnaire the insurance company uses to determine the price and length of payouts. Once you pay a single premium payment, you are guaranteed a monthly income for the rest of your life.

7.    Government assistance is available but in very limited supply. The Central Indiana Council on Aging administers the state and federal available in-home assistance.  They offer meal delivery, transportation, homemaker services and attendant care.   The CHOICE program allows you to hire your adult child to be your caregiver and they get paid after completing their certification program.  Not all in-home services are based on your income.  Most seniors make above the allowable limit to qualify for Medicaid while in their home and need a little assistance.  Currently the Medicaid system only provides nursing home care when someone needs 24 hour care.   If you need nursing home care you can apply for Medicaid but first consult a Medicaid Planning Expert such as Aging Avenues.

Tags: , , , , , ,
Posted in paying for eldercare | 1 Comment »