It's
the topic that nobody wants to discuss: what do you do when you get
older and require more care than your family can provide? The idea of
assisted living can conjure up concerns about loss of independence,
abandonment by family and friends and even feelings of depression
with regards to getting older. However, one of the biggest concerns
for individuals and families of those who may require hospice or
assisted care living is the financial implications.
Although
these facilities can provide the best care for loved ones as they
grow ill or become older, finding a way to pay for them can feel like
a monumental task. Fortunately, there are several ways that both an
elderly individual and their family can plan for affording care in
the later years.
Where to start
The financial
departments of any assisted living facility are generally happy to go
over payment plans and funding implications for either you or your
loved one going into care. They are often very good at pointing out
options that you may not have been aware of. On the website of
Dogwood Forest, an assisted living facility in Atlanta, Georgia,
there is a list of links to resources for financial options that can
make senior living an affordable choice for families. Some of the
options for you to research include:
Veteran's benefits
If you or your loved one is a veteran of military service, there are a range of options available to them that are not open to the general public. There are three senior living opportunities available to veterans: Veteran's Affairs (VA) community living centers, military-only retirement communities and senior living communities that offer military discounts. Depending on the level of care required, many of these assisted living facilities can provide 24 hour nursing care and social services.
Will Medicare or Medicaid cover?
Those
that are receiving either Medicare or Medicaid have a range of
options available to them, particularly those individuals that may be
on low incomes. Start researching what funding is available by
reading the guidelines on the Medicare.gov website. Additionally,
getting in touch with an adviser from your State Health Insurance
Assistance Program (SHIP) can point you in the right direction of
where to start when paying for assisted care, and the advisers are
also helpful at uncovering options you may not have been aware were
available to you.
Do you or your loved one have any insurance coverage?
There
are some private insurance plans that include clauses for assisted
care living in their regular coverage, as well as specific insurance
contribution plans that deal exclusively with the possibility of
future assisted or respite care. If you or your loved one has not
done so already, discuss their policy with their insurance company to
ascertain what is available, and research which care homes may accept
those benefits.
Savings and retirement plans?
Many
people save for their golden years, both through savings accounts,
401(K)'s and other investment plans. Although there may be a penalty
for early withdrawal, ensuring that you or your loved is able to
afford the care they need is important.
Everyone knows it's important to plan for the future, particularly for their golden years. However, it's important to also take the possibility of requiring additional assistance or care into account as you grow older. By planning for these possibilities, you can be sure that any required care won't be a burden to either you or your family.
Everyone knows it's important to plan for the future, particularly for their golden years. However, it's important to also take the possibility of requiring additional assistance or care into account as you grow older. By planning for these possibilities, you can be sure that any required care won't be a burden to either you or your family.
About the author: Valerie
Stout Cyrus is a professional blogger who frequently researches elder
issues. She has found that Dogwood Forest offers many of the
amenities that seniors and their families desire.
Image license: TownePost Network, CC BY 2.0
