Assisted living facilities are a major lifeline to the elderly in need of constant care and support for daily activities such as bathing, dressing, and medication adherence, among other needs. Still, these facilities may prove very expensive, hence raising financial barriers to care, particularly for the impoverished sections of society. If you’re asking: “How can I pay for assisted living with no money?”, then this article will cover several options, strategies, and programs that may help in covering the costs without emptying your savings account.
Understanding the Costs of Assisted Living
Before delving into how you might pay for assisted living, it will help to have an overview of the price landscape. Assisted living costs range from $2,500 to $6,000 a month, depending on location, services delivered, and the level of care desired by the patient. Prices can go up quickly, so make sure to explore as many of these entities for monetary assistance as you can.
Medicaid and Assisted Living
Medicaid is a Federal/State program covering the health needs of low-income people and seniors. Medicaid does not manage payment for board and room in assisted living; however, it offers payment on some of the costs related to one’s personal care and medical service provision while availing of assisted living. Each state runs various programs with different eligibility criteria. So contact your state Medicaid office to find out what you may be eligible for.
In some states, Medicaid waivers, or Home and Community-Based Services (HCBS) waivers, are available to help pay for assisted living services. These waivers are designed to prevent older adults from having to reside in a nursing home by providing payment for their care in a more residential setting; an assisted living community is one such setting.
2. Veterans Benefits
If you are a veteran or your spouse is, you are likely to qualify for monetary benefits from the VA. There are several programs available within the VA that can help offset the cost of assisted living. Assistance and Attendance is a benefit available through the VA. Which adds monthly payment in cases where a veteran or his or her spouse needs help with day-to-day living.
The Aid and Attendance Benefit also builds in for veterans who at the time of service had served at least 90 days of active duty, with a minimum of one day during the war. The veteran must further be a person of limited income and assets that will make the individual eligible. This benefit significantly lowers the out-of-pocket fees that are charged for assisted living.
3. Social Security Income (SSI) and Supplemental Security Income (SSI)
SSI and SSI are federal programs and are mainly for older seniors and their people with disabilities. This will not cover the full costs of an assisted living facility, though it may relieve financial stress.
Seniors who have limited income and resources may be eligible for SSI. It provides monthly payments that can be utilized for community services such as assisted living. Besides, some states may add State Supplemental Payments to the SSI benefit to boost the monthly payments, which will be further utilized on the costs.
4. Low Income-bearing Housing:
Another perspective in this regard is that low-income housing assistance could subsidize the financial needs of such seniors who lack funds for assisted living. Housing Choice Voucher programs, for example, support the costs of housing for a person, enabling them to live in assisted-living very affordable facilities.
While Section 8 vouchers are typically for independent living, some assisted living facilities will accept them. Research and call your local facilities to see if they participate in the program.
5. Nonprofit Organizations and Charities
Several non-profit organizations and charities devote assistance toward seniors’ assisted living even when there is no money. Such organizations may donate some financial aid or other forms of assistance to senior citizens in need.
For example, the National Council on Aging (NCOA) has a Benefits CheckUp® tool to assist older adults in finding federal, state, and local programs that can help offset the cost of care. Religious organizations, local charities, and community foundations are other places to turn to for financial assistance for assisted living.
6. Long-Term Care Insurance
Long-term care insurance can also be a very important asset for the money you will spend on assisted living. A majority of long-term care insurance policies pay for assisted living facilities, nursing homes, and in-home care.
However, it is worth mentioning that in many cases long-term care insurance is purchased beforehand. Meaning the premiums paid are high. If you already have the policy or your loved one has one. It would be worth scrutinizing the details to understand if and when they cover assisted living, and how to file a claim.”
7. Life Insurance Policies
Some life insurance policies allow you to tap into the cash value or death benefit to pay for the expenses of living in an assisted care facility. This is called a life settlement or accelerated death benefit and may be a means of receiving some funds when you have no other way to pay for needed care.
To access the cash value, you will have to surrender or sell the policy to a third party in exchange for a one-time payment. Do remember to ask the experts for what it implies to your life insurance policy.
8. Reverse Mortgages
A reverse mortgage could be another option for seniors who have homeownership and need money to pay for assisted living. This will allow you to convert some of the equity in a home into money to pay for care.
With a reverse mortgage, the loan becomes due if you no longer live in the home. But you’ll be allowed to stay in the home without the repayment of the loan when you move out, sell the home, or die. Best for Anyone who intends to stay put in the home or a couple in which one spouse needs assisted living and the other can stay in the home. 9. Family Contributions
The financial burden of paying for assisted living can be shared among family members in many cases. While not all families can cope with such a situation, the sharing of resources among various family members makes a place in assisted living services much more affordable.
Family members may also consider a pooling of resources, or shared caregiving, in which siblings or other relatives each pay a part of the cost of care. Some families sell property or assets to raise the money they need for the expenses involved with assisted living.
10. State and Local Programs
States and local governments alike have developed specific programs in place to help senior individuals with empty wallets attain the ability to afford assisted living. Such programs include financial aid packages, subsidies, or sliding scale fees.
It is important to research the programs that are available in your state or local area, noting that eligibility requirements and benefits can vary widely. Contact your local Area Agency on Aging for information on state and local resources for assisted living.
Conclusion
Having to pay for assisted living without money is rather challenging. But there are many options and resources available to help with that. From Medicaid and veteran benefits to nonprofit organizations and even family contributions. Financial assistance can be found to fit the situation.
If you’re thinking, “How can I pay for assisted living with no money?” refer to the ideas in this article. Whatever it takes, inquire from local service agencies, schedule appointments with financial advisors. And try every way possible to access care and support for yourself or your loved one without overwhelming financial stress