Check Out All Options to Pay for Assisted Living

Assisted living residence

Statistics from the census show that around 6.5 million people need assistance with their daily activities, and by 2020, as the number of aging Americans continues to increase, that the amount of people in need of applied home healthcare is expected to double. As a result, the number of individuals who are concerned about paying for assisted living will also grow. Family members of seniors will often have to deal with finding a balance between providing high quality assisted living facilities and being able to afford assisted living costs. In order to prepare to do so, they might want to look up lots of assisted living information to better understand options and make the best choices.

Assisted living residences provide more freedom for seniors who need supervision and some assistance, but a more free environment than nursing home. Consequently, however, they tend to be up to 60 to 70% more expensive. According to the Census Bureau, the daily cost of living in an assisted living apartment or other similar place could be between $50 and $120. This number might seem shocking, and could cause individuals to try to check out less expensive options.

Fortunately, there are several programs that help seniors, and their families, pay for assisted living. In some cases, seniors might want to take out a long term health insurance plan. They will cover nursing care, home based care, and other medical needs. While there might be stipulations, including the need to have assistance with two or more daily activities, those insurance plans can be a great resource for individuals worried about paying for assisted living.

Veterans benefits are a good choice for anybody who has served. In order qualify, individuals will have to be able to prove that they served, have a medical condition that makes it difficult for them to live on their own, specific minimal financial conditions, and a formal application. For veterans, the benefits that they are eligible for might be the best way to afford the care they need.

One thing that must be considered when thinking about paying for assisted living, is the fact that Medicare will not pay for it. However, in some scenarios, Medicaid will. While not everyone will be able to completely care for their assisted living with Medicaid, and payments might be stopped for certain reasons. But knowing the differences between Medicare and Medicaid and understanding what they will pay for is vital for individuals trying to determine the best way to afford assisted living options. Learn more about this topic here:

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