3 Easy Steps for Managing Financial Assistance for Assisted Living

For many people, finding financial assistance for assisted living seems like a scary mountain to climb. The high cost of assisted living can make this option seem out of reach. According to Genworth Financial, the average cost of assisted living in the United States in 2021 was $54,000 per year.
Fortunately, there are alternatives. Here are three easy steps to manage financial assistance for you or a loved one.

1. Explore Medicaid and Arizona’s Long-Term Care System (ALTCS)

Arizona is a state that accepts Medicaid for assisted living. It also offers additional long-term care through a unique program called Arizona’s Long-Term Care System (ALTCS).
ALTCS helps qualifying individuals afford assisted living and memory care. It’s a system that was created to help seniors pay for long-term care needs. Qualification is based on financial and medical needs.
The program requirements define who is eligible based on age, disability, citizenship, residency, and financial requirements. The application takes about 60 days to process. To get started, review the ALTCS guidelines to see if you may be eligible.

2. Explore Veteran’s Aid

If you are a wartime veteran or a surviving spouse of one, you may be eligible for VA benefits. This is a tax-free benefit that is offered through the Veteran’s Administration Aid and Attendance benefits.
A veteran and their spouse can receive up to $2,230 per month. A single veteran can receive up to $1,881 per month, and a qualifying surviving spouse can receive up to $1,209 per month.
If veteran’s aid is an option for you, it may help with managing financial assistance for assisted living.

3. Explore Income-Qualified Opportunities

If your income is below $2,420 per month and you need daily assistance, you may qualify for assistance based on your income. For qualifying seniors, this program may be a way to get the needed financial assistance.
If you are part of an active senior community such as BridgeWater Assisted Living, a community benefits advocate is on hand to help with the process. This may help you get the financial resources you need to enjoy daily life in an assisted living community.
Experience Affordable Senior Living
There are many financial solutions available for seniors who want to live in senior assisted living. Our trained and compassionate advocates are happy to discuss financial solutions with you. Whether you are looking for senior assisted living for yourself or a loved one, please get in touch.
The stories about the high cost of senior living often stop people from looking further. At BridgeWater, we are committed to helping seniors be part of an active community. We don’t charge community fees or deposits, application fees are very low, and apartment rents and care rates are very low.
Our community benefits advocates are familiar with financial solutions that may help you find your next community. If you’re considering BridgeWater Assisted Living, reach out. We’re looking forward to talking with you.