3 Financial Assistance Options for Seniors in Arizona
When seniors reach retirement age, they often find themselves worrying about the cost of living, especially now that they don’t have a steady paycheck from an employer. Even if you have saved well over the years, managing your bills and house could still be stressful, especially if you need extra assistance or are looking to move into an assisted living community. The good news is that there is financial assistance for seniors in Arizona available, and here are three different types that you should look into to see if you are eligible.
1. Medicaid/ALTCS
Arizona’s Medicaid plan is known as the Arizona Health Care Cost Containment System (AHCCCS). Covered health plans under this include doctor’s visits, specialist care, hospital services, behavioral health, immunizations, and much more. You can find a full list of what’s covered on their website. One thing that isn’t covered just by Medicaid is the cost of room and board for senior living communities if needed. But there is another option, and that is the Arizona Long-Term Care System (ALTCS) program. This organization uses Medicaid funding to help cover the costs of long-term care if an Arizona resident is unable to care for themselves.
2. Veterans Aid
The Department of Veteran Affairs offers the Aid and Pension Benefit to both veterans and to their surviving spouses. It is a tax-free benefit that pays a certain amount each month. You must qualify to receive this benefit, meaning you have the applicable wartime service, you are in need of financial aid, and there is a medical reason, such as needing assistance with activities of daily living. The monthly aid is about $2,230 for both a veteran and their spouse, $1,881 for a single veteran, or $1,209 for a surviving spouse.
3. Bridge Loan
Just as the name sounds, a bridge loan helps to “bridge” the financial gap that you may be facing. These are short-term loans that typically provide around 12-months for payment. The payment plans and timeframe can vary by vendor. One popular type that is focused specifically on seniors is Elderlife Financial Services. The loan acts as a line of credit, meaning you only borrow the amount of money from it that you actually need. This kind of loan can tide you over until your Medicaid, veteran’s benefits, or other financing becomes available. You could even use it while waiting for the funds from the sale of your house or other assets.
A perk of these loans is that if you decide to pay off the loan earlier, there aren’t any prepayment penalties. This is a great solution if you need cash fast and know you will have it in the future but you just don’t have it now.
As you can see, there is financial assistance for seniors in Arizona. If you need this assistance to help pay for the cost of assisted living, BridgeWater Assisted Living accepts all three of the above forms of financial assistance. Reach out to us, and we’ll find out more about your needs and walk you through the financial assistance available for seniors in Arizona and what you’re eligible for.