Financial Assistance for Assisted Living Is Easy
When looking into a move to an assisted living community, sometimes the price tag can seem like a deterrent. Don’t let the financial aspect discourage you, though; financial aid options are available!
inancial assistance is something you should research and compare when you are looking at different assisted living communities. For instance, we here at BridgeWater Assisted Living make senior living affordable. We do this by offering financial assistance for assisted living for our residents to take advantage of.
Here’s a look at some of the financial solutions we accept and can help you with:
At BridgeWater, we are proud to offer income-qualified opportunities. If your income is below the threshold ($3095 per month, as of July 2023) and you need daily assistance, you should qualify. You must fill out the appropriate low-income housing tax credit paperwork if you fit both categories. Once completed, you’ll submit your application for verification, which can take up to seven business days.
In addition, we don’t charge community fees or deposits, meaning there are no hidden costs you’ll need to consider. We’ve also partnered with the Arizona Department of Housing, which allows us to charge lower rent.
If you are a veteran or the surviving spouse of a veteran, you could qualify for special financial assistance from the Department of Veterans Affairs, called the Aid and Attendance Pension benefit. It’s a tax-free benefit that provides money each month to help pay for assisted living costs.
To qualify, you will need the applicable wartime service, require daily assistance, and not have the financial resources to pay for this daily care. If you are the surviving spouse of a veteran, you must not have remarried. We encourage you to connect with the VA to see if you are eligible and to apply.
Medicaid and Arizona’s Long-Term Care System (ALTCS)
When looking at assisted living communities, you will want to see if they are Medicaid-certified. We are here at Bridgewater, which means we accept Arizona’s Long-Term Care System (ALTCS). Residents can use this to help pay for assisted living.
To be eligible for this benefit, you must have a financial and medical need, be an Arizona resident, and be over the age of 65. Here’s a beneficial information sheet to help you figure out if you are eligible or not. Please remember that the standard application process for ALTCS can take between 45 and 60 days.
As you can see, quite a few financial assistance for assisted living exist. To make the process even easier for you, we have Community Benefits Advocates on staff that can help you along the way with all these solutions. They can answer all your questions and help you start your application.
Our Community Benefits Advocates are experts when it comes to these financial solutions and can help you identify which ones you may qualify for. If you would like to speak with one of our advocates, please contact us at 602-281-9535. We would love to have you as a part of our community, so let us help you find a way to make it happen.