How to Afford Assisted Living for My Parents
Many older people eventually decide that they’d like to move into an assisted living community. With great local options, it’s not hard to see why! Still, many children of these people feel unsure of how to pay for their parents’ assisted living costs. Luckily, there are many financial assistance options you can tap into when trying to afford assisted living for your parents.
Figuring out how to afford assisted living can be easier than you think when you use all the available resources. There are ways to make assisted living financially attainable for your loved one; you just have to be aware of your options.
Depending on your parent’s financial situations, medical needs, and prior military service, you may end up with all or most of their assisted living costs covered. With a few easy steps and applications, you can bypass the stress often associated with affording this new step and skip straight through to excitement.
Solterra Senior Living accepts various financial aid options so that your parents can access an affordable and supportive community to move to. Below, we’ve gathered a few of the most popular financial aid options that help people in Arizona figure out how to afford assisted living for their parents.
Existing Assets
Assessing your existing assets is a good place to start when considering assisted living for your loved one. Going over their current assets and tapping into your own can show you exactly where you stand and give you better direction when moving forward.
Some assets to consider are vehicles that are no longer needed, their current home price if they are selling, and home equity loans if your house has gone up or if you’ve paid enough of the home off. In some cases, taking a thorough inventory of your assets beforehand can show you that you can already afford assisted living for your parents. You can also speak with an assisted living community representative to get a more realistic idea of the costs to better prepare you.
Insurance
Another thing you want to look into regarding assisted living costs is your parents’ insurance. Different kinds of insurance can help cover certain costs and make assisted living much more manageable.
Some people use their health insurance to cover the medical aspects of their assisted living stay. Health insurance can continue to cover medications that your parents will receive at their assisted living community and may also cover other medical needs.
Life insurance policies are another option that can be used to help pay for your parent’s new living situation. Selling a portion of the policy can be a huge help and can create a solution for housing costs. If you’re really in a bind, you can also cash out their life insurance policy entirely.
Medicaid
Medicaid is a federal program funded by federal and state dollars, available to people with limited income or resources. Arizona has the Arizona Health Care Cost Containment System (AHCCCS), a Medicaid program for healthcare and other services specifically for Arizona residents. If your parent meets the income requirements, it could be a great way to help you figure out how to afford their assisted living costs.
Not all assisted living communities accept Medicaid as a form of payment for assisted living care, but Solterra Senior Living does. This is one of the big reasons why so many people choose to join this community; it makes assisted living more accessible to people who need it. If your parent doesn’t already have Medicaid, it’s worth looking into, if they meet the current income and asset requirements. Solterra Senior Living’s acceptance of Medicaid ensures that residents receive the care they need without the stress of overwhelming financial burdens.
VA Benefits
VA benefits are another way people can afford assisted living for their parents. If your parent served in the military they may be eligible for VA benefits. While the VA won’t pay for your parent’s assisted living room and board, there are other programs that they can access. VA pension funds, VA survivor funds, and VA disability payments are just a few options that can assist you with some, if not all, of the costs associated with assisted living.
These types of programs aren’t exclusive to veterans but can sometimes apply to their current or surviving spouse as well. Have your loved one sign up for VA healthcare and look into the requirements for each program to move forward with this and of financial assistance.
Arizona Long-Term Care Programs
You can access Arizona-exclusive financial aid options when you choose to live in Arizona and join an Arizona-based assisted living community. For instance, the AHCCCS created the Arizona Long-Term Care System (ALTCS) as another state-run Medicaid option. This option works much like HMO and is specific to people 65 years of age and older who have a disability and require an advanced level of care, making it accepted in many assisted living communities.
Solterra Senior Living provides many of the services covered by ALTCS. The Living Well program at Solterra includes music, arts, and physical activities to keep residents in good shape. Other everyday activities, such as medication management and a helpful hand when needed, are other services that are provided and covered with ALTCS at Solterra.
It’s much easier to figure out how to afford assisted living when you use all of your resources. You should apply for every program your loved one qualifies for and reach out if you need assistance. Solterra Senior Living can guide you toward the financial aid options that best suit your needs so that your parents can focus on the excitement of joining an enriching community. Our experienced staff is dedicated to making the transition smooth and stress-free, ensuring peace of mind for you and your loved ones. Reach out to us today and schedule a tour of our community. We can answer your questions and help you determine how to afford assisted living!