What Affordable Financial Solutions Exist for Senior Living?
Caring for aging loved ones can be expensive. We all want to do the best by our loved ones who may no longer be able to live on their own. Assisted living communities can be expensive, and there may not be enough money saved to afford the associated costs of living in an assisted living community.
Rest assured, at BridgeWater Assisted Living, there are affordable financial solutions to help your loved ones find peace of mind and a place to call home.
Financial Assistance for Low or Fixed Income
One of the biggest fears among seniors is the inability to afford the necessary care when needed. Many seniors who are dependent on Social Security income or pension plans that may be running out or just not enough can find themselves without the necessary support to live safely and comfortably. Savings may just not be enough, and some may find themselves stuck without the help they require. Sometimes family members are able to bridge the financial gap, but this can be very expensive and may not be a permanent solution, or even a possible solution.
BridgeWater Assisted Living is all about providing affordable financial solutions to seniors in need of financial assistance. By using a federal tax-credit program, Arizona’s seniors now have an upscale and modern housing option when they need that extra assistance at home.
To qualify for this program, the individual or couple must not receive an annual income of more than 60 percent of the area’s median income, which varies by location. If you make less than $2,420 per month and you require daily living assistance, you will likely qualify for this program. Once income qualification is determined, you’ll be asked to fill out an application. Then the paperwork will be submitted for verification, which can take up to seven business days to complete. BridgeWater Assisted Living keeps rent costs and additional services rates low, and there are no community fees.
Medicaid and Arizona’s Long-Term Care System (ALTCS)
Sometimes, savings run out over time, and despite low rental costs, the cost of assisted living is too high to continue. Rest assured, BridgeWater Assisted Living is Medicaid-certified. This means, if you’re on a fixed or limited income and are unable to pay for assisted living, Medicaid can help. BridgeWater communities are able to receive payments for long-term care benefits paid through Arizona’s Long-Term Care System.
The Arizona Long-Term Care System is the name of Arizona’s Medicaid program. ALTCS is a health insurance program for seniors ages 65 and up who have a disability that requires assisted living. With the ALTCS program, seniors can live at home while receiving nursing assistance or they can live in assisted living communities that are Medicaid certified, such as BridgeWater Assisted Living Avondale, Deer Valley, or Midtown Phoenix.
To start the Medicaid application process, you need to visit an Arizona Long-Term Care office. You can find a local office on the AHCCCS website. The application takes about 60 days to process. There are options if the required care is an immediate need. Be sure to discuss this need with your specialist at a local ALTCS office. At BridgeWater Assisted Living, we have a community benefits advocate on staff to help guide you through starting the process.
Veteran’s Pension Benefits
If you’re struggling to find affordable financial solutions and are a wartime veteran or surviving spouse, you may be eligible for VA pension benefits. Many senior veterans can pay all or part of their assisted living costs by using their VA pension benefits. To apply for VA benefits, you can start by visiting the US Department of Veterans Affairs website. On their website, you’ll be able to see who is eligible for veteran’s pension, how to apply for benefits, and other helpful information.
You may also call the VA benefits hotline or visit your local VA office. There are many veteran organizations that can assist with filling out the benefits application free of charge as well. Be sure to avoid any scams by verifying that they’re a VA-accredited representative. You may search for VA accreditation by using the VA Accreditation search website.
How to Financially Plan Ahead
It’s difficult to know how much financial help senior loved ones may need, especially if no conversations have been had on the topic. Having hard conversations during stressful times adds to the difficulty of the situation at hand. It’s important to plan ahead and have the difficult conversations before the need becomes immediate.
Plan a time when you can sit down with the immediate family members to discuss the needs of your senior loved ones. This is a discussion to be had prior to speaking with your senior loved one. Once everyone is on the same page, sit down with your aging loved one to discuss their wishes and their concerns. It’s important to know their future wants and to meet those needs as best as possible while making sure they are safe and cared for.
Next, make a list of the available finances, such as savings accounts, retirement accounts, stocks and bonds, and so on. Also, make a list of all debts owed and any earned income, pensions, Social Security funds, or other types of income received. This will provide an overall picture of what assets are available for assisted living costs. You may also consider assets such as a home that could be sold and the funds used to help cover the costs of assisted living and other costs that come about as we age.
At BridgeWater Assisted Living, you will find affordable and comfortable senior living options to meet your needs. Our community benefits advocate can help you find which benefits programs fit your personal situation best and can even help you fill out the necessary paperwork. Contact us at BridgeWater Assisted Living to schedule a time to talk.