What Are the Options for Financial Assistance for Independent Living?
Not every assisted living community requires or expects you to pay for everything out of pocket.
Not every assisted living community requires or expects you to pay for everything out of pocket. Depending on your history and your current financial situation, you may be eligible to apply for financial assistance toward your independent living costs. These financial assistance options can help take away the stress of finding a safe place you can afford and, instead, allow you to focus more on which community feels best to you and which place will be best for your individual medical needs. When it comes to figuring out how to afford independent living, you have options.
Independent living communities want to provide you with options to make sure that paying for your stay can be manageable. Senior living communities like Solterra Assisted Living help by featuring lower rates than other communities, thanks to a partnership with the Arizona Department of Housing. But that’s not the only financial assistance opportunities our residents enjoy.
If you’re looking for ways to better afford independent living or just trying to plan for the future you’ll want to know what financial assistance is available. There are a variety of options at Solterra (as well as at other assisted living communities) that can make independent living possible for you. Here are a few of those financial assistance options that may be available to you in your current situation.
If you or your spouse is a veteran, you may be qualified for this specific form of financial assistance. The Department of Veteran Affairs offers the Aid and Attendance Pension Benefit, which can assist veterans and their spouses when it comes to paying for senior care.
With this financial assistance, veterans and/or their spouses or surviving spouses can receive a tax-free benefit that pays them a certain amount each month. For both a veteran and their spouse combined, this benefit can provide up to $2,230 a month. The amount goes down to $1,881 a month for veterans on their own and $1,209 a month for surviving spouses who qualify.
This tremendous financial assistance for independent living can help ease your worries and help you find an independent living community that’s perfect for you. If you or a loved one has served and are looking into assisted living, be sure to speak with your potential assisted living community to find out how to qualify.
Long-Term Care Insurance
When it comes to assisted living, it’s better to be prepared with a plan than left to deal with high costs at the last minute. Assisted living can become expensive quickly, and you won’t want to be stuck paying out of pocket when you aren’t financially prepared for it. That’s why many Americans choose to purchase long-term care insurance. This insurance, unlike traditional health insurance, was created to cover long-term support in settings like assisted living communities. It works by reimbursing policyholders for daily living costs.
This can be a great resource for people who are still a few years away from needing assisted living, as people in poor health or people who are already receiving long-term care services may not be eligible for this type of insurance. Long-term care insurance can also have limits for how long a policy will help to pay for these services, so it’s best to find one that will fit your specific needs. Request information on the companies’ premium rates to ensure you’re getting the best deal, and you’ll be ahead of the game and ready for assisted living when the time comes.
Elderlife Financial Solutions
Not every type of financial assistance for senior living comes in the form of a benefit or grant. If you’re looking for financial assistance that works like a loan, Elderlife Financial Solutions (EFS) may interest you. This specific loan acts more like a line of credit, giving families more flexibility when it comes to out-of-pocket payments. EFS can provide from $5,000 to $500,000 for senior living and transition costs and can provide the funds in as little as 24 hours. This is a great financial solution for people who find themselves needing assisted living services unexpectedly.
Whether you’re giving yourself more time to figure out your finances or giving your family more time to see where they can chip in, EFS helps many people looking into senior living achieve their goals. EFS can provide bridge loans, real estate services, and information on the best ways to pay for assisted living. You can speak directly with a financial concierge to start the process with EFS and get the guidance you need.
If you need services beyond independent living, or you expect you will in the near future, Medicaid is an option. Arizona is one of many states that allow the use of Medicaid to pay for assisted living. The Arizona Long-Term Care System (ALTCS) is a program created to help seniors and disabled individuals who are unable to afford the care they need and an asset to individuals who are eligible to receive it.
Potential recipients of the ALTCS program have to meet certain criteria and will be subject to a financial assessment, as well as a functional and medical assessment. If you’re wondering about meeting the qualifications, you can reach out to communities to go over your information with you.
When you’re considering using Medicaid to help you finance your senior living experience, you should make sure the community you’re interested in accepts it. Most communities need to be Medicaid certified in order to accept this form of payment. But with the right community and the proper documentation, Medicaid can be a great way to pay for assisted living and get you the help you need.
Solterra has a variety of communities throughout Arizona to choose from. Each has its unique atmosphere and set of residences, but all can help you find financial assistance for independent living. For more information on financial assistance with Solterra Senior Living, contact us or visit one of our communities. We’d love for you to come by.