There are many, many people these days who worry about how they will afford assisted living care, either for themselves or an elderly loved one – and with good reason. A
survey conducted by Genworth Financial found that the median cost of a stay in an assisted living facility is around $5,350 per month. But don’t worry: even if you aren’t a millionaire, you can still ensure you can access high-quality assisted living care by taking the proper precautions. In this post, we will discuss what to do and how to prepare.
Don’t Assume Someone Else Will Pick up the Tab
Many people assume that Medicare, Medicaid, or their private insurance provider will cover the costs of assisted living. However, this is often not true. To begin with,
Medicare does not specifically pay for custodial care, which involves bathing and dressing. A Medicare Advantage policy may help to cover some of these custodial costs, but you’ll have to check your specific policy and provider. While Medicaid will help pay for some of the costs, you have to spend down all your assets before coverage kicks in. If you are covered under Medicaid, it’s best to have all your eligibility documentation lined up and ready to go, as you will need to provide it to the assisted living facility.
Regardless of what government or insurance aid may be available to you, know that many assisted living facilities operate through private pay. Therefore, if you want to have as many options available to you as possible, you’ll need to make sure you save enough to afford the care you’ll need.
Start Saving as Soon as Possible
Figure out how much money you’ll need to afford assisted living as early in life as you can. Make a budget and decide exactly how much you’ll be able to comfortably set aside each month. Pay off any debt you may be carrying as quickly as you can. And last but certainly not least, try to have plenty of equity in your home, or even own it outright, as home equity can help to pay for assisted living.
Consult with Appropriate Professionals
If you or anyone that you trust knows a
reputable financial planner in town, it may be a good idea to start working with them. They can walk you through options you may not have known about or thought to try. For instance, some financial advisors recommend buying a life insurance policy that has a long-term care rider. One benefit of such a policy is that you may access the money you contribute or leave it to your heirs for the purposes of assisted living services. A financial planner can also point you toward other potential sources of income, like pensions, annuities, and investments, as well as any veterans’ benefits you may be entitled to.
You should also consider working with an estate planning or elder law attorney. In addition to preparing documents such as a power of attorney or living will, a lawyer may be able to help you structure your assets so you can access Medicaid and other government programs without having to spend all your savings first. But if you decide to go that route, start planning early. Many government programs have “look-back periods,” and if you have gifted or sold assets during that period, the government may require you to make up for those assets before they’ll pay for assisted living care.
Do Your Research on Facilities
Given the overall cost of assisted living, even the slightest difference in services between two assisted living facilities can make a world of difference. Make sure you choose an assisted living facility that’s completely transparent about not only its rates, but also its occupancy levels, staffing, longevity of staff working at the facility, and ownership. Look for amenities such as three chef-prepared meals daily, round-the-clock nursing supervision, and medication management. Most importantly, choose a facility whose staff will work directly with you to ensure you are receiving only the services you need and aren’t spending more money than you should on assisted living care.
Heathwood Assisted Living is just such a facility. Our priority is providing quality care. Heathwood is now in its third generation of family ownership, and since our founding in 1978, we’ve stayed true to our core values: teamwork, reverence for the individual, integrity, and passion for excellence. During our years in business, we have earned 50 awards, including two prestigious Gold Awards from the American Health Care Association/National Center for Assisted Living. As long as you or your elderly loved one resides here, we’ll ensure you or they are living in comfort and being treated with the respect and dignity every person deserves.
Heathwood Assisted Living has two locations: one in
Williamsville, NY and one in
Penfield, NY. To get started with a tour of our facilities, please get in touch with a member of our staff at your earliest convenience.
