For the most part - Assisted Living is “Private Pay” meaning you pay out of pocket using your income and assets. NOTE: It is advisable to speak with your Financial Advisor or an experienced Estate Planning Attorney to assure your assets are protected and that you have enough to pay for the long term.
Long Term Care Insurance is a special insurance purchased expressly for the payment of non-skilled and non-medical care. Long Term Care Information: NAIC shopper's Guide to Long Term Care Insurance
If you have a Long-Term Care Policy and are considering a move to Assisted Living or hiring a caregiver
In 2020 some Medicare Advantage Policies will include coverage for non-medical care. This does not include the room and board portion of Assisted Living but may pay for the care portion of your monthly costs. Learn more about Medicare Advantage programs here: Medicare Advantage
Veterans Pension and Aid and Attendance are benefits offered to qualifying veterans and their spouse. It is a set amount per month, per person once qualified. Qualifying, gathering paperwork and completing the forms necessary can be time consuming and if not submitted properly you can be rejected and have to make corrections. Thankfully there are professionals who can help for free (it is illegal to charge for completing this paperwork)
American Veteran’s Benefits is one of several accredited resource that will complete this paperwork on your behalf.
If you have a Long-Term Care Policy and are considering a move to Assisted Living or hiring a caregiver
In all of the above circumstances it is important to speak with a reputable professional. If you have a financial adviser, mortgage professional, elder law attorney or insurance agent speak with them about these possible options to assure you do what is best for your financial situation and for the long term uses of your assets.
These links are not meant to influence you but to offer some possibilities. Please be diligent in your research and get professional advice before making any financial decisions. Assuring you are making sound a decision that will not affect your current benefits.
