Financial Resources for Long term Care

Posted by Marissa Barnard on Mar 18, 2016

In Financial, Assisted Living, Main



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Deciding to move your loved one in an assisted living home can be a difficult decision, not just the moving and finding the right care, but the finances as well. Many people stress out over the sticker price, and wonder how they are going to pay for it. We understand the first initial shock of the monthly bill and the worries that come with it. We are here to tell you there are solutions, and it is a lot easier than first expected. We have put together some financial resources for long term care. 

Let's break it down for you:

Assisted Living can seem more expensive monthly then living at home. In some cases it is, but usually total assisted living costs are significantly less than in-home care costs.

When you put it out on paper assisted living costs include:

  • Rent
  • Utilities
  • Food
  • 24-hour security
  • Housekeeping
  • Health monitoring services
  • Lawn care
  • Property taxes
  • Insurances
  • Trash removal
  • Repairs and Maintenance
  • Social activities and entertainment

So in perspective the monthly sticker price does cover a lot and in the long run can save you hundreds of dollars. 

Though the above my be true, some still find the price intimidating. We understand and have more resources for you to use. There is no “magic” solution that will work perfectly for every person who needs help paying for long-term care. However, with careful planning, some of the following resources can provide much-needed financial relief for someone who needs long-term care services.

People usually start with liquidating their savings to pay for long-term care. However, most families simply do not have enough savings available to pay for their own families, and their parents care as well.

So what you can do is look into the following programs:

  • Applying for Medicaid  - Utah Medicaid is the federal Medicaid program administered by the state of Utah that pays for long-term care. Keep in mind that you must first meet income and asset requirements.
  • New Choice Wavier - Medicare will not pay for assisted living services, however they will pay for Home Health and Hospice services that are supplemental to services already offered in assisted living.
  • Medicare - Medicare will not pay for assisted living services, however they will pay for Home Health and Hospice services that are supplemental to services already offered in assisted living.
  •  VA Benefits-The V.A. Pension with Aid and Attendance is available to help veterans and their spouses obtain financial aid to pay for long-term care costs. Expenses for home health care, assisted living facilities or skilled nursing facilities are among the many expenses that qualify you to receive a pension from the V.A. To learn more details click here.  
  • Long-Term Care Insurance - Long Term Care Insurance is an insurance policy that pays for some or all of a senior’s long-term care costs in exchange for monthly premiums. Depending on the policy, medical services at home, adult day care, assisted living and nursing home communities can be included.
  • State & Federal Tax Deductions - The Child and Dependent Care Credit (also referred to as Elderly Dependent Care Tax Credit) is a tax credit for expenses an individual or family incurs for the care of a dependent.

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Compare the Costs

We encourage you to compare the costs of Bel Aire Senior Living versus your current at-home every day expenses. Fill out this worksheet and you may discover that living in our community can be a better option

EXPENSE DESCRIPTION

CURRENT

BEL AIRE SEN. LIVING

Mortgage or Rent Payment

$

$               or $

Caregiving Fees

$

Included

Food

$

Included

Property Tax & Insurance

$

Included

Utilities (Gas, Water, Electric, Garbage)

$

Included

Internet

$

Included

Phone

$

$20/ Month - Optional

Cable TV

$

$49/ Month - Optional

Home Maintenance

$

Included

Lawn Care

$

Included

Housekeeping

$

Included

Laundry Service

$

Included

Emergency Call System

$

Included

Miscellaneous (Beauty Salon, Vet, etc.)

$

$16-$55 Optional

Activities & Entertainment

$

Included

Exercise Program

$

Included

TOTAL

   



ASSETS

Social Security

Pension

V.A Benefits

House Sale

Other

Value

$

$

$

$

$

       

TOTAL

 
       

YEARS

 

 

When you think about Assisted Living in general, compare it to the live your mom and dad currently have at home. Not only is assisted living financially equal to living at home, it’s such a dramatically different way of life.

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If you have a long-term care policy, make sure you know what its exclusions and limitations are. Medicaid and Veteran’s assistance can be obtained with careful planning and guidance, while possibly allowing you to preserve, hard-earned assets for future generations.

 (More details on each program, are in the 5 Little-Known Financial Resources pamphlet. Download below.)

Along with these programs there is also a service called Utah Senior PlanningFree family consultants are available to answer all of your questions. Utah Senior Planning incorporates an innovative approach to helping seniors prepare for long-term health care needs and resolve medical crisis situations.

Many times families have come to us with worry on their face, wondering and calculating how they will afford a place for their loved one. They would have so many questions and concerns they didn't know where to start. So what our staff here at Bel Aire Senior Living did is put together a pamphlet of five little-know financial resources. 

5 Little Known Financial Resources for Assisted Living

 



We know this whole processes can be stressful and overwhelming at first, but we are here to give you the tools and knowledge you need to find the right place for your loved one.