Paying For CareMany families are unprepared for the costs associated with senior care and are not aware of the many different available options. If a financing plan is not already in place, our Senior Advisors are ready to discuss all options in detail and provide referrals to financial advisors, Eldercare Attorneys, and other qualified professionals who can provide additional assistance and guidance. Below is a list of the most common methods used to pay for senior care.
MedicaidIn Arizona, Medicaid for Assisted Living is administered under Arizona Long Term Care Services (ALTCS). Medicaid, unlike Medicare, is a need-based program with income and asset limits. Facilities must be approved to accept residents who are approved for ALTCS. However, the approval process can take months and it is suggested that a qualified Medicaid specialist guide you through the process. The majority of families utilizing Medicaid will "private pay" for a few months, while their ATLCS approval is pending.
Veterans Administration Aid and AttendanceSpecific wartime veterans or their widowed spouses may be eligible for The Department of Veterans Affairs Aid and Attendance benefit to pay for senior care. The approval process can take anywhere from 45-days to several months. Veterans and their families should consider this option as soon as possible as they complete each step of the process. Our advisors can connect you with VA Accredited Claims Agents who can assist with the preparation of the application. Claims Agents are prohibited by the VA for charging any fees for claim preparation.
Private PayMany families will use personal income and savings to pay for senior living. Sometimes, the senior's income is sufficient enough to cover their care and family members may only be required to contribute minimal finances to pay for additional fees and charges where applicable.
Home EquityMany seniors who own their home plan to sell it during their transition into senior housing, but many are not able to sell the home soon enough to cover the immediate cost. Some facilities will offer deferments that are paid back once the property sells. There are also "Bridge Loans" available with similar terms that require the individual to pay the loan back once the property sells. In the case of married seniors, where one spouse plans to stay in the home, a Home Equity Conversion Mortgage (HECM) can be a great option. In years past, HECM loans developed a bad reputation, but in recent years, the Federal Housing Administration has taken great steps to improve senior protections.
Long-Term Care InsuranceDepending upon the policy, your loved one may be able to use long-term care insurance to pay for their care. Unfortunately, due to the high cost of Long-Term Care insurance premiums, only a very small percentage of seniors have long-term care policies.
Selling A Life Insurance PolicyMany seniors have life insurance policies with a cash value and can sell these policies for a cash settlement. This is known as a "life settlement." However, there are certainly some pitfalls to be avoided when selling a life insurance policy and it is critically important to understand all potential impacts.