Here at Edgewood Healthcare, we are often asked by families how they can pay for their senior living expenses. We understand this can be a very confusing and overwhelming topic, as there are multiple options available to you. Today we’re going to break down the most common options that can be used for senior living expenses to ensure you feel financially secure in the future.
Private Pay Funds
One of the top options today for paying for senior living is using private funds. Interestingly, the cost of living and caregiving expenses are unlikely to be much higher than you are already paying. To calculate how much you’ll approximately be paying for senior living each month compared to your current living & caregiving expenses, use our affordability calculator. When considering your expenses, you’ll want to take into account what you are already paying for housing expenses, food, any care you receive, and transportation. Many individuals who speak with us are surprised by how affordable senior living can be when compared to their current monthly expenses.
Medicaid is a government insurance program that is suitable for people of all ages who don’t have the income or resources to pay for health care, such as assisted living. It’s important to not confuse Medicaid with Medicare, which provides health coverage (such as skilled nursing care) for the elderly. It’s important to note that Medicare won’t cover Assisted Living if that’s a solution you are considering for the future.
As a company, Edgewood is proud to accept Medicaid in our communities. However, the availability of Medicaid apartments differs per community at any given time. Also, Medicaid coverage varies from state to state, and while the federal government does cover part of the costs, Medicaid is operated by states and is dependent on current availability. Each state’s program is slightly different, so ensure you check the coverage you’ll receive before relying on this option. For more information about registering for Medicaid, check out the official Medicaid government website. Contact your state for application information, and they’ll be able to guide you through the process from there.
Long Term Care Insurance Policies
Today, financial advisors set up individuals for success knowingly at some point you’ll require a long-term care policy. We advise you to speak with your investor or financial planner on what plan would be best for you.
These policies help cover the cost of care when you have a medical condition or disability. Most providers today reimburse you for care in any given place, such as Edgewood Healthcare, or in your home while receiving our assistance. Insurance policies and the items they cover are very dependent on your provider and what your policy covers. When taking out a long-term care insurance policy, we always encourage you to check exactly what is covered to ensure it will look after you for many years to come.
At Edgewood Healthcare, we believe healthcare is something that everyone should have access to. By considering which of these solutions is best for covering your senior living expenses, you can prepare yourself for a comfortable future.