The cost of assisted living is not only expensive, but it’s also something that many people don’t plan or save for. This makes it increasingly difficult to get the care you need when you need it. That’s why we want to explain fully how financing assisted living works here in The Villages, Florida or wherever you may be.
Whether you need assisted living for yourself or a loved one in The Villages, Florida, fortunately, there are a few options that can help.
FINANCING ASSISTED LIVING IN THE VILLAGES FLORIDA
Before searching out your assisted living financing options, you need to know what it will cost. Fortunately, AARP has created a handy long-term care calculator to help you compare costs. Simply choose your area and the type of service you need to see an estimate of what you can expect to pay. It calculates several options including assisted living, nursing home, adult daycare, home health aide, and homemaker services.
The Department of Elder Affairs, State of Florida, also provides a number of resources for housing. And the Florida Assisted Living Association provides additional resources, education, and advocacy to help you make more informed decisions.
Once you’ve determined your cost and reviewed the resources available, you will need to understand a few things about assisted living facilities (ALFs) before determining if it’s the right option for you.
WHAT IS ASSISTED LIVING
Assisted Living Facilities(AFL’s) are care facilities that provide housing, meals, and personal care. The residents are able to receive support with medical and disability issues when they are no longer living on their own but don’t require full-time nursing care. They are designed to be less expensive and less hospital-like than a nursing home and full-care facilities because residents don’t require full-time support.
Residents live in an apartment-like space that offers a private bedroom and bathroom and some even come with a living room and full kitchen. They are able to maintain their privacy and individuality within their space, living alone but with help close by.
ALFs are designed to offer residents options and encourage dignity while still providing for their safety, health, and welfare. In order to reside at an ALF, a prospective resident must meet the criteria set by Florida’s regulations and facility policies.
Generally speaking, a resident must need support, but can still live independently for the most part and does not require 24-hour nursing. The only exception to this rule is for existing residents who are receiving licensed hospice care.
While ALFs are usually less expensive than full-care facilities, the cost varies depending on location, amenities, size of the unit, and the services provided by facility caregivers.
WHAT IS MANAGED LONG TERM CARE
Because long-term care is a large portion of Florida’s Medicaid expenditures, the state has moved long-term care recipients into a managed care system called Statewide Medicaid Long-Term Care Managed Care (LTCMC). Most Medicaid recipients in Florida are required to enroll in one of LTCMC’s plans if they are in need of long-term care.
All of these plans cover basic services including adult daycare, assisted living, nursing facility care, home caregiver, home-delivered meals, hospice care, and a variety of other services. These plans also have optional benefits that include moving expenses from home to a care facility, holding your space in a care facility if you are gone for a period of time, and even dental and vision services.
Qualifying for one of the LTCMC plans is not automatic; you must first meet income and resource limits. If you are receiving Social Security, you are already eligible. Otherwise, you will need to meet income level requirements. These requirements change annually so be sure to check your eligibility.
There are also limit requirements for your assets like retirement accounts, personal property, and money in the bank.
If you qualify for a plan, you will be required to contribute the majority of your income to your care, keeping only a very small portion for a “personal needs allowance”.
ADDITIONAL FINANCING AVAILABLE
A Long-Term Care Managed Care (LTCMC) plan is not the only way to finance assisted living in Florida, there are other options. Some to consider include:
Long-Term Care Insurance – If you purchased long-term care insurance when you were younger, it’s finally going to pay off. That insurance policy can make a significant dent in the cost of assisted living. Depending on your insurance policy, you may be eligible to receive one lump sum payout to pay for your care in advance or receive payouts monthly paid directly to the ALF.
Life Insurance Policy – Life insurance can supplement your income and be used toward the cost of assisted living by cashing in your policy. You may also be able to convert your life insurance policy into monthly payments to the ALF.
VA Services – A special pension benefit for veterans and surviving spouses who require care, called Aid and Attendance, can help pay for the cost of assisted living. your local Veteran’s service office or the Department of Veteran’s Affairs can provide information on this benefit.
Tax Deductions – It may surprise you to know that some or all of your monthly expenses may qualify as tax-deductible medical expenses. This is true for both the individual receiving the care and family members who are paying for care out-of-pocket. Talk to a CPA specializing in Elder Care or Retirement Planning to see how much of your expenses can be deducted.
Bridge Loan – If you are waiting for the financial aid to kick in but need to move into assisted living before it does, you can apply for a bridge loan which will temporarily cover expenses until your benefits arrive. Of course, this is a loan, not financial aid so it will need to be repaid once your benefits are paid out.
HOW WE CAN HELP
Navigating all the options available when looking at financing assisted living can be quite complex. You have to fully understand all the complexities of each of the available assisted living facilities in the area.
What one assisted living facility offers is often not the same. If we look at Elan Buena Vista and Sumter Senior Living as two examples we see different facilities that have different amenities and offer different activities and food choices.
Figuring out all the options, cost and care requirements is complicated.
Your Key To Senior Living Options uncomplicates the complicated by helping you navigate the assisted living landscape and only shows you the facilities that will best meet your needs, wants and financial means.
If you or a loved one is in need of an assisted living community in The Villages, please give us a call at 978-766-5274to speak to one of our local Senior Living Advisors. Our services are entirely free to seniors and their families.
It would be our pleasure to help you through the process. See what others are saying about us!
CONCLUSION
Moving out of your current home and into an assisted living facility can be stressful on its own. When you add the financial stress to it, it can be overwhelming. Be sure to look into your financial options early, before you need them. This way, you’ll already know what your options are and how you’ll be able to finance assisted living if and when you need it. This will significantly reduce the stress that comes with this kind of life change.
Other important articles:
UNDERSTANDING FLORIDA MEDICAID
UNDERSTANDING VIATICAL AND LIFE SETTLEMENTS
LONG TERM CARE INSURANCE EXPERTS
And just like you, I’ve been a caregiver.
I share my knowledge and tips to help seniors and families as they navigate the complicated process of senior living options.
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