Assisted living for seniors is a growing industry that provides housing and services for people who can no longer live independently. If you or a senior in your life needs help with activities of daily living (ADLs) like bathing, dressing, and eating, you may be considering your assisted living options. The cost of assisted living can be high, but there are several ways to pay for it. How do seniors pay for assisted living? Here, you will learn how to get the assisted living services you need on a budget that fits your lifestyle.
At Buckner Calder Woods, we provide upscale senior living options that cover a full range of care, including assisted living. We aim to ensure you enjoy your senior lifestyle to the fullest, regardless of the level of care you need. Visit our beautiful Texas senior community to learn why our residents proudly call Buckner their home. Call us today at 409.407.7636 to schedule your tour and discuss options for paying for assisted living in our community.
How Do Seniors Pay for Assisted Living?
Although the price tag for assisted living is steeper, that does not mean that this higher level of care is out of reach. Regardless of your budget, there are different ways of paying for assisted living to guarantee that all seniors receive the proper care.
Proceeds from Selling Your Home
By the time you are ready to move to a senior living community, you may already have a mortgage-free home. This puts you in a great position to sell it and make a nice profit that you can use toward your assisted living costs.
Retirement or Pension Accounts
Depending on your job type, you may have put money into a retirement account like a 401k. Some people, particularly those who worked in public service, will likely be due a pension when they retire. Both of these retirement accounts can help cover a large portion of your costs in an assisted living community.
Medicaid
For seniors who qualify as low-income, Medicaid may help cover the costs of assisted living. The coverage offered will vary by state, so you should reach out to your state’s Medicaid program to determine which assisted living benefits you are entitled to.
Veterans Affairs (VA)
Another option for people on a tight budget is the Aid and Attendance benefit (A&A) offered through the U.S. Department of Veterans Affairs (VA). This program was designed to assist eligible wartime veterans, and their spouses who qualify for low-income access to the needed assisted living care. Assistance is provided as a monthly payment to help offset the costs of services.
Long-Term Care Insurance
Long-term care insurance (LTCI) is a private insurance policy that helps cover the cost of senior living services. The cost of these policies depends on your age and health at the time you purchase the policy. Plus, the premium costs can rise over the years. However, purchasing an LTCI policy can give you the peace of mind that your needs will be covered as you age.
Supplemental Security Income (SSI)
Supplemental security income is a federal program that offers financial assistance to people aged 65 or older who are disabled and qualify as low-income. If eligible, you will receive monthly benefits to help cover some or all of the costs of assisted living.
Buckner Calder Woods: Premium Assisted Living for Seniors
When you need some help with activities of daily living (ADLs), but you still want to enjoy luxury senior living, contact Buckner Calder Woods. Our premium assisted living services provide the best quality of life in senior living with the daily assistance you need with everyday tasks. Call us today at 409.407.7636 to learn more about our assisted living options and how we can continue to meet your changing needs throughout your senior years.