So far we’ve covered the breakdown of costs and unexpected costs. Now it’s time to explore who pays for retirement communities.
Most senior and long-term care housing is paid for through personal finances such as savings, investments, pensions, assets, and Social Security income.
It’s not uncommon for people to assume that Medicare will pay for these services, but it does not. As Lisa explains, Medicare is health insurance, which covers medical expenses.
There are a few exceptions:
- Medicare may cover a short-term stay in a rehab or skilled nursing facility following a qualified hospitalization
- It may also pay for in-home health services such as occupational therapy, physical therapy, speech therapy or nursing. These are intermittent visits two or three times a week for several weeks, usually also following a hospitalization
- Medicare also covers hospice or end-of-life care, but that doesn’t include caregivers
If there are limited financial resources, Medicaid, not Medicare, may be an option. Qualifications and eligibility for Medicaid varies state to state. Here in Washington State the criteria for eligibility for Medicaid includes:
- Residency requirement
- Care needs
- Income limits
Other option to explore include:
Long term care insurance – do your parents have a policy? And if so, what does it cover?
- If your parent served in wartime, there are some VA benefits available, a monthly benefit amount for wartime veterans or their surviving spouse under Aid and Attendance. It is a tax-free benefit that helps reimburse the cost of long-term care, whether at home or in a care facility.https://choose.va.gov/pensions/
- If you are considering assisting a parent who has limited resources, do your homework to make sure that your support doesn’t accidently make them ineligible for government programs, and that you are able to sustain the support.
If you’re not sure where to start, and you live in the greater Seattle-Bellevue area, CLICK HERE to schedule a FREE get-acquainted call today!
If you live outside the area, you can find an Aging Life Care Expert near you by visiting the Aging Life Care Association.