1. Private Pay
2. Long Term Care Insurance
A resident pays via funds from their monthly income, savings and investments. Your home value should also be factored in when calculating your financial situation. Depending upon your monthly income and amount of savings, this avenue provides you the most options when selecting a community.
These policies are another great way to pay for assisted living. as they provide you with additional funding to give you many choices of communities. Should you have a long term policy get familiar with the daily benefit rate as they vary greatly. Daily benefits have been known to range from $85.00 to upwards of $200.00. Additionally, there is often an "elimination period" during which they do not pay for the stay. This period often ranges from 30 - 90 days from date of move in.
3. Veterans and Surviving Spouse
Aide and Attendance
War time veterans and their surviving widowed spouses can qualify for "Aide and Attendance" through the Veterans Administration. Some of the criteria involve having served during specific dates, having assets under a certain amount, having been honorably discharged, needing assistance with at least two activities of daily living. The application process takes time and each county has a service officer who can assist you in this process. Senior Choices can put you in contact with your local service representative who can help you with the application.
This taxpayer funded program is available when you meet certain criteria. The criteria involve income limits, asset limits and care needs. The Long Term medicaid program has limited funding and can be challenging to secure. The State of Florida has a waiting list for this program, but living in a nursing home for at least 60 days can quicken the process.
The number of assisted living communities that take Medicaid are very limited and the communities are only obligated to offer semi private accomodations. In addition to the supplement that Medicaid pays toward assited living, your income and in most instances additional funds will be required to meet the monthly fee.
Medicare does not pay for assisted living as it is a short term, diagnostic and rehabilitative program.