What You Should Know About Assisted Living Facilities
As our loved ones get older, assisted living facilities become a possible necessity to ensure that they are taken care of. Placing your loved one in a facility can be a big decision, so take into consideration the following questions.
What Is Assisted Living?
There are many types of elder care, one of which being assisted living. This means that this type of elder care may offer services that others don’t and vice versa. Assisted living centers are residential communities that house seniors who need some sort of personalized care, whether it be for health or wellbeing. It’s a way for seniors to continue to have social interaction while being assisted with daily living activities such as hygiene, dressing, medication, and using the bathroom. In many facilities, meals and housekeeping are included, and community-based activities are often a part of the package. Assisted living is not for those who require full-time care by a nurse or other healthcare staff.
Does My Insurance Cover Assisted Living?
Chances are your insurance does not cover assisted living. There may be some sort of limited coverage program offered by your insurance, but primarily, residents or their families pay for assisted living out of pocket. The price varies based on the size of the community and the types of services your loved one needs, but quite often, assisted living is a more affordable alternative to home health care or nursing care.
Long-term care insurance could cover the costs, but it requires some planning. Typically, the best time to purchase long-term care insurance is when the person in question is still in good health because coverage is often denied for those with preexisting conditions like Alzheimer’s or Parkinson’s. The premiums for this type of coverage, however, are quite high, and people do not often elect to purchase such insurance.
Can Social Security Cover Assisted Living?
Yes, social security can help pay for assisted living facilities, but it serves as assistance, not coverage, so you’ll want to look at other sources of income, such as savings, family assistance, pensions, and retirement accounts. There are additional government programs that offer funds, particularly to those who are in the low-income bracket, such as Medicaid.
Are Loans Available?
Bridge loans are short-term loans that may be an option for those who need immediate care but don’t have the funds to do so. These loans generally have terms that go up to a year, so they may be the perfect solution for those who need something quick.
