Senior living is an excellent option for many seniors, whether they are just beginning retirement or well into their later years. But paying for a senior living keeps some seniors from taking the next step. The financial value at Buckner Retirement Services can make it easier to make the switch to senior living. At Buckner Retirement Services, we know families may need to learn how to pay for nursing care or other senior living options. Our staff works with seniors to find a payment arrangement that works for them. To learn more about paying for senior living, call us today at 214.227.7182.
Paying for Senior Care with Savings
The most traditional way to pay for senior living is with savings. Some seniors have their own savings, and others use savings from family members. With so many options and flexible services, paying for a senior living does not have to drain your savings accounts. Furthermore, senior living is often comparable to living in the family home when considering utilities, amenities, maintenance, and more.
Long-Term Care Insurance
Long-term care insurance is an insurance policy that reimburses seniors for assistance with daily activities. The insurance should be purchased well in advance of needing care. The reimbursement amount can vary greatly depending on how much care is needed. Generally, a healthcare professional will complete a health assessment to determine the level of care eligible for reimbursement. A health assessment may include things like:
- An interview
- Strength test
- Medication review
- Inspection of living conditions
- Mental health assessment
Health assessments may need to be renewed in the future to continue drawing on the insurance policy.
Some United States veterans are eligible for reimbursement that can help in paying for retirement. Many programs range in reimbursement amounts. Some give a small daily stipend, while others cover nearly all care expenses. Veterans can visit their local Veterans Affairs office or research online to learn about their eligibility.
Most seniors consider life insurance a policy that only goes into effect in the afterlife. However, life insurance policies can help pay for senior living as well. Life insurance policies have a cash value, and seniors can withdraw money from the policy or sell the policy to pay for care.
Life insurance policies can be complicated, so seniors should work with an insurance expert or financial advisor before purchasing or cashing out a life insurance policy.
Medicaid is a government program administered at the federal and state levels that helps low-income people pay for medical care. Seniors with no income and little savings may be eligible for the program. Medicaid may cover home health care, hospital visits, and long-term living costs in senior living communities.
Eligibility and how much of the costs are covered can vary greatly depending on location and the needs of the senior. The best way to determine eligibility is to get in touch with your state or local Medicaid office. They will conduct a financial assessment and may require the production of documents to determine your eligibility.
Medicare is another government program that is intended to pay for medical care for seniors over 65. Occasionally, the program can also help seniors under 65 if they have specific needs. When it comes to paying for senior care, Medicare rarely pays for long-term senior living costs. However, it may pay for a temporary stay in a skilled nursing facility.
Paying for Retirement at Buckner Retirement Services
At Buckner Retirement Services, we know that families may need to learn exactly how to pay for nursing care or other senior living expenses. Our staff can help families navigate this time and explore payment options that work for them. To learn more about paying for senior living at Buckner Retirement Services, call us today at 214.227.7182.