You cannot use Medicare to pay for assisted living. You can use it if you send a loved one for rehab in a nursing home, but covering for the first 100 days only. From there, you won’t be able to seek any assistance from the government. Considering the cost that comes with financing assisted living, you might want to consider asking these questions to help ease out the burden, not just on your pocket, but your mind, as well.
What Type of Community Should I Choose?
Assisted living aims to provide retirees with the care they need, while also fostering independence. There are different types to choose from, each dictating a fairly different price from those of others. For instance, there are memory care nursing homes that aim to provide compassionate and comprehensive care for you or your loved ones. Skilled nursing senior living homes, on the other hand, are best for those who need regular medical care. Respite care, meanwhile, is best suited for retirees who are looking for a short-term stay in an assisted living community. Last but not the least, there are also personal care living homes, where retirees get to enjoy an active lifestyle, with assistance from team members.
How Do I Plan for Retirement in Assisted Living?
From the different types mentioned above, you will now be able to decide which one will suit you or your loved ones’ needs. Are you planning to stay in the community for good? Do you wish to try it for a short-term period only? Whatever your reasons and the surrounding circumstances are, when you plan your retirement in assisted living ahead of time, then you will be able to know how you can finance your stay.
How Do I Pay for It?
Whether you plan to stay in the community on a short or long-term basis, you will be provided a payment scheme that will fit your budget. You may have some savings from your usual job, and you can use that to invest in these communities. Your loved ones may also be there to finance your cost of living in these spaces.
What Is Usually Covered by Insurance Plans?
There are different types of insurance plans that can cover your stay in an assisted living community. Long-term care insurance, for one, is helpful if you need care in retirement. You have to see to it that there are concrete policies when choosing this type of insurance plan since what it covers can change over time. In another, there is the life insurance policy, which you can cash out depending on the policy. You can use the money to finance your stay in an assisted living community. Policies for these ones are more concrete than those found under long-term care insurance.
You may also have a pension that you can use to cover for payment when you choose an assisted living community. If you have an investment product, you can use that to secure your long-term stay in the said community.
If you have any questions about living in an assisted living community after retirement, do feel free to ask your chosen provider about how much you should pay. That way, you will be able to weigh in which among these communities will be the best for you or your loved ones.