Financial Resources for Seniors

senior care

As we age, we need more and more assistance to help us through our daily lives. Some of us require more health care and prescription coverage as we develop medical conditions, endure disability, suffer from disease, heart problems, and other life-changing illnesses.

Also, our living arrangements often need to change. For many, a family member known as a family caregiver is ideal. For others, home care or adult day care is a better option giving an opportunity to socialize, access to services, and peace of mind for our loved ones. Unfortunately, figuring out how to pay for it can be a challenge. Luckily, there are plenty of financial resources available to help.

What should you consider to help you or a loved one pay for the cost of senior care?

Medicaid

Beginning in 2016, Medicaid now pays for a portion of the cost of assisted living in 46 of 50 states. It’s expected all 50 states will offer assistance in the coming years. There are several Medicaid programs that can help, including the  Home and Community-Based Services or HCBS Medicaid Waivers.  Check out more information about the Georgia program here.

Another Medicaid program that might help with the cost of senior care is State Plan Personal Care or Personal Assistance Services, which pays for personal care but does not limit the location of that care. With this program, it might be possible a senior to get access to care that comes in from the outside to offer help with grooming, bathroom, or transportation needs.

In recent years, many states have increased the Medicaid assistance offered to those for senior care because overall they are still saving money. Providing care is less expensive than paying for nursing home residency.

Unfortunately, even with these programs, Medicaid remains an inconsistent source of support for seniors because it varies so much from state to state.  Medicaid is a resource, but for most people, it will need to be one of several resources used to pay for senior care.

Veterans’ Programs

If you or a loved one served in the US armed forces you are eligible for veteran’s benefits. One veteran program provides assistance and services for seniors to help them stay in their home longer.

Your State’s Non-Medicaid Programs

Many states offer financial assistance to seniors outside of the Medicaid programs.  Programs vary a great deal, so you’ll need to check with your state to see what’s available and to determine which programs you qualify for.

Private Funding Sources

Most people use a combination of funding sources to pay for their senior care arrangements. They might be both public and private or they might be a combination of private sources.

You Have Options

The important thing for seniors and their families to understand is they have options. If you would like to know more discuss your situation with us at Skylark Senior Care or you can fill out the contact form below and we’ll get in touch with you for more details.

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