There are many things to consider when looking for senior care. There are three basic levels of long-term care: independent living, assisted living, and skilled nursing. The cost of care varies and is based on the level of care your loved one needs.
Listed below are some of the alternatives for paying for senior care:
- Private Pay
Costs are covered out-of-pocket. Most families use private funds to pay for assisted living. This is usually a combination of personal savings, pension payments, and retirement accounts. - Long-term care insurance
An insurance policy designed to offer financial support to pay for long-term care services. These policies generally cover Home Health Care, Adult Day Care, Personal Care, Homemaker services, and more. You can select a range of care options and benefits that provide the services you need, where you need them. - Medicaid conversion
A community that allows switching from private pay to Medicaid after an agreed-upon period, usually three years. - Medicare
Federal health care insurance is provided to those 65 and older and does not require resource or income analysis. - Medicaid
Federal program, administered through the states, providing long-term care for those with limited financial means.
There are many resources available to assist you in finding the right services for your care. Check out Eldercare Locator for more information.
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