September 16, 2020
Being part of family is one of life's greatest gifts but as loved ones start to age, we may be called on to care for them. Consequently as much as we want to be there for those we love, it's not always easy to do with the virtually unending demands of our daily lives. Starting the senior living journey can be a challenging and overwhelming step, but please know that you don't need to do it on your own. Elite Care Consulting offers a FREE service to families to help you navigate senior living options and resources available.We can be reached at 904-234-4821 or visit our website HERE.
In this article we hope to help you to understand the options available to pay for assisted living or memory care. The cost of assisted living varies and the Genworth Financial Cost of Care 2019 Survey is a helpful website to help calculate cost based off of geographic location. The monthly median cost of assisted living in Jacksonville, FL in 2019 is $4263.00 a month and about $51,156.00 a year but there are options available to help with the expense.
Most assisted living and memory care communities are private pay which means families are responsible for paying the cost with their own personal income or savings. So it is important to understand the monthly cost as well as the additional charges that may incur as the need for care increases. You should expect these communities to have an annual increase so it is important to understand when these increases take place and what they have projected the percentage to be. In my experience it is typical in Florida for the annual increase to range between 3-6% and typically occurs the 1st of the year or on the anniversary date of when the resident took occupancy. When one is deciding on moving into assisted living it is only realistic to understand that the need for care will typically increase as one ages which is why it is so very important to factor in the overall costs when making a decision on which community best fits your budget. A move is difficult on anyone and especially more difficult as one ages which makes finding a facility that you can afford a huge priority.
LONG-TERM CARE INSURANCE
Only about 8% of Americans have invested in a long-term care insurance policy (LTCI) but having invested in one can help substantially with the cost of assisted living. It is best to contact the insurance company to get a clear understanding of the benefits offered under your policy as each policy is different.
VETERANS BENEFITS (AID AND ATTENDANCE)
Veterans who served during a war time period can qualify for a benefit called Aid and Attendance. This benefit offers assistance for 2020 is up to $1911 per month for a single veteran and up to $2266 a month for a married veteran. A surviving spouse of a veteran can also qualify to receive benefits up to $1228 a month to help towards the cost of assisted living or memory care. There are resources available to help with the application process and once approved benefits are reimbursed from the date of application submission as there can be a wait period during the approval process. You can find more information about this benefit by clicking HERE.
MEDICARE & MEDICAID
Families are very surprised at times to find out that medicare does not cover any cost for assisted living. If a loved one is admitted to a hospital and has a 3 consecutive midnight stay and the physician feels they could benefit from physical, speech and or occupational therapy at a short term rehabilitation facility is when their medicare benefits can be utilized. Medicaid is available to those who have exhausted their personal resources or their income is low enough to qualify them for government aid. Medicaid assistance for assisted living changes by state and can make finding a facility that accepts medicaid difficult. Not all assisted living facilities participate in these federal programs due to the low reimbursement rate that can impact the overall quality of care measures. You can access more information about Florida's Medicaid Long-Term Care Program by clicking here.
Depending on an individuals specific situation a reverse mortgage or senior bridge loan can be an option to help with the cost of senior living until a home sells or Veteran's benefits are approved. Another option is selling or surrendering a life insurance policy. These options are not ideal for everyone but can be a useful option for those needing cash flow quickly or in an emergency situation.
ABOUT ELITE CARE CONSULTING
Our referral service is FREE and our Experienced Elite Care Team is committed to listening to your needs, understanding the type of lifestyle that makes you comfortable whether for yourself or your loved one to assist you in finding the right senior living community. We are here to assist you every step of the way.
We are NOT a franchise and are family owned and operated with over 30 years of combined experience working in the senior living industry in NE Florida, Contact us and let our family help your family today! 904-234-4821