Financial Resources

Let's face it Senior care is expensive and the price is steadily rising. However, there are a few programs available to help offset the cost. We've covered a few below. If you're feeling overwhelmed by the financial obligations associated with senior living, please consider our Premium Placement Service. Our Senior Care Advocates can help find additional programs and negotiate with the facility for the best possible price.

Personal Resources

Many Seniors turn to their savings accounts, retirement funds, and proceeds from real estate sales to pay for their care. Generally only after personal resources have been exhausted, does the Senior qualify for additional Federal and State benefits.

Medicare

Medicare will only pay for limited skilled care, but only after a qualified hospital stay. It is often difficult to navigate the will they/won't they process. Even skilled care is limited to 100 days, unless deemed medically necessary. Medicare will not pay for assisted living or in home care. To learn more about qualified payments Medicare.gov recommends you contact the Medicare Fiscal Intermediary or the State Health Insurance Assistance Program (SHIP) in your State. Find that information at
http://www.medicare.gov/Contacts/Default.aspx

Medicaid

Medicaid is a State and Federal program that will pay most nursing home costs for people with limited income and assets. Eligibility varies by State. Check your State's requirements to learn if you are eligible. Medicaid will pay only for nursing home care provided in a facility certified by the government to provide service to Medicaid recipients. For more information about Medicaid payments, call the SHIP for your State or call your State's Medicaid office.

Military Veterans

There may be additional financial assistance if you are a veteran, spouse or dependent of a veteran . Your eligibility and the dollar amount are dependent on several factors. For more information research http://www.military.com/benefits/survivor-benefits/veterans-death-pension

PACE (Programs of All-inclusive Care for the Elderly)

The Programs of All-inclusive Care for the Elderly (PACE) might be able to pay for your long-term care needs. PACE combines medical, social, and long-term care services for frail people. For most participants, the comprehensive service package permits them to continue living at home while receiving services rather than be institutionalized. PACE is available only in states that have chosen to offer it under Medicaid. If you enroll in a PACE program, you may have to pay a monthly premium. PACE manages all of the medical, social, and long-term care services for frail people to remain in their homes and to maintain their quality of life. PACE . The goal of PACE is to help people stay independent and living in their community as long as possible, while getting the high quality care they need. To be eligible for PACE, you must be age 55 or older, live in the service area of a PACE program, be certified as eligible for nursing home care by the appropriate State agency, and be able to live safely in the community. For more information visit http://www.cms.gov/pace/

Medicare Supplemental Insurance

This is private insurance. It's often called Medigap because it helps pay for gaps in Medicare coverage such as deductibles and co-insurances. Most Medigap plans will help pay for skilled nursing care, but only when that care is covered by Medicare

Long-Term Care Insurance

This is a private policy. The benefits and costs of these plans vary widely. For more information on these plans, contact the National Association of Insurance Commissioners (NAIC). It represents state health insurance regulators and has a free publication called "A Shopper's Guide to Long-Term Care Insurance."