As your health declines, you may be considering several options for receiving care. One you may review or end up choosing is entering an assisted living facility. Something that may concern you is the cost. How will you be able to afford the care you need?
You can do some things in the preparation stage to reduce the cost, such as ensuring you choose the right facility to avoid expensive moves or unnecessary services. You can even look at distant locations with lower pricing or share a room instead of having a private one. However, what will make the most difference is the access you have to insurance and other benefits.
Medicaid
Think you are not eligible to apply for Medicaid? Think again. You do not have to have an extremely low income, but you do have to handle your assets wisely. Reallocating them improperly can lead to a temporary but lengthy disqualification period. Use the guidance of an experienced attorney to help you through the process of obtaining Medicaid the correct way to prevent losing out on needed benefits.
VA benefits
If you or your spouse is a veteran, you have access to VA long-term care coverage for nursing homes, assisted living facilities and in-home care if you are enrolled in the VA health care system.
You may also be able to receive Aid & Attendance or Housebound benefits. The medical qualification is needing assistance with daily tasks, whether due to physical or mental incapacitation. Health issues do not need to be the result of serving in the military. The financial qualification is to have limited assets, though there are legal adjustments you can make to become eligible.
Other options
If possible, purchasing long-term care insurance can help with gaps in coverage from other sources. Various types of loans are other options, but these may not be consumer friendly. Look for local assistance programs, as well.
