Assisted living can be an excellent option for seniors who need help with everyday activities such as bathing, dressing, and medication management. However, paying for assisted living can be a significant concern for many families. In Utah, there are several options available to help pay for assisted living, including government programs, long-term care insurance, and personal savings. In this blog post, we will explore these options in more detail.
Medicaid
Medicaid is a federal and state-funded program that provides healthcare services to low-income individuals, including seniors. In Utah, Medicaid can cover the cost of assisted living for eligible seniors who meet certain income and asset criteria. To qualify for Medicaid, seniors must have an income below a certain level and minimal assets. In Utah, the Medicaid program that covers assisted living is called the New Choices Waiver. This program provides funding for seniors who need help with daily activities, such as bathing and dressing.
Veterans Affairs (VA) Benefits
The VA offers several programs that can help pay for assisted living for veterans and their spouses. One such program is the Aid and Attendance benefit, which provides financial assistance to veterans and their spouses who need help with daily activities. To be eligible for this benefit, veterans must have served during a period of war and meet certain income and asset criteria. Additionally, surviving spouses of veterans may also be eligible for this benefit.
Long-Term Care Insurance
Long-term care insurance is a type of insurance that can help pay for the costs of assisted living, as well as other types of long-term care, such as home care and nursing home care. Policies vary in terms of what they cover, so it’s important to carefully review the policy before purchasing it. Long-term care insurance can be costly, but it can be a good option for those who want to protect their assets and ensure that they can afford quality care if they need it.
Personal Savings
Another option for paying for assisted living is personal savings. If you have saved money for retirement, you may be able to use those funds to pay for assisted living. It’s important to plan ahead and save for retirement, so you have the resources you need to pay for the care you want in your later years.
Reverse Mortgages
A reverse mortgage is a type of loan that allows seniors to tap into the equity in their home to pay for expenses, such as assisted living. With a reverse mortgage, the lender makes payments to the borrower based on the value of the home. When the borrower passes away or moves out of the home, the loan is paid back through the sale of the home. Reverse mortgages can be a good option for seniors who have significant equity in their home and need help paying for assisted living.
In conclusion, there are several options available to pay for assisted living in Utah. From government programs to personal savings, it’s important to carefully review your options and choose the one that works best for your situation. With the right planning and resources, you can ensure that you or your loved one gets the care they need in their later years.
For more advice or information about Bel Aire Senior Living call 801.763.0622
