The decision to place your loved one in an independent or assisted living community may come with a multitude of questions: How do we pay for the independent or assisted living costs? Does Medicaid or Medicare cover independent living costs? How can we pay for the costs of senior living? If you are wondering the same thing, you’ve landed in the right place. Here are the different options you can use to pay for senior living costs.
For many, the first inclination is to pay using their own savings, assets or income. Personal investment portfolios such as IRAs or 401(k) plans can also be cashed out to pay for the cost. However, using personal funds to pay can be an unsustainable method for many over a period of time.
Social Security Pensions and Benefits
Seniors receiving pensions and retirement benefits from Social Security can utilize these cash outs to cover for their expenses.
An annuity is a form of insurance often used by many individuals to fund for their retirement needs. After the first investment has been made, the investor is entitled to receive some form of future payment that can be scheduled to be delivered on a monthly, quarterly or annual basis, or even as a lump sum. The amount of payment received depends on their initial investment and the type of future payout amount, whether it is a fixed annuity or a variable annuity that is dependent on the investment performance.
Supplemental Security Income (SSI)
For seniors and individuals who are disabled or visually impaired with limited assets and income can utilise benefits received from SSI to cover costs of basic needs such as clothing, shelter and food. The amount of benefits received by an applicant would depend on their living arrangements, income, as well as other factors. SSI benefits can also be used to cover the costs of senior independent living.
Veteran Pension Benefits
For the veterans who have served our country, the Veterans Administration (VA) provides veteran benefits that can be used as a method of payment for assisted living. As of 2019, the Aid and Attendance (A&A) pension benefit provides assistance up to $1,881 per month for a single veteran and up to $2,230 for veterans who are married.
As independent living communities do not assist their residents with activities of medical care or daily living, Medicaid does not cover independent senior living costs. Fortunately, in Florida, where our Veranda Club communities are situated, the city has removed its 1915c Medicaid HCBS Waivers and residents are now able to use Medicaid to cover for assisted living costs through the Statewide Managed Medicaid Care – Long Term Care scheme.
Why Choose Veranda Club?
Here at Veranda Club, we offer assisted living and independent living options for our residents and for three guaranteed years, you’ll have the option of locking in your rent. We hope this will provide some form of financial security and make a significant difference to your budget so you can enjoy an affordable resort-style lifestyle at Veranda Club. However, rest assured that we do not impose any long-term commitments and you will still be given the option of signing an annual lease. If you would like to find out more about our senior living programs, or ask about any financial-related questions, feel free to reach out to us. Our team will take your living and financial needs into consideration, and carefully craft out an inexpensive plan for you.
To learn more about Veranda Club, contact us or call us at 561.565.6900 today.