How To Budget For Assisted Living Or Nursing Care

If a loved one needs assisted living, then you may be concerned about the costs associated with the care. This is a common issue, and there are some ways that you can reduce your costs. Keep reading to learn about a few options.

Ask About Pricing and Find Long-Term Care Insurance

The good news is that Medicare and Medicaid will often pay for a portion of assisted living costs. This is also true of private insurance plans, but insurance alone will rarely pay for assisted living. 

If costs are excessive and above and beyond what you or your loved one can pay, then you can try to ask about flexible pricing. Some facilities will adjust costs based on income, insurance coverage, and other factors. Also, there may be discounts for veterans, service people, or other types of professionals. A case manager or a care advisor can help you to understand your options. 

Additionally, you can sign up for a long-term care insurance plan. These plans come in individual group, employer-based, and joint policies. There are also some governmental and state types of programs available.

There are a few different things to consider when looking at long-term care policies. The premiums are something to investigate and you should look at whether or not they vary over time. This is often a concern, especially when it comes to seniors with fixed incomes. In addition to these costs, you need to examine the benefits. Some policies will provide a set amount each day or a specific payment based on the service. Lifetime and yearly maximums are something to look at as well.

Choose The Type Of Care Wisely

Only certain individuals will require a full-time nursing facility. Since these facilities offer 24-hour care and a dedicated medical staff, you can expect nursing facilities to cost more than others. Assisted living and independent living are options too. For example, if you loved one has just started to show signs of dementia, then an assisted living center that provides meal, housekeeping, and limited nursing care is an option.

Independent living is usually the least expensive option and is for people who need only occasional services. Driving and meal services are generally included in independent living facilities, but medical care is limited.

Some care facilities will allow residents to transfer from independent, assisted, and nursing care within the same facility based on need. If you anticipate health issues to continue at some point, then this is ideal and will help your loved one retain consistency.

If you want to know more about assisted living dementia care, speak with a care specialist.