Assisted living offers a lot of benefits to seniors who live alone. In addition to enjoying the company of other seniors in the community, they also enjoy personalized care and attention provided by highly trained staff. However, all of this comes at a price that may make it difficult for low income elders to fund it from their own savings. Fortunately, there are low-income senior housing options available. In addition, there are also financial assistance options that can help to cover some of the costs.
How To Find Low-Income Senior Housing
The US Department of Housing and Urban Development along with the federal government offers four subsidized programs:
Section 202 Supportive Housing for the Elderly – This is designed for senior citizens who are below a stipulated income threshold. You can get more information about this option from your local HUD office.
Low-Income Housing Tax Credit properties – This is known as the LIHTC program. Under this program, developers and investors are required to set aside a portion of any housing that they purchase, rehab or rent for lower-income individuals. In exchange for this, they are offered tax credits.
Housing Choice Voucher Program (Section 8) – Under this program eligible low income seniors get vouchers that can be adjusted against buying or renting a home.
Public Housing – Low-income seniors who rent out apartments in public housing complexes pay rent that is proportionate to their income. They pay approximately 30% of their salary towards rent and utilities.
If these low-income housing options are not practical for you, you can still explore the various financial assistance options that are available for low income elders in Long Beach.
What Are The Financial Assistance Option For Low income Elders
HUD’s Section 202 Program – The HUD program offers subsidized housing for seniors who qualify. This is a rent-assisted housing program that offers various services such as housekeeping, transportation and dining, all aiming to enable elders to live as independently as possible.
Veteran’s Benefits – The Aid & Attendance program established by the US Department of Veterans Affairs offers eligible seniors need-based financial assistance, in addition to the VA pension. These funds can be used to cover the cost of long-term care.
Medicaid – Medicaid has several different programs designed to provide financial assistance to elders for assisted living. The exact specifications vary from state to state.
Non-Medicaid State Assistance – Long Beach has their own benefit programs designed to help residents cover the cost of assisted living. It’s worth checking out the details to determine if you are eligible.
Long-Term Care Insurance – Depending on the type of insurance you may or may not be able to benefit from long-term care insurance. It’s worth taking the time to speak to your insurance company to ascertain if there is any financial advantage for you.
Social Security – Although Social Security does not cover the cost of assisted living directly, there are ways that individuals and their families may enjoy some benefits. This varies from one state to another. Speaking to your local Social Security office will give you more clarity on the eligibly requirements and benefits.
Keep in mind that assisted living communities differ widely in terms of their payment methods and the forms of assistance that are acceptable. You will need to speak to each facility so that you can make a more informed decision that aligns with your budget restrictions.
Disclaimer: Please note we are not experts in this area. The article has been put together using the information we have garnered from reliable sources. You must consult with financial experts for more information and professional advice.
