Finances are the number one concern for anyone exploring assisted living options in Long Beach. It’s not just the expected expenses that you have to take into consideration. It’s those unexpected expenses that can upend the most carefully laid out budget. When calculating your available finances that you can use to pay for assisted in Long Beach, there several resources that are worth looking into.
1. Long-Term Care Insurance
Go through your loved one’s long-term care insurance policy if they have one. Most policies cover the cost of assisted living. Read through the fine print thoroughly to understand the specific benefits and restrictions or schedule a chat with them to find out more.
2. Medicare
Medicare typically covers short-term stays, for example if a senior needs to stay in a nursing home to recover from a hospitalization. Although it does not cover assisted living or long –term care, it’s worth talking to an advisor to find out about getting financial assistance.
3. Medicaid
Your loved one may qualify for Medicaid if their savings and financial assets are below a certain limit. Medicaid programs have different names in different states. Moreover, every state has their own qualifying requirements. Call your Government Health Insurance Counselor to get more details about the Medicaid program in your state.
4. Veteran’s Benefits
Veterans who served during wartime as well as spouses oft wartime veterans can avail of financial assistance through the Department of Veterans Affairs. If your loved one qualified, call the VA to find out how they can help.
5. Life Insurance
Read through your loved one’s life insurance policy and see if it offers the ‘life insurance conversion program’ or ‘life assurance’ benefit. If they do, they may be able to use their policy benefits towards long-term care payments.
6. Reverse Mortgage
With a reverse mortgage, your loved one borrows money based on the equity on their home. This loan is paid back when they sell or move out of the home. This is possible if one spouse needs to move into assisted living for health reasons while the other stays home.
7. Renting Your Home
Renting out your loved one’s home is a great option if they are not yet ready to sell their home or they cannot get a reverse mortgage on their home. Instead of keeping the home empty, renting out the home can generate a steady income that can help pay towards assisted living.
8. Pooling Family Resources
If your loved ones cannot afford the cost of assisted living in Long Beach on their own, you need to have a talk with your siblings to determine how all of you are going to share the responsibility. Some may be able to help out financially, others may be able to help with their time. Have an open discussion so the responsibility is shared equally and no one person has to deal with the responsibility alone.
9. Assisted Living Waiver
The Assisted Living Waiver program is available in 15 counties in California, including Long Beach. Your loved one may qualify for the Assisted Living Waiver if they qualify for nursing home care but prefer to live in an assisted living facility instead. The other eligibility requirements are that their total resources as an individual should be under $2,000 and total resources as a couple should be under $3,000.
The time it takes to process and approve your ALW could be as much as three to six months. If your loved ones live in any one of the 15 counties that offer ALW or they are planning to move into an assisted living facility in one of these counties, you must start exploring this option well in advance.
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.
