Moving into assisted living in South Bay can improve quality of life for seniors who live alone. However, there are several questions that seniors and their families have about this. Not, surprisingly concerns regarding finances top this list of questions.
It’s important for families to figure out if they will be able to afford the cost of assisted living and if they can get any type of financial assistance or tax write offs.
1. How Much Does Assisted Living Cost In South Bay?
According to an annual study published by Genworth, assisted living in the state of California costs an average of $4,500 a month. Genworth is an organization that has been reviewing senior care facilities for the past fifteen years.
What is important to understand is that this is an average cost. This may vary significantly from a lower end of $3,250 to a higher end of $5,595. The exact cost depend on several factors such as geographic region, location of the facility, amenities at the facility, and the level of care provided. For example, Memory Care or Alzheimer’s Care can increase the cost by as much as $900 to $1,350 a month.
In most facilities, the cost includes meals and dining services, assistance with daily care and housekeeping, medication management, recreation and social activities, and medical services.
2. Are Assisted Living Costs In South Bay Paid By Medicaid Or Medicare?
Medicaid may cover some of the care services such as therapy, rehabilitation and medication distribution. However they do not cover costs related to room and board.
Medicare covers only short-term medical costs for seniors. Medicare does not pay for expenses related assisted living because it is primarily long-term in nature. Medicaid does cover prescribed medication and short-term stays for a limited period in a care facility if it is prescribed by a medical professional for health reasons.
Residents of California can also get benefits through Medi-Cal’s Assisted Living Waiver Program or ALWP. The Assisted Living Waiver Program was established to offer financial assistance to seniors who qualify for nursing home care, but choose to move to assisted living instead.
The ALWP pays for most supportive services including medication administration, personal grooming, housekeeping assistance, and prepared meals but they do not pay for room and board.
3. Are Assisted Living Expenses In South Bay Tax Deductible?
According to the HIPAA or Health Insurance Portability and Accountability Act, costs associated with long term care services can be deducted as ‘unreimbursed medical fees’. This means, most of the expenses associated with assisted living expenses in South Bay are tax deductible. Depending on your financial circumstances and your monthly assisted living costs, your total monthly fee may be tax deductible.
You may not be able to pay the cost of assisted living in South Bay entirely from your own savings but there are several options available to cut down the total cost so it is more affordable.
