Defining Low Income
There is no fixed income level that determines whether or not a senior would qualify for low income status. A senior’s income as well as their location are both taken into consideration in order to determine whether they qualify for low income status.
The U.S. Department of Housing and Urban Development (HUD) defines the low-income limit as “80% of the median income for the county in which the senior resides.” This is not the average income range in that county. Instead, it is the midpoint of the income range in that county.
Types Of Low-Income Senior Living Options
There are a few different housing options available for low-income seniors. Each one of them has its own requirements in term of minimum and income, as well as medical needs and availability of accommodation.
Senior apartments – These are budget-friendly, apartment-type of residences that are especially designed keeping in mind seniors with low income.
Subsidized senior housing – These include several different sponsored programs offered by the U.S. Department of Housing and Urban Development as well as other government entities. These organizations help low-income seniors look to ways to defray the cost of care.
The Low Income Housing Tax Credit (LIHTC) is one such solution in which a certain number of units is reserved for seniors who qualify under the low income category. The other solution is the Housing Choice Voucher Program that offers easier housing to low-income individuals with an income that is less than 50% of the median income in that area.
Financial Assistance Options Available For Low Income Elders
California Medi-Cal low-income Assisted Living Support
Medi-Cal in California provides financial support to low-income seniors looking at assisted living options. The goal is to help low-income eligible seniors to relocate to a community setting in some sort of public subsidized housing or in a residential care facility for the elderly.
Section 202 Supportive Housing Program
This programs is meant especially for seniors over 62 years of age who fall under the category of ‘very low income’. This program is funded by the HUD. The drawback with this program is the extremely long waiting lists.
Veteran’s Benefits
Long-Term Care Insurance
The type of assistance provided by long term care insurance depends on the type of policy the senior is holding. The one big drawback of this is that premiums tend to be very expensive, sometimes as much as the cost of care itself. It may help some seniors but is generally not one of the more popular solutions.
Medicaid
Assistance from Medicaid can vary from one state to another. Every state has its own eligibility requirements as well as their own limitations and other stipulations for availing of financial assistance.
Social Security
Social Security doesn’t offer direct financial assistance to cover the cost of assisted living in South Bay but low income seniors may be able to use the money they receive to cover the costs involved.
If you’re a low-income senior looking for financial assistance, it’s a good idea to get in touch with your local authorities in your state. They will be able to give you all the information you need regarding eligibility criteria, how to apply, and all other details.
