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Assisted Living: Do I need it and how do I pay for it?

If you or a loved one are considering assisted living, Willow Brook would like to help. Not sure if assisted living is the right fit for you? Check out our handy reference sheet to find out: https://willowbrook.ohlmanndev.com/wp-content/uploads/Criteria-for-Assisted-Living-Checklist.pdf 

If assisted living does not fit your circumstances, there may be other care services that Willow Brook provides that can help: independent living, transitional living, memory care, skilled nursing care, or even day care. Reach out to us on our website inquiry form https://willowbrook.ohlmanndev.com/finding-the-right-fit-guide/ if you would like to talk to someone about those options.  

Many people pay for their own care, but there are some other options. Long-term care insurance and veteran’s benefits are two possible ways to meet expenses. Keep reading to learn more about those options.

“While many people assume private insurance will help pay for senior living costs, traditional plans do not pay for care, and neither does Medicare…”

Long-term care insurance

While many people assume private insurance will help pay for senior living costs, traditional plans do not pay for care, and neither does Medicare. But a long-term care insurance policy is specifically designed to help with these costs. However, fewer than 1 in 30 Americans (and only seven percent of adults age 50 and older) have long-term care insurance policies, although an estimated 50-70 percent of older adults will need long-term care at some point in their lives. 

If by chance you have paid into a long-term care policy, now is a good time to read the nitty-gritty details of what your policy will (and will not) provide. All policies are different, but most usually pay a daily reimbursement rate if care needs meet the policy’s criteria. Typically a policyholder must need help with a pre-determined number of activities of daily living (ADLs), such as bathing, dressing, and help using the restroom to be eligible. Reach out to your insurance professional for more information. If you do not have this type of insurance and think you may want it, experts often suggest waiting until age 60-65 before purchasing. See this article for more information: https://www.aarp.org/caregiving/financial-legal/info-2019/when-to-buy-long-term-care-insurance.html

Veterans benefits

Another option to help with costs requires previous service in the military, and specific criteria must be met—service during wartime or conflict, an honorable discharge, and an asset limit, among other things. The most common program is the VA Aid and Attendance benefit. You can find out more about it here: https://www.va.gov/pension/aid-attendance-housebound/. If you are a surviving spouse of a veteran, you may also be able to get help. Start by reaching out to your County Veterans Service Office—if you are in Ohio, click here to find yours:  https://dvs.ohio.gov/resources-for-veterans/find-a-cvso/

If you’ve made it all the way to the end of this blog post, we hope you’ve found it beneficial to you or your loved one. Feel free to reach out to any of our three Willow Brook campuses with any further retirement or care needs!