You may worry about not being able to afford to live in a retirement community. As you age, you may develop illnesses that result in partial or permanent disabilities. The cost of healthcare to sustain one’s quality of life as one ages has been rising. Given the high costs for care services, you may be averse to living in a retirement community. However, there are multiple ways to offset the costs of care services to make senior living in North Carolina affordable. Read more to explore your options!
Medicare benefits only cover specific skilled care services such as physical therapy, occupational therapy, speech therapy and wound care among others. To be eligible for Medicare benefits, one must stay in a hospital for at least three days. Thereafter, Medicare can cover the full cost of these care services for the first 20 days, and 80% of the cost for the subsequent days till the 100th day. Medicare only covers costs for a maximum of 100 days. However, this plan can be renewed annually. For Medicare to continuously cover the costs throughout the 100 days, the nurse or doctor needs to verify that you are on track with your healthcare goals.
Medicaid can be used to offset the costs of living in a retirement community, especially for those who require prolonged skilled care services such as memory care or permanent disabilities care. To qualify for Medicaid, there are several factors. Firstly, there is an income expectation. Secondly, you need to be a citizen of the state where you intend to apply for Medicaid. Finally, if the projected costs of your healthcare need far exceed your income, you will be highly considered for Medicaid.
Third-party insurance can also offset some costs such as medical services for assisted living and memory care. You need to make sure that the community you intend to live in accepts your insurance policy. For example, the insurance can cover the fees of retirement communities that provide support for Activities of Daily Living (ADLs). Usually, insurance companies require a doctor’s referral to verify your eligibility for medical support.
Veterans Aid and Attendance Benefits
Some retirement communities are affiliated with Veteran Aids and Attendance (VAA) benefits. The VAA benefits provide a monthly payment on top of a monthly VA pension. These benefits can be used to pay for in-house assistance in a senior living apartment, and costs of assisted living and memory care. To be eligible for VAA, you would require a VA pension and you require assistance for day-to-day activities such as feeding or bathing, or you are house-bound due to a permanent disability.
You may also fund your senior living with your retirement savings. Other avenues for independent funding include selling your current home and using pension or Social Security payments. To help you plan your monthly budget, you can expect to pay a monthly fee that constitutes rent, utilities and access to care services, amenities, meals and housekeeping. The type of floor plan that you prefer, and additional care that you require also contribute to this fee amount.
With this range of financial support available, do you not agree that senior living is actually quite affordable?