Assisted living in Lumberton, NC, is a popular option for aging adults who need help with daily activities, such as bathing and dressing. However, deciding on the best financing plan can be difficult. Several types of assisted living programs offer different benefits and services. You’ll also have to consider your budget when choosing which type of care works best for you in Lumberton, NC. We’ve put together some helpful information about paying for assisted living in Lumberton, NC and how you can help your loved ones get the care they need.
Medicaid
Medicaid is a government program that helps pay for long-term care. It’s a state-run program, so eligibility varies by state. But it’s only available to people who meet certain income requirements and have few assets (or no assets at all).
The good news is that there are ways you can qualify for Medicaid even if you’re not sure if you’ll be eligible yet. Medicaid looks at your income and assets as they are now—not when they were when you first became eligible for Social Security benefits or Medicare coverage, which means that even if an asset has been transferred from someone else (like selling a home), it won’t affect your chances of getting Medicaid later on down the line when it comes time for assisted living costs or nursing home expenses in Lumberton, NC.
Private Pay
Private pay is the most common way to pay for assisted living. The amount you will be charged depends on several factors, including:
- Your contract with the facility
- Your health and the services you receive
- The number of hours you spend at the facility each day or week (if you live there)
You can pay monthly, weekly or daily. You can also use cash, check, money order or credit card at no additional cost to yourself. If you have a debit card that isn’t tied to a bank account then that may be used as well as long as it has been pre-authorized by your financial institution.
Veterans Administration Benefits
The Veterans Administration is a government program that provides various benefits to veterans of the United States military. One of these benefits is an allowance that can be used to pay for assisted living in Lumberton, NC.
While this benefit is available to all veterans who served at any time, it probably won’t be enough to cover the costs of your stay at a senior-friendly independent living community. If you’re considering using Veterans Administration Benefits as part of your financial strategy for paying for assisted living, speak with someone who can help you find additional funding sources as well.
Long-Term Care Insurance
Long-term care insurance is a highly specialized type of policy, specific to the needs and risks of aging family members. In general, it pays out a set amount each month to help you pay for medical services that are needed over a long period of time.
Most long-term care policies will only cover medically necessary treatment required by a chronic illness or disability and not just any kind of health crisis that comes up unexpectedly during your retirement years.
Supplemental Security Income or SSI
Supplemental Security Income or SSI is a federal program that provides income to people 65 or older, blind, or disabled with limited income and resources. There are specific eligibility requirements for SSI, and your local Social Security Administration office will be able to help you determine if you qualify.
SSI payments are based on your countable income (such as wages from work) minus work expenses (such as commuting costs). If you receive SSI, some additional programs may be available for you, such as Medicaid.
Conclusion
We hope this article helped you better understand the financing options for assisted living. If you need more information or would like to speak with a member of our staff, please call.
