Cost is often one of the main factors that families consider when selecting a senior living option for their loved ones. If you need help with determining the estimated costs of senior living, we have put together various senior living financial resources that can provide some clarifications to your inquiries. For a more in-depth financial consultation, you are always welcome to speak to our senior living professionals for assistance.

In-Home Care VS. Senior Living

It is common for families to have the misconception that in-home care costs much lower than senior living. This may not be entirely true due to various reasons. In the United States, the average cost of in-home care is about $19 per hour. This adds up to approximately $4,560 for a period of one month to hire 8 hours of in-home care. This figure only caters to the in-home care and does not include other costs like meal preparation, rent, mortgage, therapy, personal care, and others. At a senior living community, monthly rentals include personal care, nursing aid, and on-site amenities which add up to roughly $3,500 per month. Residents also get to enjoy complimentary transportation, concierge, maintenance, and other services.

Paying for Senior Care

There are many ways for you to finance your senior care plan. The cost of assisted living in the United States can range from $3,500 onwards based on the type of care you require. Several options are available to help you cover the costs involved and they include the following:

  • VA benefits
  • Long-term care insurance
  • Medicare
  • Medicaid
  • Life insurance
  • Real estate assets

Feel free to consult our senior living professionals to discuss the available financial options for the senior care plan that you have in mind.

Medicaid and Medicare

Medicaid is a federal program which the federal government and state funds for senior care. It provides low-income Americans with health insurance regardless of age. The program finances expenses that are similar to those that are being covered by Medicare including custodial care and nursing home care. Medicare is not based on the citizen’s financial needs, but instead, it provides health insurance to older adults over the age of 65 who need to qualify certain pre-requisites. American citizens who have been paying Medicare taxes during employment are eligible to use Medicare to finance their senior care upon turning 65 years old. This program is paid monthly through a premium and it is not an extensive health insurance plan.

Financing Through VA Benefits

VA benefits provide older adults with financial relief for individuals who are already recipients of VA pension. Those who qualify need to meet certain pre-requisites such as the following:

  • Fully and permanently disabled OR
  • Aged 65 years and above OR
  • Receiving supplemental security income OR
  • Receiving skilled nursing care at a nursing care community OR
  • Receiving social security disability insurance

If you are unsure of the available financial options for you or a loved one, our senior living professionals are here to help. Consult our team to find out the most suitable financial plan that can help you cover the costs of senior care.