How am I Going to Afford Assisted Living or Home Care When I Need It?
Working with many seniors and families over the years from many different backgrounds and socioeconomic situations, makes this a somewhat scary and serious topic for many. Will I have enough money to afford care? I don’t want to be a burden on my family. I planned to stay in my home till I die. Social Security and Medicare should cover my costs for care, right? Let’s talk about the costs, misconceptions, and options for paying for Assisted Living and Home Care. Knowing what to plan for and expect before you need it will provide peace of mind for not only you.
Cost of Home Care and Assisted Living
Let’s start by talking about the big elephant in the room. The need for a caregiver, Assisted Living, and Memory Care is expensive! The average in Home Caregiver charges $25-$35/hr., which can up quickly. Once one needs 24/7 it can be upwards of $18,000/mo.+ for a private caregiver. This is where Senior Assisted Living and Memory Care Communities can provide 24/7 care needed in a safe environment at a more affordable rate, typically ranging from around $4,000-$9,000/mo. in the DFW area depending on the location, community, type of room and level of care needed. When one ages significantly or has a medical condition that warrants care, many find that they are not fully prepared for the care that may be necessary long-term.
Medicare Misconception
We often hear the question: “I have Medicare and a supplemental insurance. Doesn’t that cover the care I need?” This is a common misconception. While Medicare and supplemental insurance like AARP cover your medical needs in the hospital, rehab, and Home Health (Physical Therapy, Occupational Therapy, Speech Therapy), it does not cover Home Care/Caregiving Assistance which provides the individual assistance needed for Activities of Daily Living (ADL). ADLs include things like bathing, dressing, grooming, toileting, meal preparation, feeding, etc.
Payment Options
There are several options available when looking at paying for Senior Living and caregiving expenses: How to Pay for Assisted Living: 10 Ways to Cover the Costs (seniorht.com)
1. Personal Savings – Savings and Investments put aside for retirement.
2. Social Security Income – Income and retirement $
3. Pension Plans & Retirement Benefits – Company pensions and retirement benefits are great resources to have.
4. Long-Term Care Insurance (LTC) – These plans are costly but are designed to cover the costs of Assisted Living and when ADL assistance is needed. There are many different types of LTC plans. Make sure to look over carefully and read the fine print when choosing the right one for you.
5. Veteran’s Benefits – If one qualifies for veteran’s benefits and meets the criteria for pension and/or aid and attendance can receive financial assistance. You may be able to even receive care in a VA Medical Facility or “VA Facility”, but the challenge many faces is that they are already full due to overwhelming demand. There is often a waiting list to get in.
6. Medicare – Covers 100% of the cost of care up to 20 days at a skilled nursing facility and approximately 80% of the cost up to 80 more days. This care must be after an overnight inpatient hospital stay and for recovery. Cost of room and board or personal care in assisted living is not covered, but it will pay for the medical costs, such as physical therapy, incurred while in assisted living. So, this is important to understand when looking at needs for ongoing care.
7. Medicaid – This would be for those that have spent down or do not have significant assets and income of no more than $2k/mo. This happens to more than you realize as the assets and saved retirement $ is gone and one has only Social Security. Note there is a shortage of Medicaid beds, and one must need skilled nursing in addition to low income to even qualify.
8. Supplemental Security Income - Anyone can apply for SSI and there is no charge. Check out if you’re eligible through an online screening you can find at https://ssabest.benefits.gov/. Different states have different rules, and the amount is nominal but can still be beneficial to check.
9. Reverse Mortgage – This option allows seniors to borrow against the equity in their home. This works great if one is able to/wants to stay in their home but can present a significant challenge when care needs become too great, and a transition is needed.
10. Life Insurance Policy – This is a not so commonly known resource that could be available to help pay for Senior Living costs. Note that these options would potentially reduce or eliminate any payout or benefit to beneficiaries once the policy holder dies.
a. Some policies have a living benefit options (accelerated death benefit), that allows the policyholder to take a portion of their death benefit early when they have a terminal illness or serious chronic illness.
b. Sell Your Life Insurance Policy – Many policies can be sold to a life settlement company for a lump sum that can be used toward senior living and care expenses.
No matter how you decide to plan and pay for your “Golden Years” in retirement, talking with a financial planner, estate/elder law attorney, and having those discussions with trusted family members is recommended. Knowing what to plan for and expect before you need it will provide peace of mind for not only you, but for your loved ones too. Ruby Care Senior Living Advisors has helped countless families transition into Senior Living Communities throughout DFW with our personalized complementary services that aid families in finding a community that is a right fit based on budgetary, care, family, and geographic needs. We are passionate about helping seniors and their families navigate the overwhelming options and choices when it comes to senior living and ensure the best care, environment, resources, and quality of life for you and/or your loved one.
Britt Hemsell – Ruby Care Senior Living Advisor & Blog Contributor
Resources:
Senior Home Transitions https://seniorht.com/pay-assisted-living/
Veteran’s Services Offices
Collin County - https://www.collincountytx.gov/veterans
Tarrant County - https://www.tarrantcounty.com/en/veteran-services.html
Dallas County - https://www.dallascounty.org/departments/veteran-services
It's a difficult decision to make, but sometimes it becomes clear that our older loved ones need more care than we can provide at home. If you're struggling with the decision of whether or not to place your parent or spouse in an assisted living facility, this blog post is for you. Here are some signs that it might be time to start considering assisted living.1. Are simple activities becoming difficult?Assisted living facilities are designed to help seniors with activities of daily living such as bathing, dressing, and grooming. If your loved one is struggling with any of these activities, it might be time to consider assisted living.2. Does your loved one have difficulty with living independently?Another sign that assisted living might be the best option is if your elderly loved one is having difficulty paying bills, getting around to run simple errands, or attending appointments. If getting from point A to point B has become a challenge, assisted living can help. Most facilities offer transportation services for their residents and have services on-site for a variety of needs. 3. Has there been a decline in your loved ones hygiene or appearance?Has your loved one started to neglect their personal hygiene? Are they no longer keeping up with their usual grooming routine? This could be a sign that they need assistance with activities like bathing and dressing.4. Are you noticing changes in mood or behavior?Sometimes changes in mood or behavior can be a sign of declining health. Has your usually cheerful loved one become withdrawn or depressed? Do they have sudden outbursts of anger? These changes could be indicative of a larger health issue that might be best addressed in an assisted living facility.Making the Decision TogetherOnce you have decided that assisted living is the best option, its important to involve your loved one in the decision-making process as much as possible. Let your Senior Care Authority advisor assess their care needs, explain the options, and schedule tours of places that best fit the needs of your family. Include your loved ones in the process as much as possible so they feel that they are part of the decision to choose the next place they will call home. If possible, try not to wait too long as adaptive skills can decrease with the progression of age or cognitive decline.Finding the best senior living setting for your loved one can be an overwhelming task, but you dont have to go through it alone. The experts at Senior Care Authority are here to help! We offer a variety of services designed to help seniors live their best life possible. Contact us today to learn more about how we can help you and your family.
At Vincentian, Patient and Family Centered Care is a fundamental approach that shapes every aspect of healthcare delivery. This philosophy places individuals at the heart of all decisions and actions, recognizing that each person has unique needs, preferences, and communication styles.Core PrinciplesThe cornerstone of this approach is the partnership between caregivers, patients, residents, and their families. This collaborative model ensures that care is tailored to individual needs, promoting not just health but overall thriving.Understanding the Patient ExperienceTo truly grasp the patient and resident experience, Vincentian employs several strategies:Shadowing: Staff members may follow patients or residents throughout their day to gain firsthand insights into their experiences.Observation: Careful monitoring of daily routines and interactions helps identify areas for improvement.Continuous Learning: The organization maintains an open dialogue with those they serve, constantly adapting to feedback and new information.Practical ApplicationsPatient and Family Centered Care manifests in various practical ways:Personalized Scheduling: Therapy sessions are arranged around preferred mealtimes or sleep patterns.Tailored Welcome: New residents receive personalized invitations to activities matching their interests.Flexible Care Plans: Care routines are adjusted to accommodate individual preferences and habits.Fostering ConnectionVincentian recognizes that the need for human connection doesn't diminish with age or in care settings; in fact, it becomes even more crucial. Their approach emphasizes:Intergenerational Interaction: Programs that bring together different age groups, fostering mutual learning and growth.Holistic Wellness: Strategies addressing all aspects of well-being, from physical health to social and emotional needs.Community Building: Creating environments where residents don't just coexist but thrive together.Designing for Individual NeedsThe organization goes beyond basic care to create living spaces that truly feel like home. This is achieved through:Resident Councils: Groups that provide input on community decisions and improvements.Experience Workgroups: Teams dedicated to enhancing the overall resident experience.Adaptive Design: Spaces and programs that evolve based on resident feedback and changing needs.Inclusive EnvironmentVincentian strives to create an atmosphere that is welcoming and accommodating to all. This includes:Diverse Programming: Activities and events that cater to a wide range of interests and abilities.Accessible Spaces: Physical environments designed to be navigable by residents with varying levels of mobility.Cultural Sensitivity: Recognition and celebration of the diverse backgrounds of residents and staff.Continuous ImprovementThe organization maintains a commitment to ongoing enhancement of their care model. This involves:Regular Feedback Loops: Mechanisms for residents and families to share their experiences and suggestions.Staff Training: Continuous education for caregivers on the principles of Patient and Family Centered Care.Innovation in Care: Exploring new technologies and methodologies to improve care delivery and resident quality of life.By embracing this comprehensive approach to Patient and Family Centered Care, Vincentian creates a nurturing environment where individuals are not just cared for but truly valued and empowered. This model recognizes that each person's journey is unique, and by tailoring care to individual needs and preferences, Vincentian helps ensure that every resident can live their life to the fullest, maintaining dignity, autonomy, and a sense of community throughout their care journey. Give them a call today to learn more about what makes them different.
Vincentian is a remarkable organization dedicated to providing comprehensive care and services for older adults and their families. With a rich history dating back to 1924, Vincentian has established itself as a trusted name in senior care, offering a wide range of options to suit various needs and preferences.A Holistic Approach to Senior LivingAt Vincentian, we understand that each individual has unique requirements when it comes to their living arrangements and care. That's why we offer a full continuum of care, designed to help older adults maximize their happiness and quality of life.Independent LivingFor those who wish to maintain their independence while enjoying a maintenance-free lifestyle, our Independent Living option is ideal. You can leave the burden of home upkeep, groundskeeping, and snow shoveling to us, allowing you to focus on enjoying life to the fullest.Personal CareAs we age, some of us may require a little extra assistance with daily tasks. Our Personal Care services are tailored for those who need a small amount of help with activities of daily living, ensuring you maintain your independence while receiving the support you need.Memory CareFor individuals living with Alzheimer's or other forms of dementia, our Memory Care facilities provide a safe and nurturing environment. These spaces are specially designed to allow residents to thrive and be themselves, with staff trained to provide compassionate care for those with memory-related conditions.Long-Term CareSometimes referred to as nursing home care, our Long-Term Care option is available for those who require round-the-clock access to nursing services. Rest assured that our dedicated staff is always on hand to provide the highest level of care.Rehabilitation ServicesShould you find yourself in need of recovery after a hospital stay, fall, or illness, Vincentian offers comprehensive rehabilitation services. Our post-acute care setting provides 24/7 nursing care and access to a range of therapies to help you regain your strength and independence.Occupational TherapyOur Occupational Therapy program focuses on helping you participate fully in activities of daily living. This includes both fine and gross motor skills, enabling you to perform household chores, handle small objects, and maintain your daily routines with confidence.Speech TherapyFor those experiencing difficulties with communication or swallowing, our Speech Therapy services can be invaluable. Our therapists work to improve general communication, voice, language, and swallowing abilities.Physical TherapyOur Physical Therapy program is designed to enhance your mobility and strength. Through exercises and targeted movements, we help improve your flexibility, endurance, strength, balance, and posture.Enriching Lives Beyond CareAt Vincentian, we believe in nurturing the whole person. That's why we offer various programs and services that go beyond traditional care:Vincentian Learning and Engagement Institute (VLEI)Our VLEI program brings learning opportunities to the community, sparking imagination and fostering new perspectives. It's a wonderful way to stay engaged and connected with others.Child Care ServicesVincentian also offers childcare services for children aged six weeks to six years, as well as summer discovery camps. This intergenerational approach creates a vibrant community where young and old can interact and learn from each other.Unconventional KitchenOur unique culinary initiative not only serves delicious, locally-sourced meals but also reinvests every dollar back into our nonprofit mission. It's a delightful way to enjoy good food while supporting a great cause.At Vincentian, we're committed to providing compassionate, person-centered care that puts you at the heart of everything we do. Our mission is rooted in fearless compassion, always ready to step in and meet unmet needs in the community. We invite you to experience the Vincentian difference and join our warm, welcoming community.
When Its Time for Senior Living, We Help You Find the Perfect Community for You! With over 900 senior living options in the DFW area, Ruby Care helps families make informed decisions. We provide complimentary assistance to find the most appropriate living community including Indepenent Living, Assisted Living, Residential Care Homes, Memory Care & Nursing Home. Our ExperienceIf you've been searching for senior housing for you or your loved one, you know there are hundreds of senior living communities in the Dallas/Fort Worth area. Let Ruby Care help you. We do the legwork at no cost to you and help you find the place that is perfect for you and your family.Our professionals are well-known in the communities they serve. In order to help you best, they network with health care providers, such as home health, hospice, rehabilitation facilities, hospitals, physicians and other senior service providers.Collectively, our team has over 50 years of experience in healthcare and we are trained to listen to your needs so that we can work to find the best options for you...at no cost! Why Us?We know this can be a stressful time for you as you choose your next home. When you work with us, you will be assigned a Senior Living Advisor (SLA) who knows the community and has first-hand knowledge of the communities you are considering. Your SLA will meet with you in person and will listen to your wishes, wants and needs in order to help guide your next steps. Your SLA will also help you with senior living community tours and preparation to help guide you through the selection process. We serve as your advocate and help make this a smooth, seamless transition. Once you have selected a community, we continue to follow up for at least the next thirty days to make sure things are going well and there are no outstanding concerns. possibilities. placement. peace of mind.