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If you've decided that your loved one has reached a point in life where they need help with activities of daily living, you've already completed perhaps the most emotionally taxing step in the process. As for the financial aspect of shifting from an independent living environment to the next level of care, it can be complicated-but that's where we come in.
Our senior living communities provide all-inclusive care that includes housekeeping, meals, transportation, and entertainment. Because these things are included in your monthly rent, without the recurring costs associated with owning and maintaining your own home, you may just find that senior living is more affordable than you thought.
"Finances….'how am I going to be able to pay for this' - that's always our residents' first concern," said Placement Specialist Sarah Ingram, of Best Life for Seniors.
Our goal is to provide you with a framework and the tools to help you navigate the financial aspect of your journey.
When your loved one reaches that point in life where they need the support provided in an assisted living community, or the help administered in a memory care community, the costs associated can be significant. Unfortunately, those figures can induce a kind of "sticker shock," which can deter people from seeking the care that would improve their overall quality of life, health, and safety.
But it doesn't have to be that way. There is help available, although many don't realize it exists.
FUNDING BREAKDOWN
Paying for full-time senior care services can be broken down into two general categories: Private Pay and Assisted Pay.
PRIVATE PAY
Of the two methods, private pay is the most straightforward. Simply put: the resident, or the resident's friends or family, pays their monthly fees in full out of pocket.
Those with the means to do so foot the bill themselves without outside assistance. At some communities and in certain states, private pay is the only method available.
ASSISTED PAY
When a prospective resident begins the process of inquiry into our community, one of the first things we ask about is their or their spouse's military background.
Aid & Attendance Benefits
Veterans, and their spouses, who served during specific time periods are entitled to government benefits designated to help pay for the cost of assisted living and memory care services. The benefits can be significant: up to $3,253 per month, tax-free, for veterans and their families.
The requirements do vary somewhat depending on when the veteran served, but the following are included:
Minimum Service
Ninety (90) days during a period of war as outlined by the United States Department of Veterans Affairs (VA).
Wartime Service Dates
World War I: April 6, 1917 - Nov. 11, 1918
World War II: Dec. 7, 1941 - Dec. 31, 1946
Korean War: June 27, 1950 - Jan. 31, 1955
Vietnam War: Aug. 5, 1964 - May 7, 1975
Gulf War: Aug. 2, 1990 - through a future date to be set by law or Presidential Proclamation.
The veteran is not required to have served in combat-if a veteran was stationed in Kansas in 1952, not Korea, that would still count.
Veterans who served during the Gulf War era are required to have twenty-four (24) months of service, or a "full tour."
Age / Status
To be eligible for Veteran-Directed Care, veterans must be 65 years old or be designated "unemployable" (veterans designated "unemployable" tend to be receiving Social Security disability already).
Discharge Status
Honorable or medical discharge.
Unfortunately, it can be difficult for some veterans to access their benefits. Many veterans who try to navigate the VA system themselves, but either don't hear back from the VA or are denied coverage by the VA due to a discharge issue. However, it is possible to petition the VA for a change of discharge status.
Additionally, few veterans describe the VA system as "user-friendly."
Maybe you, or your loved one, has encountered a VA-related roadblock. Maybe you haven't yet begun the process, but you are aware that it can be time-consuming and difficult.
For those seeking assistance navigating the VA's system of benefits, we recommend working with our partners at Patriot Angels because having experts on your side can make all the difference.
Patriot Angels
Patriot Angels is a Tennessee-based non-profit organization that specializes in helping veterans navigate the VA system to receive the benefits they have earned through their service.
"We help veterans and their spouses and widows supplement the cost for senior living. Our first goal is to educate families," said Patriot Angels Special Project Manager Erin Walker. "About eight of ten veterans and their spouses don't know these benefits exist."
The United States Department of Veterans Affairs doesn't advertise the benefits and doesn't make the process to obtain the benefits easy.
"We just don't want someone to automatically rule themselves out," Walker said. "Do not rule someone out based on information you've heard in the past. That's why we're here: to help you answer these questions."
Patriot Angels asks that veterans send whatever discharge documents they have in order to help the non-profit identify service dates and discharge status. Patriot Angels also looks for key dates to establish eligibility for benefits.
One of the main reasons that it is important for veterans and their spouses to go to Patriot Angels early in the process is to avoid financial missteps, like missing out on funds that can pay for care. Their mission to help make sure you remain financially secure. And it's important to note that there is absolutely no need to spend down all of your money before making that call to Patriot Angels.
"Veterans usually come to us when they're getting moved in and they need extra money each month to help pay for the care they need - it expedites the process when the veteran is already living in the community," Walker said. "Our goal is to be able to assist families. We can usually do it in about thirty to forty-five days. The VA side of the process usually takes about one-hundred-and-twenty days, but the VA will reimburse veterans for expenses incurred during that wait time after the process has officially begun."
Patriot Angels has provided invaluable help to many of our residents, and they're able to help people access their benefits quickly.
"Most of the people we work with are eligible for Aid and Attendance benefits," Ingram said. "Working with Patriot Angels makes the process so much quicker than going straight through the VA without any additional support."
For more information, call the Patriot Angels at (844) 757-3047, or go to their website at patriotangels.com.
Medicaid / Personal Care Services
For many, the answer to "How can I afford this," comes through the help of the North Carolina Medicaid Personal Care Services (PCS) program.
Medicaid PCS is a health assistance program for North Carolina Medicaid beneficiaries who, because of a physical or developmental disability, cognitive impairment, or other chronic health condition, are unable to accomplish tasks that they would ordinarily do for themselves if they were not disabled. Covered services under this program include the services that are provided to residents at the Community-assistance with activities of daily living (ADLs) such as bathing, dressing, mobility, toileting, and eating.
In order to qualify for the Medicaid PCS program, an individual must first qualify for North Carolina Medicaid.
North Carolina Medicaid is available to individuals who are:
In addition, to be eligible for North Carolina Medicaid, an individual must also be:
Until January of 2023, Medicaid's monthly income limits had not been raised or adjusted for inflation for 20 years while Social Security benefits had increased each year. For North Carolina, the income limit for Medicaid to help fund assisted living is $1,355 per month; to help fund memory care, it's $1,717 per month. In addition, your resources must not be more than $2,000 for an individual. Resources include cash, bank accounts, retirement accounts, stocks and bonds, cash value of life insurance policies, and other investments.
For those who are living solely on Social Security, those numbers are usually manageable, but many people have additional income from pensions and other sources which can quickly push their monthly income totals above the limits.
Pre-planning is vitally important because all assets must be out of the resident's name five years before the resident becomes eligible for Medicaid. It's important to be prepared because medical emergencies cannot be predicted. Everything-from vehicles to homes and real estate-must be divested five years before you become eligible for Medicaid.
For many, a spend down-the process of reducing your income and assets in order to be eligible for Medicaid-is a valuable tool. However, there are requirements in place for the spend-down process. Money spent on the senior's care, whether it's a burial plot or paying for medical care, is an example of an acceptable choice when spending down one's assets.
There are also eligibility requirements to consider. For example, people who move to North Carolina in order to move into senior living must have either lived here for a minimum of six months or have established a permanent residence for a minimum of 60 days in order to become eligible for Medicaid assistance.
When you apply for Medicaid, the state of North Carolina will initiate what's called a 60-month Medicaid Look-Back Period. This means that the state will examine all your asset transfers over the past five years to ensure that no assets were sold for less than fair market value or given away. This look-back review includes examining asset transfers made by one's spouse. If the state determines that the look-back rule has been violated, the state assumes that the violation was committed to meet Medicaid's asset limit. The state will then calculate and impose a penalty period of Medicaid ineligibility.
An online spend down calculator can help you determine exactly how much of your assets must be spent down in order for you to be eligible for Medicaid long term care. The spend down calculator is available here: medicaidplanningassistance.org/medicaid-spend-down-calculator.
Alternative Assets
When the time comes to work out how to pay for long-term care, it's important to explore all options. There are some methods of generating funds that work well for people but can be overlooked.
Life Insurance
Some people have life insurance policies that can be sold, converted, or liquidated through a viatical settlement. A viatical settlement is an arrangement whereby an individual sells their life insurance policy to a third party for less than its mature value in order to benefit from the proceeds while still alive.
Alternatives to Selling Your Home
Many residents sell their homes as they transition to long-term care. For others, it makes more financial sense to take out a reverse mortgage or to open a home equity line of credit. Another option is to rent out your home in order to fund your care.
INFORMATIONAL PURPOSES ONLY: The materials and information on this website have been prepared or assembled by the Community and are intended for informational purposes only. The information is general in nature and is not intended to be, and should not be relied upon as, legal advice. Some of the information may be out-of-date and may not reflect the most current legal developments regarding Medicaid eligibility. This website contains information on legal issues and is not a substitute for legal advice from a qualified attorney licensed in the appropriate jurisdiction. Establishing Medicaid and Medicaid PCS eligibility can be a complicated process, and the Community urges you to consult an attorney or specialist in North Carolina elder law to help you navigate these issues. The Community expressly disclaims all liability with respect to actions taken or not taken based on information contained or missing from this website.
If youve felt the sting of economic changes recently, its safe to say youre not alone. Whether your budget has been hit at the gas pump, in the grocery store, or on rent and utilities, we are all feeling the pressure to spend wisely and be risk averse with our investments. In contrast to younger generations who will likely bounce back from such economic fluctuations, our seniors are experiencing more urgency to protect their existing finances. The continuing impact of the economy on seniors in 2023 will depend on various factors, including the evolving state of the economy, government policies, and individual circumstances. Here are a few risks to be aware of and ways to protect your aging loved ones: Retirement savings: Many seniors rely on retirement savings, such as 401(k) plans and individual retirement accounts (IRAs), to support themselves in retirement. If the economy experiences a downturn, these savings could be negatively impacted, potentially leading to reduced retirement income for seniors. Finding a trusted financial advisor who can help protect investments and assets from risk is an excellent way to stay protected from significant retirement losses. Social Security benefits: Social Security is a vital source of income for many seniors. The Social Security Administration adjusts benefits annually based on changes in the cost of living, which is tied to the economy. If the economy experiences inflation or deflation, Social Security benefits could be impacted. Financial resources for seniors, such as Elderlife Financial Services, is a great way for seniors to stay educated on the best way to utilize assets such as Social Security benefits. Healthcare costs: Healthcare costs are a significant concern for many seniors, and the state of the economy can impact these costs. Rising healthcare costs could make it more difficult for seniors to afford medical care and prescription drugs. Many seniors seek guidance from prominent resources such as AARP, a nonprofit organization for seniors 50+, to learn more about how their medications will be impacted by economic changes and the best solutions to cut down on medical costs. Housing: Many seniors own their homes, and the value of those homes can be impacted by the state of the economy. A downturn in the housing market could make it more difficult for seniors to sell their homes if they need to downsize or move into a retirement community. Senior living communities, such as Harmony Senior Services, often partner with local realtors to offer seniors much needed insight on housing options. Overall, the economy can have a significant impact on seniors, and it's important for families to research solutions proactively through local resources such as senior living homes, retirement communities, financial planners, and realtors so all of the necessary information is ready when changes come.
If there is a sudden health-related event that forces a move for your loved one into a senior living community, time is of the essence in figuring out ways to meet the financial obligations. It is common for families to struggle with the upfront costs and be unprepared for move-in fees, monthly rent, and costs associated with making this move. One resource you can consider is using a bridge loan which provides access to the needed funds quickly so that you can get the senior living lifestyle your loved one wants and deserves. Meridian communities have partnered with Elderlife Financial in providing the Elderlife Bridge Loan which is a financial bridge, allowing you to pay for care now while waiting on permanent funding. When approved for a bridge loan, funds can be disbursed within 24 hours, which can help ease the burden on a family navigating difficult decisions. The borrowed funds can be paid back in just a few months or a little over a year, whenever the family funds that were previously tied up become available. Examples include receiving the proceeds from selling a home, liquidating retirement assets, or receiving the retroactive check from VA Benefits.To learn more about other resources to affording care, call us today. We are here for you!
How to Apply for Long-Term Care Medicaid in ColoradoApplying for Medicaid can be a daunting task, especially when it comes to long-term care. However, with the right guidance and resources, the process can be much smoother. This guide is designed for seniors, caregivers, and Colorado residents to help them understand how to apply for long-term care Medicaid in Colorado. Understanding Long-Term Care MedicaidLong-term care Medicaid provides financial assistance to those who need help with daily living activities, such as bathing, dressing, and eating. It covers care provided in various settings including nursing homes, assisted living facilities, and even at home. Why You Shouldn't Apply AloneGiven the high volume of applications and the complexity of the process, we do not recommend submitting an application on your own. Mistakes can delay approval or result in denial. Should you choose to apply on your own, we will give you the information and tools you need during our free initial consultation with you. Schedule a free consultation here - calendly.com/doinggoodforothers Steps to Apply for Long-Term Care Medicaid in ColoradoStep 1: Find The Applicants DHS OfficeThe first step in applying for Medicaid in Colorado is to find the applicants local Department of Human Services (DHS) office. This is where you will submit your financial application. Find the Applicants DHS office here - cdhs.colorado.gov/contact-your-county Step 2: Submit a Financial ApplicationOnce you have located your local DHS office, you will need to submit a financial application. This form will require detailed information about your income, assets, and expenses. Step 3: Determine Financial EligibilityBefore proceeding with the application, it's crucial to determine if you qualify financially for Medicaid or VA Aid & Attendance benefits. Strategies exist to access benefits while protecting your personal assets, and a Certified Medicaid Planner (CMP) can help you maximize your benefits. Find out if you qualify - doinggoodforothers.com/financialinformation Step 4: Schedule a Health AssessmentAfter qualifying financially, you will need to schedule a level of care assessment, also known as a health assessment, with the Applicants Single Entry Point. This evaluation will determine the level of care you require. Schedule a health assessment - hcfp.colorado.gov/case-management-agency-directory Step 5: Skip the Hassle of Applying Alone Schedule an AppointmentIf you find the application process overwhelming, you can skip figuring out how to apply on your own by scheduling an appointment with our experts. Schedule an appointment with a Certified Medicaid Planner - calendly.com/doinggoodforothers Our 4-Step Process for Application AssuranceWe have developed a streamlined 4-step process to help you feel relief about your loved ones care and save money. 1. Schedule a Free Initial ConsultationLearn more about what we can do to preserve your assets by scheduling a free initial consultation. 2. Make a PlanThrough an assessment of your financial circumstances, we will create a roadmap of the best options for you. 3. Pick an OptionWe explore legitimate opportunities to preserve your assets. 4. Gain BenefitsSelect the best option, and we will complete a successful application for gained benefits. Applying for long-term care Medicaid in Colorado doesn't have to be stressful. By following these steps and seeking professional guidance, you can ensure a smoother application process and maximize your benefits.For personalized assistance, schedule a free consultation with one of our Certified Medicaid Planners (CMP) today. Learn more and schedule now! - calendly.com/doinggoodforothers
Delve into Hampton Manor of Punta Gorda's exceptional memory care services tailored for seniors navigating Alzheimer's and various forms of dementia. Our customized memory care plans are meticulously crafted to adapt to individual needs, ensuring optimal care at every stage. Step into our purpose-built, serene spaces dedicated to Alzheimer's and dementia care, meticulously designed for easy navigation, social engagement, and overall well-being. Count on Hampton Manor for personalized memory care solutions that prioritize the comfort and happiness of your loved ones.Memory Care Services & Amenities:Cognitive programs and activities promoting daily physical fitness, creative expression, social engagement, continuous learning, and spiritual fulfillment.Maintenance-free living, encompassing housekeeping and laundry services to alleviate daily responsibilities.Trained memory care staff available round-the-clock, offering compassionate support and expertise whenever needed.Indulge in three delectable, well-balanced meals daily, accompanied by snacks throughout the day to ensure optimal nutrition and enjoyment.Streamlined medication coordination to manage healthcare needs efficiently and accurately.Regularly scheduled resident and family meetings to foster communication, collaboration, and continuous improvement in care delivery.Experience peace of mind knowing your loved ones are in caring hands at Hampton Manor of Punta Gorda, where specialized memory care meets unwavering dedication.
Welcome to Hampton Manor Premier Assisted Living, where we're proud to offer beautiful, affordable senior living communities designed for comfort and flourishing. Our dedicated team of professionals is meticulously selected to provide unparalleled care, ensuring a safe and enjoyable environment for our residents every day.At Hampton Manor, we understand the importance of comprehensive support, which is why our services extend to medication assistance, laundry, housekeeping, personal needs, and even respite and hospice care when required. We're committed to creating a nurturing space where seniors can thrive.Embark on a tour and discover why Hampton Manor Premier Assisted Living is the optimal choice for you or your loved one. With Early Move-In rates available, there's never been a better time to join our community.Assisted Living Services & Amenities:Engaging programs and activities promoting physical fitness, creativity, socialization, learning, and spiritual enrichment.Maintenance-free living, including housekeeping, trash removal, and laundry services for added convenience.Round-the-clock availability of trained staff, ensuring assistance and support whenever needed.Enjoy a cozy ambiance at our Bistro Cafe and Lounge, perfect for socializing and relaxation.Indulge in three delicious, well-balanced meals daily, alongside snacks available throughout the day to satisfy cravings.Efficient medication coordination to manage health needs effectively.Social and educational programs tailored for families, fostering connection and support.Scheduled resident and family meetings to encourage communication and collaboration in care.Experience the Hampton Manor difference and discover a place you'll be proud to call home. Contact us today to take advantage of our Early Move-In rates and start your journey towards exceptional senior living.