As you grow older, you may need assistance in daily activities like medication management, dressing, and bathing. Senior Assisted Living is designed for elderly people who cannot live independently. However, they do not provide services like those provided in a nursing home. Atlanta-based assisted living facilities offer services like personalized care, support services, and housing and help seniors maintain independence while enjoying the services they need.
What Payment Options Exist for Senior Living in Atlanta?
Various options exist to pay for Senior Living Atlanta. Some options include private long-term care insurance, Medicaid, Medicare, and life insurance policies. Seniors can also pay using retirement funds and savings for comfortable living. It is necessary to understand the inclusions and exclusions when opting for payment through insurers because some do not pay the full amount. As a result, seniors will incur out-of-pocket expenses.
Medicare
The federal health insurance program in the USA, Medicare, covers medical services and treatments. However, senior assisted living is not considered a medical service. You can use it to pay for medical services or short-term care in home health care or nursing facilities.
Medicaid
Individuals on a low income can avail of financial assistance from Medicaid, a state and federal joint program, to pay for senior living in Atlanta Georgia. You can use Medicaid to pay for homemaker services (eating, toileting, bathing, dressing), personal care assistance, skilled nursing, and emergency response systems. You will have to pay from your pocket for boarding and room at assisted living facilities.
Other services covered by Medicaid include the following:
• Transportation
• Medication management
• Nursing services
• 24/7 staff response
• Case management
Long-term care insurance
Seniors can pay for assisted living using long-term care insurance. The costs covered under this program include nursing home charges, assisted living expenses, etc. The families of seniors can get relief from paying for assisted living services. You can research to find the best long-term insurance policies that cover all the expenses and the premiums to be paid depending on your health status, age, and plan type.
VA Benefits
People who served in defense can pay for assisted living using the financial support offered by the Department of VA (Veteran Affairs). Long-term care benefits offered by the VA include monthly cash payments to retired military personnel and assistance for surviving spouses.
In-house financing options
If you cannot afford to pay for assisted living for senior citizens, the assisted living facilities offer financing assistance using in-house accruals. Some facilities also arrange funds from outside lenders. You can read the terms and conditions of the loans from external agencies or in-house funds before deciding to sign an agreement.
Leverage real estate assets
Senior citizens can pay for assisted living in Atlanta by leveraging real estate. You can sell your home and pay a lumpsum amount to the facilities to cover all the expenses. Otherwise, you can lease the house or real estate to generate funds for assisted living. If you are 62 or older, you can opt for a reverse mortgage to generate income and cover all the expenses.
Conclusion
Assisted living for senior citizens involves significant monthly expenses. Those in need of such services can choose the best option to pay for assisted living in Atlanta, Georgia.
