Where Can I Find Long-Term Care Financial Assistance?
There can be a lot of stressful factors involved when you or a loved one enters assisted living. And a major source of stress can be how the care will be paid for. Certain people will be able to pay out of pocket, but obviously, many others don’t have the resources to do so. Some even try to put off entering assisted living because they’re so worried about the cost. Luckily, there are solutions that can help. Read on to find out where to find long-term care financial assistance.
Elderlife Financial Solutions
This provider is also known by the acronym EFS. This is a loan that resembles a line of credit. It can also be added to veteran’s benefits and used to cover costs before you receive those benefits. It can be used to cover costs until other financial solutions, such as liquidating assets or the sale of a home, become available. EFS may also be able to give you money immediately if you really need it.
Long-Term Care Insurance
Many long-term policies can actually cover the expenses of assisted living. The cost can vary, so do your research on different providers and shop around before making a final decision. You may also want to consult some experts, just to be extra sure. It’s typically better to sign up for long-term care insurance before you actually need it. You may also need a doctor’s note to describe why you need assisted living to convince your long-term care insurance to pay.
Another insurance option is Medicaid, which can provide long-term care financial assistance if you happen to qualify for it. You should check your state’s aid programs for more information on this option.
Veteran Aid and Attendance
Another option could be the programs for assisted living that are available to veterans. Long-term care financial assistance for veterans is called the Aid and Attendance Benefit. This federal program provides financial assistance to both veterans and their spouses or widows. The veteran must have served for at least 90 days during a conflict. And will likely need to submit certain documents to prove this as well.
Typically, you cannot receive financial assistance from this program and a state aid program. So you may need to look at which program will give the highest amount of assistance and choose once.
Research if there are certain non-profit organizations that can help. For example, you can reach out to your local office of aging.
This may be a last option, but you could also reach out to family members for help. If you’re really in need, and your family members have the means, this could be your best choice for long-term care financial assistance.
Contact the Solterra branch closest to you for more specific information about long-term care financial assistance. You can also reach out if you have any questions. And you can even call to schedule a visit, although all of our locations also accept walk-ins. You can find more information about Solterra Senior Living on our website.