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How can I pay for assisted living with no money?
In this article, you’ll learn about:
Let’s dig in.
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Affording assisted living can be a challenge for many individuals and families, especially when resources are limited.
However, several options may be available to you if you have little to no money to pay for assisted living:
Read More: How To Protect Parents’ Assets From Nursing Homes
Medicaid is a state and federal program that provides health coverage to:
Importantly, Medicaid can also help cover the costs of long-term care, such as assisted living, depending on the state’s policies.
Read More: What Happens When Medicare Stops Paying For Nursing Home Care?
To be eligible for Medicaid, you must meet certain income and asset thresholds, which vary from state to state.
Generally, to qualify, you must have limited income and less than $2,000 in assets.
This is excluding your primary residence, one vehicle, and personal belongings.
However, these figures can vary, and some states allow for higher assets.
For elderly adults, Medicaid may take into consideration your need for long-term care.
And it’s based on your ability to perform Activities of Daily Living (ADLs), such as eating, bathing, and dressing.
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To apply for Medicaid, you need to contact your state’s Medicaid office.
The application process usually requires:
This can include pay stubs, bank statements, tax returns, and information about any property you own.
In some states, you can also apply online or over the phone.
Some states also offer face-to-face interviews for those who require assistance with the application process.
Read More: Medicaid Asset Protection Trust
It’s crucial to understand that not all Medicaid programs cover assisted living.
Medicaid coverage for assisted living is typically provided through Medicaid Waivers.
This is sometimes called Home and Community Based Services (HCBS) Waivers or 1915(c) Waivers.
Each state has different waivers, and eligibility requirements can vary.
In general, to qualify for a waiver program, you must require a “nursing home level of care,” but wish to receive care in an assisted living community instead.
There may be waitlists for these waiver programs, so it’s important to apply as early as possible.
Read More: How To Avoid Nursing Home Taking Your House
While Medicaid can provide significant assistance, it’s important to understand that not all assisted living facilities accept Medicaid.
When looking for facilities, be sure to ask about their Medicaid policies.
Additionally, it’s worth noting that even if a facility accepts Medicaid, there may be a limit on the number of Medicaid residents they can accept.
You might also have to “spend down” your assets to qualify for Medicaid.
This requires careful planning to avoid potential pitfalls and penalties.
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Long-term care insurance is a specific type of health insurance designed to cover the costs of long-term care services.
This can include personal and custodial care in various settings, whether at home, an assisted living facility, or a nursing home.
As we age or deal with chronic illnesses, the need for consistent care can skyrocket.
Traditional health insurance and Medicare often do not cover these extensive services, which can be costly.
That’s where long-term care insurance steps in.
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Veteran’s benefits, provided by the U.S. Department of Veterans Affairs (VA), offer a range of support services for those who have served in the military.
One of these benefits is the Aid and Attendance (A&A) program.
This program can help cover the costs of assisted living for veterans and their surviving spouses who require assistance performing everyday tasks.
Here are the eligibility requirements for Veteran’s nursing home benefits:
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A reverse mortgage is a specialized loan tailored for homeowners 62 years of age or older.
It allows you to tap into your home’s equity, converting it into cash which can be used for various needs, including covering the costs of assisted living.
Read More: What Are The Disadvantages Of Putting Your House In A Trust?
Bridge loans are temporary loans that bridge the gap between the sale of your existing residence and the purchase of a new residence, or in this context, transitioning into assisted living.
They can be especially useful for covering the costs of assisted living when waiting for more permanent financial arrangements to be set in place.
Read More: What Happens To A House When The Owner Dies And There Is No Will?
Here’s an overview on how to find state and local programs to pay for assisted living with no money:
Here are other questions that estate planning clients ask us about paying for assisted living without any money.
No, Medicare does not cover the cost of assisted living for dementia.
However, Medicare can cover certain medical services within the facility, like doctor visits or therapy.
For long-term assisted living expenses, one must explore other funding options.
No, Medicare Part B does not pay for assisted living.
Medicare Part B covers outpatient medical services like doctor’s visits and preventive care.
Assisted living, which provides housing and daily care, is not covered by Medicare Part B or other Medicare parts.
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