How to Pay for Assisted Living? New Guide Offered Free to Seniors and Caregivers
Stratford Retirement is making the new guide free to help people make informed decisions about the costs of senior living
26, 2012 - Caregivers and the elderly searching for assisted living facilities in the United States now have
a new resource to help guide them through the maze of payment options associated with care facilities.
Stratford Retirement, an assisted living and memory care facility in Seattle, has
released a free report to help caregivers make informed financial decisions about how to pay for elderly care.
Entitled "Paying for Assisted Living," the report covers the multitude of payment options available to families. It
includes advice on applying to government-sponsored programs and explains what health insurance options may reduce the cost of moving into a
According to the staff at Stratford, assisted living facilities typically provide
apartments or condominiums to elderly adults in need of assistance with common tasks. These tasks may include bathing, laundry, getting
dressed, or eating. Despite these needs, seniors in assisted living generally don't need full-time nursing care.
Although the costs of assisted living facilities is less than that of a nursing home, navigating the options may be
confusing for seniors who have been living independently for decades.
The report details how the majority of assisted living cost is paid out-of-pocket or cashing in on home equity. For
low-income senior citizens, several alternative funding sources and options exist. These include Veterans Administration Aid, life insurance
settlements, and private long-term care insurance.
While many seniors expect to rely on Medicare to foot the bill for senior housing, the report explains this is not often
the case. Assistance from Medicare is very limited. On the other hand, Medicaid may be an option for some low-income and disabled seniors in
certain states. Although Medicaid typically only covers nursing care, each state sets its own regulations on how funds are distributed.
This report also covers costs associated with memory care, also known as dementia care or Alzheimer's treatment. Memory
care is considered a specialized type of assisted living, and the cost structure and payment options are often similar.
Despite the growing need for Alzheimer's care, many assisted living facilities are not properly equipped or certified to
care for residents with memory needs. Stratford Retirement says its staff will help families determine if the assisted living facilities
that they are considering are able to handle someone with dementia.