Costs for assisted living homes vary greatly. These costs are dependent on the size of rooms, amenities, services provided, and location. Estimating cost is important. But so is understanding what happens if your personal funds are depleted. The American Healthcare Association’s National Center for Assisted Living publishes a free online guide. This will help you budget for your individual circumstances and ask the right questions.
The most difficult part of making the move to assisted living is how to pay for it. There are plenty of healthcare plans that make doctor’s visits and certain nursing services more affordable. But generally, assisted living costs, such as the price of room and board, are not covered. Help with feeding, bathing, and dressing are also not covered. If you didn’t invest in a long-term care policy, you may feel forced to sell your home or begin spending down your nest egg to pay for care.
Before making any financial moves, there is one very important question to answer. Did you or your spouse serve in the military? The Department of Veterans Affairs has a pension available for non-service connected disabilities. This pension is also referred to as the aid and attendance benefit. The benefit may be paid to veterans that meet the income and net worth requirements, are over age 65 or permanently and totally disabled. Surviving spouses may also qualify. The benefit can pay up to $23,396/yr—tax free! The pension is based on the theory that the veterans served their country during a time of war and the country that they helped will now serve them by supplementing their income.
Do you qualify? Learn how you can qualify for this government benefit to help pay for assisted living, skilled nursing, or in home care. We offer live workshops that focus on the VA’s Pension Benefit. View our VA Aid & Attendance Workshop Schedule for dates and locations. Or you may view our free online webinar on the VA Aid & Attendance Benefit.