Many of us may require assisted living when we get older. It can be a valuable resource to help seniors manage their daily lives while maintaining independence. However, if you are living on Social Security, the costs of assisted living can be concerning. This post will cover the basics of assisted living for seniors on Social Security.
Managing Assisted Living for Seniors on Social Security
Social Security Basics
Social Security is a government program providing retirement benefits to seniors. Everyone who works pays into the system. Over the years, you build up credits. If you have enough credits, it makes you eligible for retirement benefits. Your monthly benefit amount will also depend on how much you paid into the system while you were working.
These benefits can be vital for helping seniors support themselves during retirement, which may include paying for assisted living.
Paying for Assisted Living
There are no restrictions on how seniors spend their Social Security benefits. That means seniors can use them to cover assisted living costs. However, more than Social Security will be needed to cover the cost of assisted living for most seniors. That means you’ll need to consider other forms of income.
If you have a pension or retirement plan, that could help cover costs that exceed your social security benefits. Savings or investments may also be helpful in covering costs. Some people may purchase long-term care insurance to help with assisted living. Getting help from family members is also common.
What if Social Security is your only income, and it is not enough for assisted living? Depending on your circumstances and where you live, you might be eligible for assistance from the government.
Supplemental Security Income (SSI) might be an option for some low-income seniors. It is a federal benefit that can provide additional funds. However, you must meet the eligibility requirements for income and assets.
Some states may also offer Optional State Supplements (OSS). These are state benefits that may be available in addition to SSI. However, many states do not provide OSS, and the eligibility may be narrow. For example, Georgia doesn’t offer it for assisted living, but it may be available for some seniors in nursing facilities.
Medicaid might also be an option to help with some of the costs for low-income seniors. As a healthcare program, it can’t cover the room and board costs of assisted living. However, some medical or healthcare services may be eligible. Medicaid waiver programs might also help seniors access additional support.
Convenient Senior Living Solutions Done Right!
Canopy Senior Living is Atlanta’s most trusted, experienced, innovative senior living management company! We dedicate ourselves to creating an excellent and caring environment for our residents and team members. If you’re interested in our services, message us by contacting Canopy Senior Living.
Thanks for visiting!