Have you considered funding the care or senior living of an older relative? Several financial options are available to ensure your loved ones receive the care they need. This post will cover a few options for paying for senior living. We are eager to help you make informed decisions about care for your parent or any older family member.
4 Financial Options for Paying for Senior Living Care
1. Medicaid Program
The Medicaid program is to help low-income individuals and families afford the cost of medical care. In Georgia, Medicaid can also provide long-term care for older people and differently-abled with permanent, chronic, or progressive conditions. The program includes living in a nursing facility and limited personal care assistance.
Georgia also offers Medicaid waivers specifically for elderly care assistance. Keep in mind that these waivers have limited enrollment. Even if you are eligible for services, you may end up on a waiting list.
Waivers For Medicaid Program: Georgia has two Medicaid waivers for elderly residents. These waivers, known as the CCSP and SOURCE waivers, offer various medical and non-medical services. They help seniors maintain independence and live comfortably in their homes or other communities. Click here to get more info! To learn about Medicaid eligibility and coverage groups, click here.
2. Short-Term Loan
Are you or someone close to you in need of senior care right away but unable to access funds right away? Maybe you need to sell the individual’s house or wait for insurance approval.
A short-term loan could be an option for families waiting for funds to be available. It can be a way to get your loved one the care they need while the wheels turn on more permanent financial solutions.
3. VA And Assisted Living
Aid and Attendance (A&A) is a benefit veterans can use to pay for senior living and care when they get old. So feel free to ask what kind of financial assistance you might qualify for. Click here.
4. Self-Paid Senior Care
Of course, there is the option of paying for care from savings or through the help of relatives. It can be expensive, especially if you need extensive care services. Even individuals with substantial savings may find their funds running low quickly. However, private pay can offer a sense of security and peace of mind for those who can afford it. Government agencies and insurers are not always reliable partners when paying for care. Ultimately, deciding whether to choose private pay or another option will depend on various factors.
Don’t let financial concerns stop you from receiving the respect and care you deserve! It might be a complex matter, but there are solutions.
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. Learn more about our services. If you’re interested, message us by contacting Canopy Senior Living.
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