Arranging for assisted living as you get older can be a real challenge, not to mention emotionally draining. The financial cost can be astronomical, and it is often the biggest barrier for seniors to find a good facility. There may be a variety of resources available depending on your circumstances. Some people may have help through insurance, veterans’ benefits, or other programs like EEOICPA and RECA.
Planning ahead for your financial needs as you age is important. Here is a look at some of the ways you may be able to get assisted living with no money.
Long Term Care Insurance
One of the first things you should look at is a long-term care insurance policy. This is something you should look into before the need arises. If the policy provides coverage for home care, it can be used for assisted living as well in many cases. There may also be “facility only” policies that provide coverage only to someone living in a skilled nursing facility or licensed assisted living facility.
Understanding these policies can be hard, and you should not be surprised if the company denies benefits on the first attempt. You may need an advocate at the facility to contact the insurance provider to discuss the reasons for denial in order to get it reversed. In most cases, the policy will require that the patient need assistance with at least two types of Activities of Daily Living (ADLs) before coverage is extended. These include dressing, eating, walking, toilet functions, bathing, and transferring from the bed to a chair.
You may be surprised to think about life insurance to cover any financial costs while the policyholder is still alive; however, there may be options depending on the policy. First, ask about cashing out the policy or living benefits wherein the company agrees to buy back the policy at a reduced percent of the value. There may be some policies that allow you to cash in if the policyholder is terminally ill.
In the event they won’t buy the policy back, you can look at selling it to a third party in exchange for a senior settlement or life settlement. This gives you the policy proceeds at a lower percentage than the value. The company who purchases it will continue to make premium payments and then become the beneficiary when the policyholder eventually passes.
Did you serve in the military? The Veterans’ Administration, or VA, is designed to help provide benefits to United States military veterans. There may be benefits available to you in some instances. Service-related disabilities or injuries will make it easier to qualify.
Depending on your industry and if you suffered an occupational injury or were injured on the job, you may have other options. For example, some people might qualify for assistance through EEOICPA, the Energy Employees Occupational Illness Compensation Program, or RECA, the Radiation Exposure Compensation Act (RECA).
If you have questions on how to avoid paying for assisted living for a loved one, contact the team at United Energy Workers Healthcare and Four Corners Health Care and learn about options for free home healthcare services for qualified patients.