A major challenge for many Georgia seniors and their families is figuring out how to pay for it. Even though assisted living is more affordable than nursing homes there are options to help alleviate some of the costs. The following are common methods people use.
Medicare Coverage
The cost of the room at an assisted living community per month in GA includes housekeeping, maintenance of the room and common areas, some to all utilities, activities and limited assistance with daily activities. The costs vary for several reasons, but the main factor is location. You can usually (but not always) estimate this by the local real estate. A Buckhead community in Atlanta will be more than one located in Woodstock.
Medicare Coverage covers 3 parts that seniors can use while living in an assisted living facility. Medicare Part A, B, and D. These 3 sections of Medicare cover inpatient hospital care, outpatient hospital care and benefits for prescription drugs.
Medicare Supplemental Insurance covers the holes left open from Medicare parts A & B. The supplemental insurance is run by private companies, plans are simpler and easier to understand than most group health insurance policies.
Long Term Insurance
Long-Term Care Insurance is a plan that is offered through group health insurance plans from employers. There is no age limit but premiums can vary by the persons age and how long they’ve been paying into the plan. The coverage will pay $100 to $150 towards daily benefits as well as a $200,000 limit for the life of the policy.
Prescription Assistance
Prescription Assistance Plans are set up to help offset the monthly cost of prescription drugs. For many seniors prescription drug costs is a monthly burden and there are federal, state and private programs that can help. Seniors don’t have to be living in an assisted living facility to take advantage of these plans. The amount each person receives depends on their income
Reverse Mortgages
Proceeds from a reverse mortgage loan for paying long-term care insurance are usually arranged as continual cash flow to guarantee income is ready for use during the life of the policyholder.
If a reverse mortgage is utilized to pay for Long-term Care Insurance, the elderly owner of the home is utilizing a portion of the equity in the home to guard the worth of the house, then the landowner can stay certain that their home value and that the heirs will collect the inheritance the elderly person worked so hard and long to accumulate.