1. Take Advantage of Your Background
Depending on your background and work history, you may qualify for a series of different discounts or assistance payments. Veterans, for example, qualify for the Aid & Attendance benefit--http://www.veteranaid.org--which was especially created to cover living expenses.
2. Get Help From the Government
Medicaid pays for elderly assisted care only in some states and even then, it may be a slow, difficult process to qualify. Since applicants only receive a bed once one becomes available, there is no way of knowing how long the waiting time will be and where the bed will be located. It's not uncommon for families to find out their elderly parents have been assigned a bed in an assisted-care facility three hours away. Medicaid will also not accept any applicants who have assets in their names, including IRAs or other savings accounts. In states where Medicaid-assisted care isn't available, elderly people may still qualify for Supplemental Security Income (SSI), which goes to disabled people over 65 who cannot fend for themselves.
3. Find the Perfect Location First
Use the Senior Housing Locater website--http://www.seniorhousinglocator.org--to see what government assistance, if any, you qualify for. You'll be required to enter your location and the type of assisted care you're looking for (residential care, assisted living, communities or multilevel-care facilities). Once you get a list of facilities, you will also be able to see what type of financing is available for them, such as private financing, cooperative care and government assistance.
4. Plan for Assisted Care in Advance
Families should plan for elderly assisted care well in advance. Seniors can do this themselves by setting aside a certain amount of money to cover their expenses when the time comes or by joining an insurance service that provides coverage for assisted care. Depending on the type of premium you are willing to shell out, you could get a policy that covers only assisted-living facilities or one that gives you home-care or community-living options.
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