Older adults and their families often dismiss the idea of senior housing and care as “expensive.” Did you know there are many resources available to help make the transition more affordable?
Whether you are considering independent living, assisted living, memory care or the eventual need for skilled nursing, understanding your financing options will help you plan for long-term stability and give you peace of mind.
Here are two common ways to finance continued housing and care, along with answers to the most frequently asked questions about each, along with the first step for each.
1. Medicare Assistance for Health-Related Costs
While Medicare does not cover long-term housing or assisted living, it does help pay for certain medical expenses associated with senior care like short-term skilled nursing.
What does Medicare cover for older adults?
Medicare covers:
- Hospital stays and short-term skilled nursing (after a hospital visit)
- Certain home health services
- Medical equipment and prescriptions
Can Medicare help reduce my out-of-pocket expenses?
Yes! Many seniors enroll in Medicare supplement plans (Medigap) or Medicare Advantage plans to help cover copays, deductibles and prescription costs.
Where can I get free counseling about Medicare options?
The California Department of Aging offers free Medicare counseling through the Health Insurance Counseling & Advocacy Program (HICAP). Trained counselors help seniors understand their options, compare plans and make informed choices.
What’s my first step?
For more details on Medicare counseling, visit: aging.ca.gov
2. Long-Term Care Insurance
Long-term care insurance is a policy that individuals purchase on their own to help cover the costs of care services such as skilled nursing, assisted living and memory care. Coverage typically kicks in when a resident requires assistance with certain health-related needs or activities of daily living (ADLs), such as bathing, dressing or eating.
When residents at Inland Christian Home have long-term care insurance, it is a great benefit both for the resident and for our community.
However, it’s important to note that the percentage of our residents who carry this type of insurance is relatively low. We encourage folks to explore this option before reaching the age of 80, as after that it can become cost prohibitive.
What are the advantages of this option?
- Reduces out-of-pocket costs for long-term care services.
- Protects personal savings and assets from being spent or drawn down on care.
- Gives you more choices in where and how you receive care.
- Eases financial stress on family members.
Are there any considerations to keep in mind?
- Policies must usually be purchased before care is needed (often in your 50s or early 60s).
- Premiums can be costly and may increase over time.
- Coverage varies—read the fine print on what levels of care and which conditions are covered.
- Elimination periods (a waiting period before benefits begin) and daily maximums may apply.
What’s my first step?
- Contact a licensed insurance agent who specializes in long-term care insurance.
- Ask for a policy comparison that includes coverage for assisted living, memory care and skilled nursing.
- Review the policy details carefully or bring a trusted family member or advisor to help you decide.
Plan Ahead for Continued Care
Exploring these additional financing options can provide more avenues to fund long-term care needs. Assess each option carefully to fully consider personal circumstances, financial goals and potential risks. Consult with financial advisors or eldercare specialists to help make more informed decisions tailored to you.
If you have questions about financing your care at Inland Christian Home, we are here to assist. Our team can guide you through available resources and help you navigate the process with confidence.