Help! How do Mom & Dad Pay For Care? Senior Solutions Consulting can answer that question.
This post is sponsored by Senior Solutions Consulting Inc.
Pay for Care
Senior Solutions Consulting can answer that question. When a parent or a spouse needs to transition into an assisted living facility or a nursing home, many families panic and are filled with questions such as: How will mom or dad pay for their care?
How long will their money last? How will the remaining spouse pay for their home living expenses? Will we have to support them?
Types of Care Facilities
Generally speaking, there are three different types of care facilities.
- Independent Living
- Assisted Living
- Nursing Home Care
With the cost of a nursing facility regularly reaching $85,000.00 per year, very few Hoosiers can afford to pay for care out of pocket for very long. While less expensive, assisted living facilities and in-home care options are available, they still put a strain on a monthly budget.
Pay for Care Options
So… How can a family afford and pay for specialized care? Several options exist:
- private pay;
- long term care insurance;
- Veterans benefits or
- government nursing home benefits.
Options 3 & 4 are where Senior Solutions Consulting can help.
In fact, there are benefits available to qualifying veterans to help pay for their care. These benefits total nearly $23,000.00 a year and are tax free. Most veterans who served during war time and their current or unremarried surviving spouses may be eligible for the VA Aid & Attendance benefit.
To sum up, the 2020 tax free monthly maximum benefits are $1,228 for a surviving spouse of a veteran, $1,911 for a veteran and $2,266 for a veteran and spouse.
Contrary to many myths, there are only a few simple qualifications:
- The veteran must have served during a time of declared war
- The veteran must have been honorably discharged
- There has to be a health issue with the veteran and/or spouse
- The veteran must require assistance with their health care
There are also generous government benefits for assisted living and nursing homes that are also available for non-veterans. These benefits will pick up nearly the entire cost of care with certain qualifications.
About Senior Solutions Consulting
Senior Solutions Consulting has helped over 1,500 families gain Veterans benefits or nursing home benefits. That is to say, they specialize in this area of planning. Senior Solutions Consulting is recognized as the leader in Central Indiana.
Work with a company that specializes in this area of planning. Don’t disqualify yourself or a loved one. Call their office today at 317-863-0213 for a complimentary consultation to see if you, your spouse or parent qualify for the benefits that have earned.
Check out these links, too:
- 5 Important Tips for Selecting a Caregiver
- Three Valuable Lessons I’ve Learned as a Personal Care Consultant
- Career Perspective – Work Life