Are you a senior citizen thinking about the engaging activities, care, and connection that you’ll get when you live in an assisted living facility? Perhaps you’re thinking about it regarding an aging loved one. The biggest question in your mind is likely “Can I afford it?” Let’s look at the options available to you.
Payment Options for Assisted Living
Most families prefer to use private funds to pay for
assisted living in Pittsburgh, PA, for their loved ones. Retirement accounts, pensions, personal savings, or even a combination of all of these are very common. There are also public health insurance policies like Medicaid that come in handy.
Below are the most common payment options for senior living facilities in Pittsburgh, PA:
- Public Health Insurance: Medicaid has both community- and home-based service waivers that enable seniors to afford assisted living care besides a nursing home.
- Private Health Insurance: There are many private health insurance policies that cover long-term care. Be sure to consult your insurance provider to understand.
- Private Financing: Personal financing includes personal savings, pension payments, and income. We’ve even seen many instances where families contribute as a group for their loved ones in our assisted living facilities.
- Veteran Benefits: Veterans have unique benefits with different requirements. They may have to do separate applications. For example, there is a Basic Pension, a VA Survivors Pension, and Aid and Attendance. There are also VA health insurance and disability compensation. All of them can be used to pay for assisted living care.
- Assets: You can use assets such as life insurance policies, retirement accounts, and home equity, among others, to cover the cost of assisted living.
