How to Pay for Assisted Living
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- Опубліковано 6 лип 2024
- Ryan Molloy, Managing Editor for #TheSeniorList.com talks with Co-founder Amie Clark about paying for #assistedliving. Ryan and Amie cover a range of topics surrounding assisted living, the rising costs of assisted living, and what state, federal, and private programs pay for this type of #senior housing.
Timestamps:
0:00 Ryan Molloy and Amie Clark introduction
0:20 What is assisted living?
1:12 How much does assisted living cost?
2:01 How much does assisted living cost for couples?
4:36 Why have assisted living costs increased over 70% since 2004?
7:26 Does Medicare cover assisted living?
7:53 Does Medicaid cover assisted living?
8:22 Does the VA pay for assisted living?
9:15 Is assisted living tax deductible? (The short answer is yes)
11:00 How do most people pay for assisted living?
11:57 What happens if you run out of money in assisted living?
12:43 What are some tips for affording assisted living?
13:46 If someone is concerned about running out of money, make sure to understand if a community has a Medicaid contract.
15:11 Smaller units are more affordable than larger ones in assisted living.
15:57 Apartment sharing may be a good solution to lowering the cost of the room.
16:23 Make sure you understand the fees associated with move-in - these may be negotiable.
17:44 If you already living in assisted living, make sure to pay attention to the monthly bill, stay in communication with upper management about any financial concerns.
Assisted living is a form of senior housing that allows older adults to be as independent as possible while receiving supportive services. In assisted living, residents can expect to have their own apartment setting, studio, one-bedroom, or two bedrooms. People who live in assisted living are generally active and enjoy communal activities such as dining and socializing.
In 2020, the median cost of assisted living in the US was $4300 per month. Depending on your location, costs can range from $3500 to $7000 per month.
The cost of assisted living is a combination of room and board (which will vary based on the size and location of the apartment), care needs of the resident and the services required to meet those needs, and in some cases additional amenities offered.
How much does assisted living cost for a couple? It really depends on the assisted living facility and how they calculate charges. Starting with room and board, then additional services each spouse needs. Each person will have their own plan of care and will be charged individually. From Amie's experience, you can expect a two-bedroom apartment to cost anywhere from $4000 to $6000 just for the room.
According to Genworth’s Cost of Care Survey, assisted living costs have increased over 70% since 2004. This can be attributed to caregiving shortages, higher acuity of the residents, and increased numbers of people with Alzheimer’s and dementia. In 2020, costs also rose specifically due to COVID- with PPE costs, regulatory changes, and supply and demand issues.
Medicare does not cover assisted living. Medicaid does cover assisted living. The VA may cover some of the costs of assisted living through the Aid and Attendance program.
Some or all of the costs of assisted living may be tax-deductible as a medical expense. Medical expenses, including some long-term care expenses, are deductible if the expenses are more than 7.5 percent of your adjusted gross income.
Most people pay for assisted living out of pocket with their own money unless they simply do not have the resources to do so. In that case, Medicaid would pay. If people have invested in a long-term care insurance policy, then their policy will pay based on their specific policy.
Learn more on our website: www.theseniorlist.com
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Amazing information. Thank you for this. It's shocking how much it cost to take care of loved ones in long term care. It so important to prepare when your younger and have the financial means to take care of yourself when you are older.
I knew a guy who purchased "long term care insurance" - very expensive - - when he tried to use it, turned out there was a clause in the contract that said if the policy holder could bathe them selves, the policy would not pay - he never got a dime out of all the premiums he paid.
If one can qualify, getting into a government subsidized low income apartment with home health care is far cheaper than "assisted living".
In Kansas, I don't think Medicaid pays for assisted living, I guess it varies state to state.
Yes, depending on the circumstances, we've seen many people receive round-the-clock care at home for much cheaper.
Excellent information. Thank you so much.
Most helpful and on topic info almost at end of presentation.
I'm an administrator of an assisted living in PA and our most expensive room is $4000.
Excellent information.
Thanks for the video.
I bought long term insurance 20 years ago. Buy it when your healthy. It’s an insurance policy that grows. Very necessary unless you want the state to take care of you 3 hours a day few days a week. Not good if you have dementia.
It's only good for a couple of years and then the insurance runs out.
"Assisted living" can have several meanings.
National Aide Veterans and Families (NAVF) to see the dates of veterans of War and help for their spouses too. They can help you fill out paperwork because if you get one thing wrong, you can be rejected and veterans and their spouses think they do not qualify for the help they are due and available for them. Non profit help. They understand the separate veterans dept to call as the different departments do not talk between theirselves when you call Va for help. Thank you Veterans!
Thank you so much. Where are you located?
thanks for the info, i guess most of us will die in the streets
I believe in order to qualify for a medical expense tax deduction, you must need assistance (hands-on or stand-by) with two or more activities of daily living. At that point, you are considered disabled and qualify for the medical expense deduction. Not all residents of assisted living facilities need help with two or more ADLs. That's my interpretation of the rules.
Very expensive😩
We need federal regulations over ALF programs across the nation...too much potential for aggressive exploitation of our seniors. For example, senior requests services and the ALF claims staffing shortages and months go by while not having the expected program supports in place ...maybe true, but seniors consider ALF programs expecting the services to be available, as needed...too much subjective oversight where greed can run wild!
Who pays for them to stay? Is it out of there pocket or do there state pay? Or do u bill there insurance
in pa if you have medicare and medicade - you pay and when your personal money is gone medicade takes over! not all facilities will do this though
My mom pays for memory care $6400/mo for assisted living. Ridiculous because my mom really doesn't have the money! We had to sell her house and use that for a few years to pay for it. She has Medicare and Medicaid and neither pays one penny!! Unless it's a low horrible care nursing home.
That's how we get screwed in the USA.
@@karlabritfeld7104
How sad that the system is set up to strip away everything people worked for all their lives.
Who can afford this and what did they do for a living? What investments did they make?
Few can afford it which is why medical bankruptcies are so high in the US. But this is only a problem if you choose to stay in the US. There are many very nice countries where rent, in home care and medical assistance is very reasonable. A person just has to be willing to research and think outside the box. $1500/mo will get a person a decent apartment in the Philippines with a live-in housekeeper and all other needs.
Problem is security issues to live abroad when you are at the old age. House keeper may rob or do something to you.
Medcair does not pay but social security income can be used to pay part of the bill
First the person would liquidate and use retirement savings, sell their house as well to use towards payment, also they'd use social security and pension income. After that is depleted, some facilities participate with medicaid and then medicaid takes over.
@@thompsonnguyen1870happens in the USA even more
I'm a CFP specializing LTC and Medicaid....Medicaid WILL NIOT pay for assisted living in CT. Not tax-deductible! Not room and board!
Thank you. Need all the information available.
Actually correction: The custodial care can be tax-deductible over 7.5% of AGI.@@Jean-ni6of
She completely leaves out the #1 reason for a 70% increase since 2004 which is venture capitalism that allows unregulated entities to buy up everything in the market, creating monopolies in pockets of the country that charge pretty much whatever they want with zero competition, even from the state.
Seriously?!? Not in my area. I pay $11,590.00 a month. It’s a disgrace.
Well yeah...if you choose to stay in that area. But that's your choice, no one is forcing you. In the Philippines a budget of $1500/mo will cover all needs including a decent apartment and live-in housekeeper. Even $1000/mo is doable. A fully trained Registered Nurse there makes about $350/mo USD so even a live-in nurse is doable by many Americans.
But if you enjoy being able to complain about paying nearly $12k/mo then you've found your dream location.
THat's more than a disgrace. It's robbery!!!!!!
You pay almost 12 grand for assisted living a month you said? That is a shame!!
Why not cruise around the world for $3000 a month? Doctor on board. Meals included.
Dang
If you are a homeowner and don't want to go into Assistant Living or a Nursing Home, consider a Reverse Mortgage in order to pay for home care. In most cases you are better off in your own home, if possible. I know because I have been through this with several family members whom I helped take care of in their final years. Many of the Assistant Living Homes and Nursing Homes in this country are an absolute disgrace! I would to see the Federal Government take over the funding and operation of these homes. In today's world it is all about the young people. They seem to forget about the older generation who worked most of their lives and paid plenty of taxes during their lifetime and deserve much better from society.
sometimes it's good but in the case of my brother fees rack up - so he was behind in taxes and they sold his house bc the company was going to take it!
@@terridalessandro3412that was stupid wasn't it?
This is false information. Medicaid does not pay for an ALF; it only pays for the medical component of it. It doesn't pay for the base fees or room and board, which is of course the most expensive component.
Some states offer Medicaid Managed Care programs that pay for assisted living. It’s important to do your homework to find out what’s available. Also check your state for waivers which can help pay. I know this because it’s my job. I research this exact topic for my clients.
@@USAgeriatricservices Leave us your phone number. It's your job.
@@USAgeriatricservices
L 2:02
This doesn’t really tell you how to pay for assisted-living! Other than be sure you have the money saved! Very misleading although maybe two pointers that could be helpful if you could afford it in the first place.
To expensive who can afford these prices?
Only rich people!! Why don't they hire their own nursing help and live in their home???
@@carolvondembowski5061 it's hard to find someone to trust and be there 24/7. That's EXPENSIVE! Believe me I know. My mom was diagnosed with early Alzheimer's. She need 24/7 care. They wander!!
are yall pet friendly
Yes, we love cats, dogs, birds, and everything in between!
No these places are not.
I can't believe i have over $400 taken out of my check every month for this shit.