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Author Topic: Types of Payment Options for Senior Housing  (Read 250 times)
Harmony Rehab
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« on: December 18, 2009, 04:43:08 AM »

There are various ways of paying for senior housing and long-term care; some of the most frequently accessed sources are summarized here.

  • Private Funds
  • Senior Living Line of Credit
  • Medicaid
  • Medicare
  • Long-Term Care Insurance
  • Supplemental Security Income (SSI)
  • Veteran's Benefits - Aid and Attendance
  • Life Settlements
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veenes2010
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« Reply #1 on: May 24, 2010, 01:46:14 AM »

Recently we see more active senior communities, apartments and complexes for the elderly, offering medical care components, "infilling" in older neighborhoods.  Opportunities to move to nearby metro or suburban located senior communities offers the chance to right-size lifestyle without giving up proximity to friends and the familiar.

As seniors remain in their homes until they are in their late 70's or 80's, when they do relocate, they want to stay close totheir home of many years. Long distance moves occur when seniorswant to be closer to adult children, siblings, or other close relatives, or go back to where they grew up or once lived.
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Cindy123
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« Reply #2 on: August 09, 2010, 11:33:57 AM »

Consider "lifecare" or "continuing care" retirement communities. You pay an entry fee up front and then your monthly fees are established. Some of these communities don't charge additional monthly fees even if you move to assisted living or a nursing home. Some have adjustments to the monthly charge if you move to a higher level of care. The benefit is in knowing where you'll live at each stage (often on the same campus and sometimes even in the same building) and what costs you can expect to be responsible for. The most complete version of one of these CCRC's (continuing care retirement community) is a monthly fee that never changes, other than to adjust annually for a cost of living increase or some other metric.

These are things families have to plan for. I agree -- no more entitlement programs, please!
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