Finding the right senior living option for yourself or someone else can be a time consuming process, which is why many people opt for the services of a referral placement agency. Once you have selected one, however, the next question for most of us has to do with payment options and financial assistance. In this blog post, we will examine some of the most common payment options.

For more in-depth information about payment options for senior living, please visit: http://www.accentonseniors.com/articles/Payment%20Options%20_2_.pdf

State and Federal Programs: These programs vary by state and have specific eligibility requirements for acceptance, usually dependent on the age, assets, and income of the person in question. Medicare, the Federal health insurance program for persons aged 65 and older who are entitled to Social Security, provides for short term nursing facility stays, but does not cover long-term custodial care. MediCal in California, is another option, although strict criteria regarding acceptance applies. A single individual can not have more than $2,000 in countable resources. If one spouse remains at home, they are entitled to the couple’s income up to a certain amount each month.

Long Term Care Insurance: This is an option for individuals who qualify for coverage and can afford the premiums, which are based on the coverage options selected and the age of the insured person. These policies can cover different care options, both partially and in full, depending, again, on the coverage options selected.

Private Funding Options: In this option, the senior or someone else on their behalf pays, financing it in some cases with the sale of the senior’s residence or other assets.

Please visit our site for more information about this and other senior living issues. www.AccentOnSeniors.com