Supported payment options can depend of the type of facility.
Aging parents are often faced with tough decisions on care options, how much they can afford and how they’re going to pay for the services.
Supported payment options often depends on the type of facility offering the services. Be sure to ask about payment options the facility you’re interested in care form. Aging parents can oftern cover the cost of assisted living by a combination of the following:
- Personal or family money – assets like stocks and savings, plus income from a job or investments.
- Pensions and Social Security retirement benefits — the primary income source for many seniors that can cover rent or mortgage payments.
- Supplemental Security Income (SSI) – monthly public assistance checks for seniors and the disabled who have very limited income and assets.
- Reverse mortgage – can be an income source to pay for services to keep a senior in their own home, or to pay for nursing home care of a very ill spouse, or even pay for long-term care insurance.
- Long-term-care insurance – sometimes pays only for nursing home care, but some policies cover an array of services in a private home or in an assisted living type of facility.
- Medicaid (called Medical in California) – for people who have very limited assets and income, this coverage acts as health insurance for costs of hospitalization, rehab and medicine; also covers some custodial care and long-term care in a nursing home.