Care Funding

 

There are many different situations and conditions which may bring about the need for different levels of senior care. Not every family has the same capabilities for paying for the care that a loved one may be in need of.

We want to make it easy for you and your family to be informed and able to determine what your options are, which options will be best for you, and ho to begin the process of implementing those to get the best result, quickly.

Chances are there will be paperwork and forms that need to be filled out in order to get the assistance that you qualify for. You do not have time to waste, so we want to help make the process as painless as possible, and help you get started in the right direction immediately.

Some of your Care Funding options are:

Please contact your Assisted Living Services Of Florida advisor immediately to get FREE dedicated help for you and your loved one to get established in the most timely and efficient manner.

Private Financing

 

Care funding for continuing senior care like assisted living, independent living, and CCRCs can be somewhat costly. A lot of times this care is financed utilizing private funds. Unfortunately there is no federal programming except Medicaid (in some states) that will assist with the financial requirements.

There are options available to finance care with monthly payments that will help make the costs more manageable. Sometimes there may be a gap between what is affordable with current levels of incomes and assets, and this kind of financing can help bridge it.

This can be especially helpful during the times where properties are being sold, or where benefits have been applied for but have not begun. Financing options can be extremely flexible in the sense that loans can be unsecured, and the responsibility of payment spread across multiple family members.

Please contact your Assisted Living Services Of Florida advisor immediately to get FREE dedicated help for you and your loved one to get established in the most timely and efficient manner.

 

Veterans Benefits

 

If you or a loved one is a U.S veterans or the surviving spouse of a veteran, you may qualify for assisted living assistance sometimes called “Aid and Attendance” through the VA.

Veterans Benefits Qualification Criteria

  • Honourable Discharge From Active Duty
  • Age 65 or Disabled
  • Served At Least One Day During War Or Qualified Conflict
  • Income And Assets Must Be Re Arranged To Meet Veterans Guidelines
  • Medical Expenses Must Be Greater Than Or Equal To Income

Qualified Conflicts
  • World War II (12/7/1941 To 11/1946)
  • Korean War (6/27/1950 To 1/31/1955)
  • Vietnam (8/5/1964 To 5/7/1975)
  • Gulf And Other Recent Wars (9/2/1990 To Present)

Assisted Living Services Of Florida utilizes the Veterans Guidelines and Handbook that gives us a step by step procedure to qualify the veteran or spouse of a deceased veteran for aid and attendance benefits.  For the individual the paperwork may be overwhelming.

 Assistance Is Free Of Charge By Law

 

We will provide all the necessary assistance and prepare the paperwork for you and with you absolutely free of charge.

Once the paperwork is submitted it will take a few months for approval and then you will receive the benefits monthly and retroactively for the wait time.  For example if it took 3 months and you qualify for $1,600 per month tax free you will receive $4,800 to begin.

If you have substantial assets do not worry we have you covered. Our veterans and investments experts have developed a strategy that is guaranteed to help you qualify for benefits. Our strategies will enable you to receive your tax free income benefits while keeping you protected, and in control at the same time.

Please contact your Assisted Living Services Of Florida advisor immediately to get FREE dedicated help for you and your loved one to get established in the most timely and efficient manner.

Other care funding options.

 

Medicaid Assistance

 

One Florida government care funding supplement available to lower income situations is Medicaid.

There are facilities in the State of Florida that participate in the Assisted Living for the Elderly (ALE) Medicaid Waiver program. This waiver addresses three areas of needs including case management, assisted living, and (where needed) incontinence supplies, and will provide assistance of a daily rate up to $32.20 for assisted living, and a monthly rate of $125.00 for incontinence supplies.

An individual must be wither 65 or older, or of the ages 60 – 64 and by Social Security standards determined to be disabled.

The individual must also require one or more of the following:

  • Need assistance with at least four activities of daily living (ADLs);
  • Need assistance with three ADLs and also need supervision or administration of medication;
  • Need absolute help a least one or more ADLs;
  • Have been diagnosed with Alzheimer’s disease or a similar type of dementia and need help with at least two or more ADLs;
  • Have been diagnosed with degenerative or chronic medical condition needing nursing services that are unavailable in a standard ALF, but are provided in an ALF licensed for limited nursing or extended congregate care; or
  • Be a Medicaid-eligible recipient who meets the ALF residency criteria; is waiting to be discharged from a nursing facility; and cannot return to a private residence due to requirement of supervision, personal care, periodic nursing services, or a combination of the three.

For more information visit this Florida Medicaid resource.

ADLs:

  1. Ability To Move Around
  2. Efficiency In The Bathroom
  3. Ability To Bathe and Dress
  4. Efficiency Of Housekeeping
  5. Ability to Cook And Feed
  6. Ability To Manage Medications
  7. Behavioral Condition
  8. Condition Mentally

Please contact your Assisted Living Services Of Florida advisor immediately to get FREE dedicated help for you and your loved one to get established in the most timely and efficient manner.

Medicare Assistance


Medicare insurance basics

For a complete understanding of Medicare insurance see the booklet guide to Medicare.

When you near your 65th birthday you will be eligible for Medicare  insurance.  3 months prior to your 65th birth month, during your birth month, including three months after your birth month you will be eligible for Medicare insurance.  Most people apply for Medicare A and B before their birth month. For insurance you will have the choice of Medicare advantage or Medicare supplement.

Medicare advantage is a plan where you pay no premium and prescriptions are included in the plan.  The cost of Medicare part B can be taken from your social security check, or you can pay the cost of $99.90 per month in 2012.

 If you continue working after age 65 and do not have insurance through work, or choose Medicare insurance over your work plan, you must pay the part B cost out of pocket.  Medicare Advantage is most often in an HMO provider format, you must obtain services in your area, and you are not covered outside the service area except for an emergency and urgent care.

Medicare supplement is a premium for coverage like traditional medical insurance covers any doctor nation wide, and covers for foreign travel depending on the plan you choose.  Plan F is the most comprehensive coverage.  Medicare supplements do not include prescription drugs.  You can get prescriptions through several providers, or ‘shop it’ with companies like Walmart, Walgreens, etc.

We are licensed for Medicare advantage with AARP united health care because we believe it is the most comprehensive plan of all the plans available and there is no premium charge to you.

Medicare Supplements

 

For Medicare supplements, you will be assisted by a financial advisor licensed with United Health Care, United American, and Mutual of Omaha.  Medicare supplements for men with Plan F should cost around $243.50/ month in Palm Beach County.  For women a cost of around $229/month, and a high deductible f for $74/month is a good marker, and Medicare part D prescriptions with a basic cost of $40/ month. Finding a plan that covers the doughnut hole for $80/ month may be helpful as well.

Long term care insurance is very much an important additional component.  You need to find the most attractive package with the best contract and the lowest cost.  Something like $200/ day with a 90 day wait and a 2 year benefit as low as $139/ month.

Deciding What To Do

Call to discuss your options and establish a financial plan today. There is no reason to wait, it’s at no cost to you or your loved one. Connect with your Assisted Living Services Of Florida advisor today, call 1-800-758-5822.

Long Term Care Health Insurance

 

Most people will require long term care in their lifetime.

The challenge is when and how  to get long term care insurance, and what is the best plan and the best way to pay for it.

Of course those decisions are unique to each individual and their financial situation.

Not every care funding option is applicable.

Long Term Care Health Insurance Options

  • Premium For Coverage:  As it sounds, you pay a premium for a daily benefit amount, have a waiting period before benefits are paid, and have the benefit for a specified time …usually 2 years to lifetime.
  • Suggested Length Of Benefit: The average length of time for a stay in a long term care facility is 2.7 years.  For this reason a 3 year or 4 year benefit period is recommended with the most important rider (extra for additional premium/cost) called ‘Restoration of Benefits’.
  • Restoration Of Benefits rider means that if you go into a long term care facility/nursing home and then recover and go home, your full ‘pool’ of money is restored.  Another feature to consider is Inflation Protection.
  • Inflation Protection increases your daily benefit (5% compound is ideal), while your premium remains fixed (unless all people covered receive a cost increase).

Protect Your Long Term Care Investment

Asset Based Protection:  This is the best route if you never need long term care, because you haven’t wasted any money and the asset passes to your heirs like your other investments.

There are currently two investments to accomplish this strategy.
  • Annuity Based
  • Life Insurance Based

The choice best for you depends on your financial objectives and strength of your portfolio situation.

  • Annuity Based Strategy: This strategy involves transferring a lump sum of money to an annuity from a CD, Savings, or other investment portfolio, to obtain the daily benefit ($200 per day currently in 2012) needed based on your age and the length of time you want your benefit (3 or 4 years).
  • Life Insurance Strategy:  With this strategy you can pay annually, for 10 or 20 years, or in a lump sum.  In addition to payment flexibility, the benefit that passes to the heirs is income tax free and can cover both spouses for the same amount of premium/cost.  Unique about this strategy is it can convert a fully taxable IRA to a tax free asset for the heirs, although taxes must still be paid on required minimum distributions.  In our opinion this is the very best way to erase the lump sum income tax due at death to the person who has the amount of money required to fund the plan and still pay their bills and retain their lifestyle.

Please contact your Assisted Living Services Of Florida advisor immediately to get FREE dedicated help for you and your loved one to get established in the most timely and efficient manner.

Low Income Solutions

 

Having few choices can be very difficult, especially when the situation pertains to the health and well being of a loved one.

It can sometimes be a disheartening and discouraging process to explain there are minimal care funding solutions available.

We don’t stop answering our phone when there are only a few options.

The availability, style, and level of senior housing is based upon the amount of money available to fund the care.

Running out of options …

Funding can come in many forms, but when you run out of options and hit the wall, there are only a few things left to do.

There are smaller facilities and houses that provide assisted living and senior living care services.

These tend to be a little more affordable, however most still require typically about $1000 a month for rent. (If you would like to see some of these in your area call 1-800-758-5822)

Most of these include everything so barely making the $1000 mark will provide ample attention and care for your parents.

It can be more risky that comes with some of the smaller and more private facilities. You will want to make sure you search with someone who is reputable and trustworthy.

Now that the disclaimer is out,  there are also plenty of loving and caring individuals who are in the business for the right reasons, who have opened their homes to 5 -8 individuals.

We will do everything we can to locate a facility that will provide the care you need. Call us today!