Every senior living community, assisted living facility or retirement center has a resident with a life story. And it is that story that ultimately will serve as the foundation to help you find the very care that matches your spiritual, emotional, and physical values.
If you’re looking or considering moving someone you love to a senior assisted living community or retirement center serving St. Louis, you want to know more about the physical and emotional care quality as well as the living costs.
And whether the senior living community center is for yourself or a loved one, it will certainly be one of the most decisions you’ll make. That’s why it’s important you understand many specifics, including the costs of a senior living community.
Senior Living Community
It’s vital to understand what assisted living is and how finding the right senior living community for yourself or a loved one requires understanding the services and costs associated with each.
There’s little doubt that whether it’s for yourself or a loved one moving to a retirement community offers many advantages.
The advantages include a strong connection to other seniors and activities and amenities that all residents enjoy.
But it is the quality of life that’s impacted most when you provide esteemed and reputable medical care and experiences within a senior living community.
Criteria for Memory Care and How Do You Know You Need It?
Are you noticing that you or a loved one…..
- Has started to show changes in behavior or appears confused and disoriented a lot of the time?
- Perhaps physical health issues are beginning to occur one after the other, or you’re noticing incontinence?
- An overall lack of interest in things that used to be interesting or enjoyable to someone?
Those are some top signs that may indicate you need to consider memory care or assisted living.
If you have a loved one in an assisted living facility, there are times you can mix memory or even respite care if needed.
What To Look For in Senior Living Communities
To find the best retirement community for your needs, look for measurable things by reviewing a retirement center’s resident’s quality of life as a whole.
Often you will divide the options or quality of life characteristics with:
- Health status of the seniors
- Social involvement levels
- Facility reputation and characteristics
- Demographic characteristics and location
- Memory care when needed
- Short or long-term respite care when required
Is retirement living or assisted living, or memory care more suited for you or your loved one? The social climate is also viewed as a key component that’s important to understand and note when seeking the right senior living community.
What Does a Senior Living Community Cost?
Does Medicare cover memory care or any of the assisted living expenses? What other ways are there to pay for senior living communities or assisted living facilities?
Some of the top ways to financially support assisted living are listed below.
1. Medicaid, Medicare, or Medicare Advantage
Medicare Advantage won’t pay room and board in an assisted living, but sometimes they pay for some services.
Medicaid and Medicare programs will pay for some home and community-based services. However, Medicare won’t pay for most assisted living.
There are times Medicaid might pay, but the costs range anywhere between $2,000 – $6,000 a month.
2. Elderly Waiver, Personal Care or Optional State Supplement (OSS)
The elderly waiver will help pay anywhere between $771 – $2313 per month for living community-based services for age 65+.
To receive this waiver, the 65+ senior will want to stay in the senior living community but needs medical assistance that rises to the level of nursing home medical care.
In Missouri, personal assistance care is available under the Medicaid state plan as an optional state supplementation (OSS) benefit.
3. Home and Community-Based Services
Most assisted living facilities aren’t broken down by federal health care laws or regulations. However, most states offer residential long-term care financing options for senior living community care.
The long-term care financing options help meet individualized resident care and the assisted living facility’s long-term costs.
4. Veteran’s Programs
The VA often contracts with Community Centers or Assisted Living to provide the care its veteran’s needs.
Payments for community centers come from the VA Health Care, and sometimes the assisted living facility resident will have to pay out of pocket for whatever their co-pay is.
However, the VA also has TRICARE and CHAMPCA that pay short-term resident co-pays.
- Single veterans can get up to about $1,880 per month for assisted living.
- Married couples can get upwards of $2,200 for memory or respite care.
5. HELOCS and Reverse Mortgages
When seniors don’t have a lot of income or savings but need long-term care or assisted living, a home equity line of credit called a HELOC loan might be a good option.
It’s a lot like a very low-interest credit card and can be used with flexibility and ease for any respite or assisted living community. Consider a reserve mortgage to fund assisted living through monthly payments, line of credits, modified combinations, or even one lump-sum payment.
6. Long Term Care Insurance
Long-term care insurance is a safety net for seniors that helps in almost any situation where you need to pay for the care you must have. Whether it is an assisted living facility or nursing home, you can pay the expenses for the care services you need.
Most of the time, long-term care insurance will pay for rehabilitation, skilled health care, individualized assisted living care, and sometimes even daily activities.
Senior Living Facilities and Active Senior Communities
Almost every assisted living or retirement community will have short-term rehab, respite, and memory care available or arrange the services depending on your need. Some even have skilled nursing care.
There are also many other funding sources available for assisted living, life insurance benefits, and conversions to assisted living loans.
Finding a quality retirement community with a stellar reputation and excellent care standards is a good place to start.
Cape Albeon offers picturesque living in a highly respected, not-for-profit retirement community founded in 1961.
We have loved and provided seniors with the best in health, medical, and compassion since our inception. We look forward to meeting you!