Paying for Assisted Living: When Siblings Split Costs, What Is Fair?
There are many options for the care of our aging parents, but most of them are costly. There was a stretch of time during my parents’ lives when Dad needed nursing home care, but Mom was getting by living independently in her apartment with my help. Since she had access to an elevator and she wore a medical alert device to call for assistance, she was generally okay. However, it was clear her needs were escalating, so we started looking at assisted living communities. The cost of different facilities varied widely.
Many families are faced with these difficult decisions. Aging parents, whether in the old family home or an apartment alone, come to a point when they are no longer safe living on their own. They need some assistance but do not require nursing home care yet. So, the search for assisted living begins.
Assisted living facilities range from small adult foster homes that care for three or four seniors to swanky retirement campuses with several options for aging in place, meaning that different levels of care can be purchased as needed. Seniors with good pensions and investment income often opt for the more opulent settings and can pay for the services. It’s wonderful to see people be able make these choices without a lot of worrying over their finances.
Unfortunately, the average aging couple relies on some savings and their meager Social Security retirement benefits to fund their care. This usually isn’t sufficient to pay for assisted living for more than a year or even a few months. Upon making this realization, families begin researching options for financial assistance and contemplating how their aging loved ones are going to afford the care they need.
Programs to Help Pay for Assisted Living Are Limited
Many people mistakenly think that Medicare will help cover these costs, but Medicare does not pay for assisted living. On the other hand, Medicaid does cover certain types of long-term care services. Specific programs vary by state, but most state Medicaid programs offer some sort of financial assistance with the costs of assisted living. However, Medicaid uses strict eligibility guidelines that also vary by state. For more information on qualifying for Medicaid, contact your local Area Agency on Aging or your state’s department of health and human services or department of social services.
Should Family Help Pay for Assisted Living?
The reality is that when it comes to assisted living, most families pay out of pocket. If the adult children have the resources, they will often contribute to their parents’ care if Mom and Dad don’t have sufficient funds. This, of course, can cause issues within the family, especially…
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