How to Pay for Senior Care Services

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Senior care services are an essential part of a high-functioning society. Indeed, services like in-home care, assisted living, community events, and transportation help aging individuals live a purposeful, fulfilling life no matter the health or mobility level. Unfortunately, however, these services do come at a cost.

Indeed, many seniors and their families will struggle to find ways to pay for the care they need on top of already tight budgets. If you find yourself in this situation– take heart—you are not alone! In fact, nearly one-third of seniors report skipping needed medical services due to cost, and one in four older Americans don’t have money saved for medical expenses. Luckily for you, if you keep reading, you may discover a few ways to pay for the senior care services you need.

Privately Financing Care

When care needs arise, funding the necessary services is often a challenge. Many individuals use methods like turning to support networks, using some of their retirement funds, or even selling assets to help finance their senior care needs.

Turn to a Support Network

For those seeking help with medical bills, support networks like the Senior Health Insurance Assistance Program or SHIP provide access to helpful information. This program helps you navigate insurance plans and find ones in your budget that provide the benefits you need. It also connects you with counselors and medical bill assistance programs for low-income beneficiaries. There are also programs that provide free medical equipment for seniors and free health and medical care programs through grants and charitable organizations.

Use Your Retirement Funds

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Although this is not an ideal option, many seniors turn to their retirement funds to help fund their medical services. Before taking this step, you should follow a few guidelines, including:

• Meeting with your financial advisor to discuss your options
• Checking to see if you qualify for disability benefits
• Try to negotiate your bills directly with medical and care providers

If you must use a portion of your retirement account, check if you can take a loan against it before cashing out. You would have up to five years to repay it instead of simply losing your hard-earned money.

Sell Some Assets

Again, like using your retirement fund, check with your financial advisor prior to selling any asset to understand your options. They can walk you through the process and ensure you don’t sell more than necessary.

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Public Benefits

There are public benefit options available for many seniors looking to finance senior care like assisted living, preventing them from depleting their retirement funds or assets.

Income-Based Assistance

The government has a wide range of income-based benefits for seniors to help cover medical costs from routine care and beyond. To find out more about your eligibility and benefit options, visit the official United States government benefits website here online.

Veterans Benefits

As a veteran, you dedicated your life to service, and as a result, you’re guaranteed medical benefits. To find out more about what benefits you’re eligible to receive, visit the Department of Veterans Affairs official website.

Health-Status Help

The government has medical assistance benefits for those with certain health conditions. You may be eligible for care based on your health status; to find out more, head on over to the Department of Health and Human Services website to browse through health-status-related benefits that might help you pay for senior care services.

 

Suncrest Senior Living

 

This information was provided by Suncrest Senior Living. Suncrest offers memory care and assisted living care with several home-based locations in Southeast Michigan.

Interested in learning more about Suncrest Senior Living? Contact Suncrest online, or call at (248) 207-5378.