Ways of an Elder Law Lawyers Assisted in Living Costs | Elder Law | Amsberry Law Firm

These days, assisted living rent can vary from $20,000 to $5,000 monthly. And this living rent depends on what type of care your loved one needs. When compared to a nursing home or long-term in-home care, assisted living is the most affordable solution. 

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Assisted living might be the best financial choice if closely monitored medical supervision is not necessary for your aging senior. Through this blog, you will learn how an Elder Law attorney assisted in living costs.

Medicaid assets 

One of the most popular payment strategies is to use Medicaid. Additionally, if your loved one does not have many financial assets and their income levels are low then this could the right solution for them. Medicaid differs from state to state both in name and ineligibility needs. 

While talking about Medicaid, there are strict guidelines about it. The penalties are steep, including disqualification from receiving Medicaid for a longer period if a senior is caught incorrectly spending down resources to qualify for Medicaid. 

Always aware that Medicaid helped living payments are only accepted by some communities and, Medicaid beds are commonly limited.

Supplemental security income

If your loved one or seniors have a disability and qualify for supplemental security income, which is a federally administered program. As we know, SSI is a government safety net for those needy and partially disabled by illness. 

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SSI comes under monthly payment, which is used by seniors to pay for assisted living. You can contact the appropriate local security office to qualify for SSI and deliver financial documentation. And also a doctor certificate to attest to your senior’s inability to work because of a medical disability.  

Aid and Attendance 

If your loved one is experienced, residential care could be paid for in many situations with special benefits. For disabilities and injuries, there are lots of benefits available. 

Moreover, there are also another set of benefits, which is called Aid and Attendance, made available to any surviving spouse. It is highly profitable to work with an Elder Law attorney who knows the details of the program and can assist with the application. 

Life insurance policy

A life insurance policy can pay for your loved one’s aided living. Often, seniors have a long-standing strategy that was applied to help family members upon their death, but a life insurance policy can deliver financial support now. It can still be sold to a third-party company that usually affords the same 50% to 75% face value cash out if your senior’s particular company does not allow the policy to be cashed. 

There is a question arise that your loved one has a long-term care insurance policy? It can pay for aided living care. Policies differ, but once the determination and action are taken to collect on it, those monies can be paid directly to an assisted living ability or to the beneficiary who in turn pays the facility. 

Conclusion

Lastly, if your loved one’s policy is of lesser value, it may qualify for a life settlement option known as a “life assurance” profit, or conversion program, which allows the senior to convert between 15% and 50% of the policy value nonstop into long-term care payments. For more information about assisted living rent, drop your message in the comment box. Thanks!