Whether its for a loved one or yourself, finding the right senior living option can be tricky.
First, theres the issue of care.
Youll want to check the services and amenities offered at each place, along with the staffing.
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Location may be a consideration, as well, especially if your goal is to have loved ones nearby.
But one of the trickiest factors is cost.
Senior living can be expensive, especially if more advanced care is needed.
Although medical insurance typically doesnt pay for senior care, we have some options to explore.
But before you roll digging into your piggy bank, there might be some ways to cut those costs.
The first place to check is any insurance plans that might apply.
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Enough small talk.Here are some waysto earn extra cash, without all of the social stuff.
Does Insurance Pay for Senior Care?
As youre researching insurance, it can be easy to assume it doesnt pay for senior living.
But dont stop researching when you get the first no.
Depending on your situation, there may be some options that will help you with your senior care costs.
Here are some routes to investigate to help offset the cost of long-term care.
Medicare
Medicare covershealthcare costsfor those aged 65 and older.
Unfortunately, Medicare and Medicare supplements dont cover long-term care insurance.
Medicaid
Medicaidis a state-administered program that helps with healthcare expenses for eligible residents.
Consulting with a financial advisor or elder care specialist can provide clarity and guidance in navigating these options.
Veterans Benefits
Military veterans should look intolong-term care benefitsthrough the Veterans Administration.
But this option could provide substantial savings.
The VA offers 24/7 nursing care, physical therapy, help with daily activities and even support for caregivers.
Thats whylong-term care insuranceexists.
Tribal Long-Term Care Assistance
Loverde names one more option for those who qualify.
Seniors in tribal communities can be taken care of through tribally run nursing homes.
A list of those facilitiesis available here.
Stephanie Faris is a professional finance writer with more than a decade of experience.
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