The Sanctuary of Geneva

As assisted living facilities become more widely accepted as an alternative to nursing home placement, more financial options for payment of assisted living rent are becoming available and known about.  Here are some typical payment options.

• Private Pay.  Most assisted living rent continues to be paid with private funds.  Typically, residents use their social security and pension incomes for rent, and supplement with their savings and proceeds from the sale of their home.

• Long Term Care Insurance.  More and more residents of assisted living facilities have long term care policies.  These policies generally have a daily rate of reimbursement for assisted living stays, which generally, combined with the resident's social security and pension income, is sufficient to cover the entire month's rent.  Many younger people, especially those with parents in assisted living or nursing home facilities, are buying these policies as part of their future financial planning.
  

• Veteran's Administration.  The Veteran's administration has a program available for veterans and their spouses, which assists in the payment of assisted living and nursing facilities.  The program is called the Aid and Attendance Program.  More information can be found at www.veteranaid.org/program.php

• Assisted Living Waiver Program.  The state of Ohio offers a program through the state's Medicaid program to assist a limited number of Ohio residents reside in an assisted living instead of a nursing home.  More information can be found at www.aaa11.org/assistedliving.asp
  

Contact us for more information

mschroeder@sanctuaryofgeneva.com