Looking for senior living options in Washington? Call now for a FREE initial assessment!
FINANCIAL RESOURCES
ASSISTED LIVING FINANCIAL ASSISTANCE
WHO PAYS FOR ASSISTED LIVING?
SERVING SENIOR COMMUNITIES ACROSS WESTERN WASHINGTON
A lot of families cover assisted living costs with private funds, but there are many options to consider before making the final decision. Why make this choice alone and risk making a costly mistake, when you can use the valuable resources and knowledge of a professional AND it costs you nothing? We have the knowledge and resources you need and our services are completely free to you!
Below are brief explanations of the different Senior Living funding options!
VA AID & ATTENDANCE
VA Aid and Attendance benefits provide monthly payments added to the amount of a monthly VA pension for Veterans and survivors. This benefit is completely tax free and paid directly to the recipient by the Department of Treasury. This payment can be used for in-home care, board and care, assisted living communities and private pay nursing homes.
ELIGIBILITY
You or your loved one may be eligible for this benefit if you receive a VA pension and you meet at least one of these requirements;
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You need another person to help you perform daily activities, like bathing, feeding and dressing.
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You have to stay in bed -or spend a large portion of the day in bed because of illness.
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You are a patient in a nursing home due to loss of mental or physical abilities related to a disability.
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Your eyesight is limited (even with glasses or contact lenses you have only 5/200 or less in both eyes; or concentric contraction of the visual field to 5 degrees or less)
MEDICAID
Medicaid is a joint federal and state program that helps people with low income and limited assets cover health care costs. If you or your loved one qualifies financially for Medicaid (and meets the eligibility requirements) then Medicaid will help pay for various long-term care options.
ELIGIBILITY
To be eligible for Medicaid, you or your loved one must be both financially qualified and have a medical need for care. Requirements are specific to state, waiver and the age group of the individual applying. Getting in touch with one of our senior advisors will help you and your family understand the qualifications for your situation!
Advantages:
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Copay costs are generally lower for those on Medicaid.
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Medicaid guarantees some amount of financial protection, as many medical expenses are covered.
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Those who are on Medicaid are entitled to receive care via privately managed care plans. These types of plans are largely responsible for providing access to services offered through Medicaid.
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Disadvantages:
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While Medicaid is designed to serve lower-income individuals, not all low-income individuals will actually qualify for this service.
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In the event that someone on Medicaid ends up suffering an emergency, they can sometimes end up enduring lower quality treatment simply because they are on Medicaid.
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Some specific procedures can end up getting denied even after services have been rendered to an individual.
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LIFE INSURANCE CONVERSION
Another option that commonly gets overlooked is converting a life insurance policy into money that can be used for long term care. When seeking to spend-down your assets in order to qualify for Medicaid, any life insurance policy with more than $2,000 in value must be dealt with properly beforehand.
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One of the greatest benefits to converting a life insurance policy is that a long term care benefit plan allows a person to remain in "private pay" for a longer period of time.
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Our Senior Advisors can help you evaluate all of the best options for you and your aging loved one. Get started by filling out our online intake form to assess your needs today!
Advantages:
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No monthly premium payments.
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You can convert any type of life insurance plan; whole, term or universal.
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Monthly payout amounts are adjustable
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Monthly payouts do not count against a senior seeking to qualify for Medicaid benefits in the near future.
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A long term care benefit plan is comprised of private funding, which means it can be used for any type of care!
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A special fund is still set aside for future funeral expenses.
Disadvantages:
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Anyone wishing to apply for a long term benefit plan must have an immediate need, as the monthly payments are paid directly to a long term care provider (not the previous holder of the insurance policy)
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Not ideal for seniors with policies smaller than $10,000, as the value may be greater to hold on to it or do the cash surrender method.
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SALE OF A HOME / REVERSE MORTGAGE
Here at Senior Housing Specialists we are experienced in helping families and seniors navigate the complex process of selling a home and finding quality senior care, all at the same time. With many different options to choose from, the sale of a home is one of the first things that comes to mind. Another to consider is a Reverse Mortgage.
A senior who owns their home outright or has only a small mortgage can convert some of the equity in their home into cash payments while still retaining ownership. While there are different types of reverse mortgages, federally insured Home Equity Conversion Mortgages (HECMs) are the most common.
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This is a viable option for families that may need a lower level of care
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Need assistance with selling a home? Work with The Housing Specialists and receive a commission discount!
REAL ESTATE SERVICE
Our specialty is working with seniors who may be downsizing or need to sell their home when moving into senior living communities. We offer full real estate services to buyers and sellers under our sister company, The Housing Specialists.
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We offer a commission discount to seniors and families working with us for senior living options.
HEADQUARTERS
28215 112TH ST E
BUCKLEY, WA 98321
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CONTACT
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SERVICES
SENIOR LIVING PLACEMENT
IN-HOME CARE
ASSISTED LIVING REFERRALS
SENIOR REAL ESTATE
AFH PROPERTY MANAGEMENT
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