All Independent, Assisted Living and Memory Care communities are private pay. Medicare does not pay for long term care, and only occasionally will Medi-Cal.
Besides retirement income such as pensions, IRAs, 401ks, social security, dividends and interest from investments, the options are:
Long Term Care Insurance. These policies, which pay about $100 – 300 per day, should be purchased in our 50’s or 60’s. After that they become very expensive. Fortunately, some life insurance policies also include a feature to convert from “life” to long-term care benefits.
Home Equity. Many people who own a home with a significant equity choose to sell or rent the house. If sold, the equity can be invested to produce more dividends, interest and income. Choosing to rent the house is a very viable option as well, and the rental income can contribute to the costs of senior living. One should decide and plan carefully about being a landlord, however!
Reverse Mortgages are also available but you must live in the home to qualify for one. It is a worthy option, though, if only one person of a couple needs to move to assisted living or memory care and the other lives at home.
VA Aid and Attendance. This pension program can augment one’s monthly income by $1,318 -3,261 per month. One must qualify by having served in the military during wartime. See my blog entitled, “Veterans’ Benefits from Veterans Affairs” for specific information.
I can refer you to financial planners, Long Term Care insurance providers, rental property managers, Aid and Attendance counselors, and reverse mortgage providers.
ALWAYS feel free to call Millie at 415-987-8636!