Our sunshine state is a popular destination for many retirees across America. With more than 3.5 million residents being 65 and older —close to 20% of our entire population—, it’s clear senior citizens love to move here and find comfort in our sandy beaches, relaxed pace, and weather conditions. In this post-COVID-19 era, as seniors —in many cases accompanied by younger relatives— continue to look for assisted living facilities across Florida, we received several inquiries asking if federal health insurance programs such as Medicare and Medicaid are being accepted in private-pay senior living facilities. As experts and carers in the topic, ALF for Sale is sharing the developments in this matter.
Is Medicare Accepted in Private-Pay Senior Living Facilities?
Since the breakout of COVID-19, healthcare costs have been rising, hitting more severely the most vulnerable population susceptible to the virus, senior citizens.
On average, an assisted living facility charges $43,000-$48,000 annually, excluding additional nursing services and medical care. When assisted living is mandatory instead of an option, and caregivers are lacking the financial resources to pay, seeking aid in federal health insurance programs seems like a very natural course to follow. However, systematically both connections aren’t bridged. Hence, ALF for Sale wants to help you understand what differentiates them and what type of coverage you can expect.
Here’s What Medicare Can Do for You
Medicare is eligible for citizens aged 65 and older. The program only offers coverage for short-term medical stays, which excludes any sort of assisted living, long-term nursing care, and retirement living.
Medicare is suitable for covering hospital emergencies, preventative services, long-term diseases, transplants, and other forms of medical interventions.
Is Medicaid an Option?
Unlike Medicare, Medicaid is not exclusive to seniors but eligible for low-income and disabled citizens with little to no possessions. If a senior qualifies for the program —which might very well happen—, it can cover assisted living services such as nursing, medication, medical examination, and management.
What Other Options Do I Have?
- Try other state programs: The Optional State Supplement (OSS), Home Care for the Elderly (HCE).
- Collecting funds from several members of the family.
- Buying a long-term care insurance policy with custodial care coverage.
- Taking a home loan.
- Finding affordable assisted care.
Why Is a Clearer Connection Needed?
A willingness to encourage functional legislations that enable a resourceful connection between private-pay assisted living facilities and federal health insurance programs is being led by advocacy groups.
A similar effort has taken action to make relief funding available in assisted living centers. While providers have granted access to support relief funds started during COVID-19, the allocation is significantly smaller when compared to other health care areas.
Dreaming of finding an assisted senior living community to spend your later years? Contact ALF for Sale in Florida today! As assisted living experts, we can provide all the answers you may need in terms of accommodation availability, pricing, paperwork, codes and regulations, and so much more. Planning your future starts now!