A senior couple reads the newspaper together.
A senior couple reads the newspaper together.
The Blog
At The Garden Plaza Of Florissant

How to Pay for a Senior Living Community

An adult child and her senior mother go over finances to figure out how to pay for senior care.

How to Pay for a Senior Living Community

November 26th, 2020

We love our family, so when it’s time for them to join a senior living community, we want the best for them. Once you have the right community picked out, it then becomes a question of how to pay for it. If you and your loved one have been saving for this day and have your finances in place, this may not be an issue for you. However, not everyone can be fully prepared to move their parent or family member so soon. That’s why there are a variety of sources to help with paying for senior care.

How Do You Pay for Senior Care for Your Loved One?

Below are a few of the resources that can help you pay for senior living for your loved one.

  • Medicare. Not to be confused with Medicaid, Medicare is a federal health insurance program comprising of two separate parts. Part A includes funding for skilled nursing facilities or those who are 65 and older who are eligible for Social Security or to those with disabilities who have received benefits for two years or more. Part B includes supplemental medical insurance should your loved one need additional medical care while living in a senior community.
  • Long-Term Care Insurance. If your loved one needs additional care in senior living, long-term care insurance may help to cover the extra costs. These policies are sold by private insurance companies and sometimes through employers. The cost is based on a variety of qualifiers, so be sure to do some research on a few different policies.
  • Supplemental Security Income. Supplemental Security Income (or SSI) is a monthly payment from the government for eligible individuals and may sometimes be used towards housing and care. It’s not the same as Social Security, so be sure to see if your loved one qualifies.
  • Veteran’s Benefits. If your loved one or their spouse is a US veteran, they could be eligible for the Aid & Attendance Program. If they are, they can get monthly benefits to help cover the costs of their housing and care.
  • Private Funds. Private funds are one of the most common ways to pay for the cost of senior living communities. Talk to the staff at the community about any private funding you can explore for your loved one.

Paying for Senior Care with Garden Plaza

Garden Plaza of Florissant understands how stressful it can be to worry about how your loved one will pay for senior living care. That’s why Garden Plaza does everything in our power to ease your concerns and help you through this process. We believe our community should be responsive to the long-term health care needs of every community member and should direct its resources to meet those needs, no matter what they are.

Contact our team today to see how we can help your loved one finance their move!