SENIOR LIVING GUIDE BILLINGS
T H I R D
Paying for Care
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Veterans' benefits depending on the level of disability/length and type of service VA benefits can help cover By Karen Powers, The Goodman Group some or all of care costs. Medicare Benefits and private You are at the point when staying insurance for skilled nursing care home is not an option anymore-you These are payment sources for short need care. One of the circumstances term stays. Medicare and private that seem insurmountable when it insurance have certain numbers of comes to the need to move into an days that will be 100% covered and assisted living or nursing care is how a certain number of days that will to pay for it. Amounts seem shocking require an out-of-pocket co-pay. at $2,500-$4,500 for assisted living These benefits are paid when you care and $6,000-$6,500 for nursing are receiving care, rehabilitation or care. Especially coming from a point medical treatments that are aimed at of view that your house has been paid restoring your health. Once you have for since 1982; you don’t have a lot improved, recovered as far as you are of expenses living at home with just going to, or reached the plan’s limit, yourself and maybe a spouse, and you coverage will end. At that point the have been living on just your monthly circumstances need to be reviewed, social security. are you going home or staying long Understanding now the costs of care term? Staying long term returns to and your resources, will help you and the question of paying privately or your family make the transition when needing Medicaid assistance. it is time. Medicaid benefits Resources for paying for care can be For people who do not have assets, broken down into two categories – savings accounts, investments, or private pay and subsidized monthly income that can cover care payment. costs. It is hard to embrace the idea Private Pay of upwards of $6,000 per month You pay for the monthly cost out of when you only have a limited Social your own accounts. This is the rainy Security income and do not have day that you have been saving for – retirement savings or assets. The It is time to access retirement ideas to reconcile yourself with are accounts, savings accounts, property a) you need care and can no longer equity and investments. This can be remain at home and b) in trade for an emotionally difficult transition, your limited monthly income, because after years of earning and Medicaid will pay for your nursing saving, all you see is cash flowing home or assisted living stay and out. But again, care for yourself is your medical care costs. For more on the reason for the years of saving Medicaid, see article below. and investments. Some people want Just as you still have choices when to preserve their estate for their children, but honestly most children needing more care and getting the right care, when paying for care there are still would rather you get the right care choices you can make. Choices within that you deserve. what you want to afford and what you Subsidized Payments have can afford. Size, location, atmosphere, several categories, Medicare, private environment, where you feel like you insurance, Veterans’ benefits, and will fit in and get the best quality of life Medicaid. are still your choice.
TM
You are making the right choice.
At some point, we all need help for ourselves or someone we love and we have to make the choice.
Getting the right care is the right choice. WE OFFER A CONT INUUM OF C ARE: REHABILI TATION • MEMORY C ARE LONG TERM C ARE • END OF LIFE C ARE
Billings& Rehabilitation Health Community
2115 Central Avenue Billings, Montana 59102 (406) 656-6500 www.billingshealth.com
Valley
Health Care Center 1807 24th Street West Billings, Montana 59102 (406) 656-5010 www.valleyhcc.com
INDEPENDENT • A SSISTED LIVING
Westpark Village Senior Residence 2351 Solomon Avenue Billings, Montana 59102 (406) 652-4886 www.westparksenior.com
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94 I september 2011 I MAGIC