Paying for Assisted Living in Florida: A Comprehensive Guide [Miami Herald]

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Many people dream of retiring in Florida. While assisted living can be a great retirement solution, it often comes with a significant price tag, making it a potential financial burden for many. In this article, we will provide an overview of assisted living costs in Florida. Additionally, we will explore various financial assistance options available to seniors for assisted living, as well as alternative strategies to make it more affordable.

Understanding the Cost of Assisted Living in Florida

The cost of assisted living can vary greatly depending on the size and location of the community, the services and amenities they provide and the size of your living quarters. A community’s cost structure can also affect the price. Some charge a fixed, all-inclusive monthly fee, while others follow an à la carte approach, charging only for services or amenities that are used in addition to a basic fee that covers your rent. As you age and require more assistance, itemized billing may have a greater impact on your budget.

According to the 2021 Genworth Cost of Care Survey, seniors who are considering assisted living in Florida can expect to pay around $4,000 per month. This is the median cost for the state, and actual averages can vary from as little as $2,350 to around $5,300, depending on the city.

Exploring Financial Assistance Options

Now, let’s delve into some alternative options that can help alleviate the cost of assisted living or assist in covering certain provided services.

Medicaid Programs for Assisted Living

If you’re older than 65 and eligible for Medicaid, you may qualify for the Florida Statewide Medicaid Managed Care Long-Term Care Program. Medicaid covers assisted living care in some cases. You must meet certain medical and financial eligibility requirements to be considered.

Veterans Benefits for Assisted Living

If you’re a veteran, you may be eligible for VA Aid and Attendance benefits and receive a monthly payment in addition to your VA pension that can be used towards the costs of assisted living. To qualify, you must already be a VA pension recipient, and you must either need assistance with daily activities, such as bathing or eating, be bedridden, be a nursing home patient or have limited eyesight.

Social Security and Supplemental Security Income (SSI)

Your monthly Social Security check is determined by your work history and the contributions you have made to Social Security over the course of your career. It won’t cover the full cost of assisted living, but every bit helps.

If you’re disabled, blind or older than 65 and have limited income and resources, you may qualify for Supplemental Security Income. The amount you’ll receive will also not cover the total cost of assisted living, but seniors who qualify for SSI are automatically eligible for Medicaid.

Utilizing Long-Term Care Insurance

Long-term care insurance policies are private plans that can help cover some costs associated with assisted living. As with any other kind of insurance, you’ll be paying a yearly premium, and as soon as you become eligible, you may file a claim to help cover expenses. The amount you’ll be entitled to receive will depend on the type of insurance and details of the policy.

To file a claim, submit the relevant claim forms to the insurance company. Once this is complete, the company will conduct an assessment. If they conclude that you’re eligible to claim, you can start submitting care invoices on a regular basis and expect scheduled reimbursements.

Considering Personal Savings and Assets

If all else fails, you may have to tap into your retirement savings or investments to pay for long-term care, and if you’re in good health, these resources may have to last you up to 20 years or longer. It’s essential to create a budget for assisted living expenses and manage your finances in a way that will allow you to budget proportionately more for later years, as rates will go up and you may encounter health problems or need to pay for more services as you grow older.

Exploring Alternative Housing Options

Shared housing and roommate programs can make assisted living much more affordable. Sharing a companion suite with someone will save you the most money, but if you’d like your own private bedroom, it may still be cheaper to share a two-bedroom apartment rather than living alone in a studio or one-bedroom apartment.

Low-income seniors may qualify for the HUD Section 202 Supportive Housing for the Elderly Program or the Florida Section 8 Housing program. Both programs provide rental assistance, and the money may be used to help cover assisted living fees.

Seeking Assistance from Nonprofit Organizations

Many seniors who can’t afford assisted living are compelled to stay at home for as long as possible. Local senior assistance programs and non-profit organizations that provide services to help these seniors live a quality life include the Florida Community Care for the Elderly, Department of Elder Affairs, Seniors First and the Florida Area Agencies on Aging. Services include home-delivered meals, transportation, adult day health care, in-home respite care and the supply of medical equipment.

Planning Ahead for Assisted Living Costs

The earlier you start saving for future unforeseen expenses, the better. Even if you already have a retirement plan in place, you’ll never regret having access to a cash reserve. Choose a financial product that can help your savings grow and set up a regular payment schedule.

If you have any doubts about managing your savings, investments or other assets, don’t be afraid to ask for advice. A financial advisor or elder law attorney will be able to answer your questions and steer you toward future financial freedom.

The Bottom Line

Assisted living is a good long-term care option for seniors, but it can be very expensive. Life and circumstances often prevent people from planning for these expenses, and finding the money to pay for care when you need it can be quite daunting. Fortunately, the above resources and assistance programs are available to help you afford the care you need.

Rachel Lustbader is a writer and editor with a decade of experience working in and writing about health care, the last five of which she has focused on senior health and senior living. Before joining Caring.com, Rachel worked with websites including HealthCare.com, BiteSizeBio.com, MedicareGuide.com, and BetterHelp.com. She studied health science as an undergraduate at Boston University and continued her education in health communication at BU in 2019. She can be reached at [email protected].