Families considering sending their loved ones to The Gables at Spring Lake Assisted Living have several options available for paying for assisted living expenses in Shreveport, LA. Understanding payment methods is a crucial part of the planning process and allows you to be better prepared for your parents or spouse’s future in our community. There are multiple ways to manage assisted living expenses, from Medicare coverage for medical services to private insurance benefits, VA assistance programs, and personal payment plans.
Understanding Assisted Living Expenses in Shreveport, LA
Does Medicare Cover Assisted Living Expenses?
Depending on the type of Medicare plan you’re enrolled in, Medicare coverage for assisted living has specific limitations that families must understand. Learn more about the available coverage options for Medicare:
- Coverage – Medicare covers part of or all the medical services your loved one receives while living in our living facility, including doctor visits, outpatient services, medical equipment, and some preventive services. Residents enrolled in Medicare Part D will also receive coverage for certain prescription drugs.
- Not Covered – Medicare will not cover non-medical expenses, including room and board.
Does Insurance Cover Assisted Living Expenses?
Private insurance coverage types and amounts vary significantly between policies and providers. At The Gables at Spring Lake Assisted Living, we accept many different types of insurance. Most private insurance plans cover medical services, but not room and board expenses. However, long-term care insurance is specifically designed for senior care needs, including living expenses that other insurance policies typically won’t cover.
Checking with your insurance provider is essential because coverage details change frequently. When contacting your insurance company, ask specific questions about what assisted living services are covered and any waiting periods that apply.
Does VA Insurance Cover Assisted Living Expenses?
Seniors who served our country and were honorably discharged are eligible for the Aid and Attendance benefit. It’s designed to ease the financial burdens of veterans and their spouses, and cover some of the expenses of assisted living communities that neither Medicaid nor Medicare provides. The monthly benefit pays up to $1,470 to veterans, $945 to a surviving spouse, and $1743 to a couple. To qualify, veterans must:
- Have served in wartime, though they didn’t have to see combat.
- They have no more than $80,000 in assets, including the family home, car, and personal possessions.
- Prove financial need, usually by demonstrating that expenses exceed income.
- They need someone to help them with basic activities like bathing, grooming, or eating.
For additional information concerning veterans’ benefits for assisted living, please contact any of the following resources:
- Department of Veterans Affairs: 1-800-827-1000 or va.gov
- Louisiana Veterans Affairs: 318-677-7540
- Veterans Benefits: 318-676-7540
- Or ask the Executive Director of The Gables for a brochure to learn more.
Personal Payment Options for Assisted Living Expenses
Many of our residents choose to pay for assisted living out of pocket. Though it requires careful financial planning, it offers flexibility for your loved one and a viable payment option for many. If you’re considering private payments for your assisted living services, there are numerous ways to access funds:
- Home Equity – Home equity can be converted into assisted living funding through several methods. However, it’s essential to plan carefully whenever leveraging your home.
- Life Insurance Policies – Life insurance policies sometimes include accelerated death benefits that can be used for long-term care expenses. Some policies can be sold to provide immediate cash for assisted living costs.
- Social Security – Social security is available for seniors and can be used to help cover the cost of assisted living. Monthly payments providing financial support can offset housing costs and other living expenses.
Paying for Assisted Living in Shreveport
Understanding the different payment options for assisted living in Shreveport, LA requires careful research and planning. At The Gables at Spring Lake Assisted Living, our experienced and friendly team can help you further explore payment options. We offer different levels of care to match your needs and budget. When you choose us, you can feel confident you’re making the best decision for your parents’ or spouse’s medical care. With proper planning, quality assisted living can be accessible and affordable. Speak to a staff member today to learn more about financial options, then schedule a tour.