Financial Information
Information and Resources
Does Medicare pay for assisted living?
Families considering The Gables at Spring Lake Assisted Living have several options for paying for assisted living expenses in Shreveport, LA. Depending on the type of Medicare plan you are enrolled in, coverage has specific limitations to understand.
- Coverage: Medicare covers part or all of the medical services your loved one receives while living in our community, including doctor visits, outpatient services, medical equipment, and some preventive services. Residents enrolled in Medicare Part D 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?
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. Long-term care insurance is specifically designed for senior care needs, including living expenses that other policies typically will not cover. Because coverage details change frequently, check with your provider and ask specific questions about what assisted living services are covered and any waiting periods that apply.
Give us a call
Contact us today to speak with our admissions staff for more information.
(318) 861-2366
Veterans Benefits for Assisted Living
Seniors who served our country and were honorably discharged may be eligible for the Aid and Attendance benefit. It is designed to ease the financial burdens of veterans and their spouses and covers some of the expenses of assisted living that neither Medicaid nor Medicare provides.
To qualify, veterans must:
- Have served in wartime, though they did not have to see combat.
- 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.
- Need someone to help with basic activities such as bathing, grooming, or eating.
The monthly benefit pays up to:
- $1,470 to a veteran
- $945 to a surviving spouse
- $1,743 to a couple
For additional information about veterans’ benefits for assisted living, please contact any of these 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.
Veterans or next of kin may access military discharge documents at the National Archives.
Private Pay Options
Many residents choose to pay for assisted living out of pocket. With careful planning, several options can help:
- Home Equity: home equity can be converted into assisted living funding through several methods, though it is essential to plan carefully.
- Life Insurance Policies: some policies include accelerated death benefits that can be used for long-term care, and some can be sold to provide immediate cash.
- Social Security: monthly Social Security payments can help offset housing costs and other living expenses.
We're Here To Help
Get to know The Gables at Spring Lake Assisted Living and our friendly staff by coming by for a visit. Submit a request to schedule a tour today, and a member of our staff will contact you.