Residency in an assisted living community costs $4,500 to $54,000 monthly in the US. Veterans in Towson, MD can expect to pay around $6,600 to almost $7,000.
People resort to reverse mortgages and Medicare to pay for assisted living. However, the former can be financially risky, and Medicare won’t cover most costs.
There are veteran support services to help older adults looking to move into assisted living, but our main focus is Seaton Towson’s Military Veterans Program.
We know that senior care for veterans is expensive. Read on as we discuss all your options, including our Military Veterans Program.
Paying for an Assisted Living Community
We’ve mentioned a few ways to pay for military veteran care; first, we’ll go over reverse mortgages. This is when you borrow money based on your home equity.
Equity is the difference between our home’s value and how much you owe on your mortgage. Only people 62 and older qualify.
These types of mortgages allow you to access equity without selling your home immediately. But they’re risky because they increase your debt and use your equity.
Remember, you’re taking from the amount you’ve paid on your home, hence a “reverse” mortgage. People 65 and older qualify for Medicare, but it doesn’t cover room, board, or custodial care (help with ADLs).
Medicaid won’t pay for all assisted living services either. However, waivers can compensate for what Medicare won’t — these help with personal care and support services.
Can Veterans Apply for Medicaid and Medicare?
You can apply for veteran support services, Medicaid, and Medicare simultaneously. Veterans who qualify for VA Compensation or pensions must apply for VA benefits when getting Medicaid.
This is mandated by Medicaid policy, which says applicants must seek benefits they’re entitled to. You may face penalties if you decline the benefits you’re entitled to.
Veterans over 65 can enroll in both Medicare and VA health benefits. Those without employer-sponsored insurance are often encouraged to sign up for Medicare Parts A and B.
Medicare offers more flexible veterans healthcare options. This includes hospitalization, prescription drugs, and choosing doctor’s offices.
Private Pay
Private pay is when you pay for veterans’ healthcare and services with your funds. We say “your funds,” but what this means is money coming from non-government or lender sources.
Private funds can be money you’ve saved during your life. Many older adults’ children pay for military veteran care in assisted living communities.
Long-Term Care Insurance
Long-term care insurance, or LTC, pays for home health, nursing homes, and adult daycare. These policies are designed for people 65 and older with debilitating and chronic conditions needing constant supervision.
These policies differ according to coverage, qualifications, and rules. Exclusions vary from policy to policy as well.
LTC may not cover all assisted living costs. Sometimes it’s not a choice or comes with limitations for people with preexisting disabilities or illnesses. You can buy these policies from insurance companies or through your job.
Veteran’s Affair Benefits
Technically, VA benefits don’t pay for boarding in an assisted living community. But like Medicaid and Medicare, there are workarounds where it can help pay for certain services.
One helpful service the VA offers is the Aid and Attendance Program. The program gives qualified veterans added funds on top of what they’re already getting.
Money from this program is supposed to aid with activities of daily living like walking, grooming, dressing, and eating. Here are a few basic requirements:
- You are a United States Veteran
- You are bedridden
- You need help from someone else with ADLs
- You have eyesight limitations
- You are in a nursing home due to physical or mental disability
You don’t have to meet all these requirements to qualify for the Aid and Attendance Program. The only one that’s necessary is being a US veteran.
For example, you could need help with ADLs but not be bedridden. You can have eyesight limitations but not live in a nursing home.
Seaton Towson’s Military Veterans Program
This discount is our way of saying thank you to those who have served in the United States Armed Forces. The discount program extends to:
- Army
- Navy
- Marine Corps
- Air Force
- Space Force
- Coast Guard
We offer half off to new residents who are former military servicemen and women off of the first month’s rent each year, they stay with us. Seaton Towson has partnered with Patriot Angels for this program.
Patriot Angels was founded in 2012 to help defray the costs of senior living for veterans. Their goal is to help former wartime servicemen and women (and their spouses) revive timely pension support.
This organization has helped wartime vets from as far back as World War I up to the Persian Gulf War. Patriot Angels makes navigating the complex process of applying for Aid and Attendance easier.
Our partnership helps boarders qualify for veteran benefits. If accepted, you get a one-time $1,000 discount on your second month’s rent. You can apply here to receive thousands off of your residency yearly.
Half-off may not sound like such a big deal. Remember, senior living for veterans (and everyone else) can cost almost seven grand in Maryland. Approximately three grand off your monthly rent can be life-changing.
Affordable Senior Care for Veterans
Finding an affordable assisted living community for veterans can be tough. You have to understand what you’re entitled to and explore everything your potential new home offers.
You can opt for Medicaid or Medicare if you qualify. Long-term care insurance is another choice. However, our Military Veterans Program is simple when compared to other payment methods.
The discount allows new veterans to 50% off their first month’s rent yearly without struggling through complicated terms and concepts. All you have to do is fill out the form and you’re well on your way.
Our partner, Patriot Angels, can help with pension benefits. Worrying about military veteran care in your old age can be stressful. Seaton Towson can ease some of your burden.
Contact us if you have questions about our military discount or other services. We can schedule a tour if you’d like to view the premises.
