Determining funds for senior living can be challenging—whether at the individual is staying at home, with family, or in an assisted living campus. We are committed to helping seniors and their families understand the financial options available and take advantage of additional resources that may offset the costs of assisted living.
In the state of Michigan, assisted living is funded solely privately. Medicare and Medicaid are not accepted as a form of payment, but some of the other options below may be of assistance to you.
This may include pensions, retirement, savings, investment accounts and Social Security income.
This benefit is often overlooked by many veterans who have served our country. Aid & Attendance benefits for assisted living for veterans and/or their surviving spouses is available. Those who meet the financial and medical requirements may be eligible to receive some pension or compensation from the Veterans Administration. Depending on your situation, you may be eligible for up to $1,950 per month. This benefit can offset a significant portion of the expenses at Riverwind Senior Assisted Living Residence. We can introduce you to a provider who will review the VA’s eligibility criteria with you and assist with the paperwork in applying for the benefit. For more information see www.veteranaid.org.
Long-Term Care Insurance
Long-term care insurance policies can cover all or most of the costs of Assisted Living. Most policies require the Assisted Living community to be state licensed. Read your policy and contact your carrier with Riverwind Senior Assisted Living Residence information to be sure you will receive the maximum benefit. We will be happy to look over your policy with you to determine what benefits are available to you.
Life Settlement Service
A life settlement provides seniors with cash from their life insurance policy. Available for term, universal or whole life policies, life settlements, on average, provide three-to-four times the cash surrender value of your insurance policy. Contact your insurance provider to help you determine how much cash you can receive and whether this is a good option for you.
Medicaid now has a waiver which for those who qualify will pay for assisted living. Below is Tri-County Office on Aging description of the program.
As of July 1, 2009, a new option is available through the MI Choice Waiver program allowing program participants to receive services in Adult Foster Care homes and Homes for the Aged in the community.· By adding support services within the Adult Foster Care homes or Homes for the Aged, a better continuum of care is created, offering more choice and independence for eligible persons.