Posted on 2018-01-19
Although the costs of assisted living is not covered by Medicare, there is a different way by which you can get the costs covered by Medicare only when it comes through a private insurance company which have a contractual agreement with Medicare and not di9rectly with the Government.
The costs covered are for hospital insurance and medical insurance, Medicare Part A and Part B. There are certain benefits of Medical Advantage Plans, which include routine dental care and drug coverage. Most assisted living facilities offer services in skilled health care, such as treatment for wounds that are provided by a qualified and trained nurse, and is thus covered by Medicare. Except the custodial care in assisted living that include assistance for performing the daily tasks like dressing, bathing, etc., if you are in need of short term staying in nursing homes providing skilled facilities, Medicare Part A may cover such costs. Other costs that may be covered by Medicare to persons staying at assisted living facilities include, prescription drugs, routine dental, vision and hearing checkups and in some cases, fitness programs. There are many State Aid programs and nonprofit organizations that can help cover the costs of medicine, shelter, food and other benefits that depend upon the income ad assets of the individual needing the benefits.
A recent survey conducted by Glenworth Financial on the average assisted living costs covered by Medicare is around $ 3,150 per month, but the actual costs vary from state to state. The average cost per annum has been estimated to be around $ 42,500 that may be covered by Medicare through an indirect way. The national average cost has gone up by 3.57%, which means an increase of around $ 1,500 per annum. There are other funding options that can help an individual cover the costs of assisted living up to a certain portion, provided they have long term care insurance. Searching online, you will find assisted living communities for seniors where options are uniquely tailored to meet your budget and lifestyle. Funding options are also there through Medicaid and other insurance coverage. You can also opt for a bridge loan to cover the long term assisted living services until such time you are able to manage to pay the costs by yourself.
In order to take an informed decision about what could be the average assisted living costs covered by Medicare, you may find this article helpful, but for a more pragmatic guidance, it would be better to seek the advice of a professional.