Paying for senior care, such as assisted living or memory care, can be a financial burden on families. Thankfully, if you or a loved one require long-term care and you’re not certain how to afford it, you can take advantage of different financial assistance options.
Here are ten opportunities you can leverage to pay for senior care in Florida.
The Cost of Memory Care & Assisted Living in Florida
In Florida, the average cost of assisted living is $4,000 per month. For memory care, the cost is typically 20-30% more, which comes out to about $4,800-$5,200 per month.
Though Florida is a major retirement destination, the average cost is slightly lower than the national average. According to 2021 NIC statistics on average it costs $5,380 a month for assisted living and $6,935 per month for memory care. In addition, the cost of senior care may vary depending on the location, floor plans, amenities and staff-to-resident ratio.
At Sunscape™ Daytona Beach, we offer resort-style senior living at cost-friendly prices. Our assisted living starts at $4,179 per month, with the option of five wellness package add-ons ranging from $400-$1,500 per month. In addition, our memory care community offers all-inclusive pricing starting at $4,799 per month.
Ways to Pay for Memory Care & Assisted Living in Florida
Florida-Specific Programs
1. Statewide Managed Medicaid Care Long Term Care (SMMC-LTC)
Florida provides long-term care coverage for its most vulnerable older residents. Florida-based seniors who are eligible for Medicaid can receive long-term care at home, in the community or at a care facility. After going through an eligibility process, older adults in this program can choose a long-term care plan from providers in their local area.
2. Optional State Supplement (OSS)
Florida’s Optional State Supplement aims to cover room and board costs for older adults who live in a care home or facility. To receive this stipend, residents must prove low-income eligibility, as well as the inability to live independently.
3. Alzheimer’s Disease Initiative (ADI)
The Alzheimer’s Disease Initiative offers out-of-home respite care, as well as support for caregiving, medical supplies and transportation. While the ADI doesn’t offer stipends for long-term residential stays (such as a memory care community), it offers other key services for dementia patients.
4. Community Care for the Elderly (CCE)
Community Care of the Elderly is aimed at older adults at risk of needing nursing home care, but who don’t qualify for Medicaid. CCE offers a stipend to cover a range of services so individuals can remain home and receive at-home assisted living, nursing care, medication management and more.
5. Home Care for the Elderly (HCE)
Home Care for the Elderly focuses on supporting caregivers and their responsibilities for home care. This stipend can be used to cover basic care needs such as housing, food, clothing and medical services. To qualify, families must prove that their loved one has financial need.
6. Program of All-Inclusive Care for the Elderly (PACE)
Finally, Florida has a Program of All-Inclusive Care for the Elderly for seniors who qualify for Medicaid so they can receive community-based services instead of moving to a nursing home. PACE recipients must meet medical eligibility, as well as live within a local PACE Center service area.
General Payment Options
7. Long-Term Care Insurance & Life Insurance
In addition, individuals with long-term care insurance can get coverage for residential care such as assisted living or memory care. Those with a chronic illness rider included in their life insurance may also be able to get long-term care covered.
8. Equity-Based Solutions
If an older adult owns a home, it can be used to pay for senior care in several ways – whether by selling/renting it, using a reverse mortgage or getting a bridge loan. It’s important to use equity-based payments with caution, as it’s possible to lose assets in order to pay for care.
9. Aid & Attendance VA Benefits
For older adults who are veterans, the Veterans Affairs office provides an Aid & Attendance benefit to cover assisted living care. This monthly stipend is granted on top of the regular VA pension to pay for personal care needs.
10. Private Funds
Last but not least, your family can use private funds to cover long-term senior care needs. Some communities will work with you to offer different financial plans, so be sure to reach out to the team at your preferred care community.
Does Medicare Cover Memory Care & Assisted Living?
Unfortunately, Medicare only covers medically necessary care, such as hospital stays, skilled nursing care, outpatient care, occupational therapy, prescriptions and medical equipment.
For costs such as room and board, assistance with personal care tasks and other amenities, Medicare won’t cover the expenses. This means the bulk of assisted living and memory care isn’t covered by Medicare.
Does My Private Health Insurance Cover Memory Care & Assisted Living?
While you should check your specific private health insurance plan, most won’t cover long-term care needs, such as room and board, personal care and more. If your plan includes a long-term care rider, you may be able to get these costs covered. Be sure to ask your insurance provider for details.
Paying for Your Ideal Senior Care Community in Florida
Choosing the right senior care community in Florida and figuring how to pay for it can be a source of stress for families. At Sunscape™ Daytona Beach, we’re here to help you plan your finances and answer any of your questions concerning senior living costs.
Get in touch with our team to learn more and start your senior living journey with greater peace of mind!
