Program for All-Inclusive Care for the Elderly
The PACE program provides financial, medical and social assistance to elderly individuals who require a nursing level of care but prefer to continue living in their community. According to the PACE guidelines, program participants may live independently or within an assisted living community. While the program doesn’t provide seniors with additional funds, it does offer its participants subsidized access to medical and social services at drastically reduced rates.
To be eligible, applicants must complete a comprehensive care assessment to determine the necessary level of care. They also must be 55 years of age or older, be able to live safely in their community and meet Medicaid’s financial requirements. Seniors can find a PACE provider in their area by calling 1-855-435-7223.
Elderlife Bridge Loan
Seniors who are unable to access Medicaid but can’t pay for the cost of assisted living on their own can apply for an elder bridge loan from Elderlife Financial Services. Bridge loans are paid directly to the assisted living facility on behalf of the senior and can be paid back in installments, typically monthly payments for the duration of the loan term.
Although eligibility depends on credit and income, seniors can apply with up to six cosigners. Applicants must also be residing in or moving into an approved facility in order to be eligible for a loan.
Optional State Supplement
Supplemental Security Income recipients can apply for OSS, a cash benefit that’s designed to help seniors pay the cost of room and board in assisted living facilities. The OSS benefit is based on the applicant’s income, which must be less than $849.40 monthly, and it has a maximum payout of $78.40 each month.
In addition to monthly income limits, seniors applying for OSS must not possess assets valued at more than $2,000 per individual or $3,000 per couple. Seniors can receive more information about the OSS benefit and submit their application for the program by contacting ACCESS Florida at 1-866-762-2237.
Long-Term Care Insurance
Long-term care insurance policies are available to older adults to help them prepare for the future and the potential that they may one day require long-term care. Companies such as Genworth Financial and Bankers Life offer such policies in Broward County. The cost of long-term care insurance varies from provider to provider and is dependent on several factors such as the policyholder’s age and health, as well as the current average cost of care and the amount and type of coverage purchased.
Eligibility guidelines differ between policies and providers, but generally, people must purchase a long-term care insurance policy before the need for long-term care exists.