4 Assisted Living Communities in Lakeway, Texas

The average cost of assisted living in the city is $5,190 a month. This guide is a starting point covering the cost of assisted living care in the city, as well as financing options to pay for it. You’ll find in-depth information on 4 Assisted Living Communities in Lakeway and several in surrounding areas. The Cost of Senior Care in Lakeway, TX

• Assisted Living: $5,190
• Nursing Home Care: $5,323
• In-home Care: $4,099
• Adult Day Health Services: $1,408

According to data collected in Genworth’s 2018 Cost of Care study, assisted living expenses in Lakeway ($5,190) are substantially higher than the national ($4,000) and state ($3,795) averages. In neighboring San Antonio ($3,975) and Killeen ($4,053), where assisted living costs hover near the national average, care is considerably less expensive than in Lakeway. Nearby Victoria is also less costly at $4,370.

Note: Senior care cost data for Lakeway wasn’t available, so data for the nearby Austin area was used.

While the cost of senior care varies depending on the type of services required, expenses in Lakeway are more consistent than other areas of the country. Nursing home care ($5,323) costs only slightly more than assisted living ($5,190), while in-home services are only about $1,000 less per month. Seniors should take expenses such as mortgage payments or rent and household upkeep into consideration when weighing residential services against in-home care to accurately compare costs. 

 

The goal of Texas Medicaid is to provide health care for eligible low-income state residents including seniors. Services include preventative care, physician or clinic visits, inpatient hospital stays, prescription medications and diagnostic testing. Most services are provided through local managed care organizations. Some seniors may also qualify for dental, hearing and vision care through the Medicaid program.

To qualify for Medicaid, single applicants must have income below $771 per month and less than $2,000 in assets. For married couples applying, income is limited to $1,057 and assets $3,000. If only one spouse needs Medicaid, the individual limits apply. There is no level-of-care requirement for Texas Medicaid. 

Texas seniors in need of assistance may also be eligible for Medicaid for long-term care. To qualify, residents must be 65 or older and demonstrate a need for 30 days or more of continuous care. Medicaid income and asset requirements apply, although there are exclusions. Exemptions include a home, car, burial funds and some life insurance policies. The state provides a simple screening tool to assist applicants with navigating income, asset and medical qualifications.

STAR+PLUS Waiver

Elder Texans aged 65 and over with disabilities may qualify for the STAR+PLUS Home and Community-Based Services waiver, which offers health care benefits and long-term assistance through a health plan of the applicant’s choosing. While many of the benefits offered under the program are geared toward in-home services, the waiver may also fund assisted living. To receive benefits through STAR+PLUS, applicants must qualify for state Medicaid. 

To learn more or apply for Texas Medicaid or the STAR+PLUS waiver, visit YourTexasBenefits or call (800) 252-8263.

Texas Community Care for the Aged and Disabled

The federally funded CCAD program is also known as “Non-Medicaid Services.” Administered by Texas Health and Human Services, the program helps seniors at risk of nursing home placement maintain their independence. In an assisted living setting, seniors receive care management and help with activities of daily living. CCAD covers cost of the services provided, but not room and board.

Only legal Texas residents may apply for CCAD, although the length of state residency is irrelevant. To qualify, applicants must meet these requirements:

• Maximum monthly income of $2,250 for individuals and $4,500 for couples 

• Assets limit of $5,000 for individuals and $6,000 for couples

• Individuals must be disabled or functionally impaired and demonstrate a need for daily assistance

Texas Medicaid programs offer some similar benefits, and individuals eligible for coverage through Medicaid shouldn’t apply for CCAD.

For more information about eligibility, coverage and how to apply, contact the Capital Area Aging and Disability Resource Center at (855) 937-2372. 

VA Aid and Attendance Program

Through the federal VA Aid and Attendance Program, eligible U.S. veterans and their surviving spouses can receive funding to offset assisted living expenses. To qualify, individuals must be 65 or older, regularly require assistance with activities of daily living and not receiving a VA disability pension. A nursing home level of care is not mandatory to qualify.

For information on this program, interested individuals should visit their local VA benefits office. Staff is available to help applicants navigate the program’s complex eligibility requirements and assist with submitting an application. 

Assisted Living Bridge Loans

For seniors selling their home or waiting for benefit approval through a federal or state program, an Elderlife Financial Services bridge loan may be a viable option for interim funding of up to 24 months. The loan disbursement can be made as a line of credit or lump sum payment, and application turnaround times can be quick.

Bridge loans have several perks, such as the option to include up to six borrowers on an application, which lessens the importance of individual creditworthiness and increases loan approval odds. Be prepared to provide information about permanent funding for the assisted living program, as the company will require it during the application process. 

Contact Elderlife Financial Services at (888) 228-4500 for additional information about bridge loans or to apply. 

Lakeway veterans or their surviving spouses can find general support and information about available benefits at the Travis County Veterans Service Office, which is located in nearby Austin. Walk-ins are welcome on Mondays, and staff is available Tuesday through Friday by appointment.

Travis County Veterans Service Office
100 N. IH-35, Ste 2400, Austin, TX 78701
(512) 854-9340

Senior Homes has an extensive directory of senior living options, with care and living providers across the United States.