Program for All-Inclusive Care for the Elderly
The Florida Department of Elder Affairs provides the Program for All-Inclusive Care for the Elderly. It offers alternative care to seniors who require a nursing level of care but prefer to continue living in their home or within an assisted living community. The program doesn’t provide seniors with cash benefits but instead offers subsidies on medical and social services, including daily nurse or caregiver visits, medical and dental care, transportation services and long-term care.
Applicants to PACE must complete a comprehensive care assessment and be 55 years of age or older. They must also be able to safely live in their community and meet the financial requirements of the state Medicaid plan. To find a PACE provider in Tampa, seniors can call 1-855-435-7223.
Optional State Supplement
Seniors who receive Supplemental Security Income can apply for an optional state supplement if additional financial assistance is required to pay for the cost of room and board in an assisted living facility. The applicant’s current income and budget determine the benefit amount, which has a maximum payout of $78.40 per month.
In order to be eligible for the OSS, seniors must have an income that doesn’t exceed $849.40 per month and may not possess more than $2,000 value in assets. Seniors can apply for the supplement by contacting ACCESS Florida at 1-866-762-2237.
Elderlife Bridge Loan
Seniors who aren’t eligible for government assistance may be able to apply for an elder bridge loan from Elderlife Financial Services. These loans are for seniors living in approved assisted living or long-term care facilities and are paid directly to the facility where the senior resides. Loans are paid back in monthly installments and have low interest rates and flexible terms.
Eligibility depends on the senior’s credit history and income, but for those who are unable to afford the monthly payments on their own, Elderlife Financial Services allows applicants to include up to six cosigners on their application, which may also improve the likelihood of approval.
Long-Term Care Insurance
Some seniors may have purchased a long-term care insurance policy prior to making the decision to move to an assisted living facility. Those who are covered are generally subject to an annual deductible, after which their policy covers the cost of care.
Eligibility and premiums vary depending on the provider, the plan and the amount of coverage, but typically a policy must be purchased before the need for long-term care exists.