Living independently and taking care of oneself can get harder as we age. Many senior citizens want assistance from assisted living facilities with daily tasks including dressing, bathing, and managing their medications. But the price of assisted living can be high, and elderly people and their families might question if Social Security might help with the bill.
The quick response is no. Assistive living is not covered by Social Security. Seniors who want financial assistance do have other possibilities, though. For those who qualify, Medicaid is one program that might pay for assisted living expenses.
Medicaid is a cooperative federal-state initiative that offers low-income people access to healthcare. Medicaid may pay for assisted living for qualifying seniors, even though it is usually known for paying for medical costs. However, not all states provide this kind of coverage, and different states have different eligibility standards.
Seniors must fulfill specific income and asset standards in order to be eligible for Medicaid funding for assisted living. Additionally, they must live in a facility that has received Medicaid approval and need assistance with daily living activities. Medicaid usually only covers assisted living for a specific number of months each year, and seniors could have to foot some of the bill themselves.
Non-profit groups may be able to assist in defraying the expense of senior assisted living in addition to Medicaid. To assist in defraying the expense of care, these organizations might provide grants or scholarships. Charities, foundations, and religious institutions are a few of the most typical forms of non-profit organizations.
The IRS recognizes 501(c) organizations, which are tax-exempt organizations, as the standard classification for non-profits. There are a number of different 501(c) categories, including 501(c)(3) organizations, which are nonprofits that accept donations that can be deducted from income taxes.
A 501(c)(3) organization and a non-profit are fundamentally different from one another in that the former can accept tax-deductible donations, but the latter cannot. Additionally, 501(c)(3) organizations need to fulfill criteria including being established for charitable, religious, educational, scientific, or literary purposes.
In conclusion, assisted living is not covered by Social Security, but seniors in need of financial support do have alternative options. For those who qualify, Medicaid may pay the cost of care, and non-profit organizations may also provide grants or scholarships to assist with the expense of care. To choose the best course of action, seniors and their families should consider all of their alternatives and speak with a financial expert or elder law attorney.