Why Florida Seniors Choose Assisted Living
Asssted Living may be the best way forward for you or your elderly loved one. Some Florida seniors chooseage insteadat home when possible. But more and more Florida seniors are choosingassisted living communitieslive a better, safer and more stress-free lifestyle.
With assisted living, you can spend more time enjoying life and less time maintaining the house, mowing the lawn, doing laundry, preparing meals, and managing other tasks. In assisted living communities in Florida, there are always activities to join, meals to attend, and friends to visit. And there are always trained staff on call to help you with your needs as they arise.
More and more Florida seniors are choosing assisted living communities and comparing services, benefits, location, safety and more. But a primary concern for most seniors is knowing how much assisted living costs and determining the best way to pay for it. Below are some guidelines to help you with those important questions.
How much does assisted living cost in Florida?
heThroughout your life, you may have lived in a variety of houses, including apartments, townhomes, condos, and vacation homes. Prices for those residences varied based on size, location, amenities, community, and more. There are luxury, average and modest homes within different price ranges.
Assisted living communities are the same price. There are luxury assisted living communities that make you feel like you are staying at a five-star resort with highly rated restaurants and amenities. There are also normal and exclusive communities and communities for the cost conscious resident.
In addition to residency, there are several levels of services available to help with the needs of seniors, such as assistance with ADLs (activities of daily living), medication management, doctor appointments, and more.
The national median cost of assisted living is about $4,500 per month, according togenworth financial. This cost of careit varies in Florida by county, location, and the community itself. Luxury assisted living communities have monthly investments of $10,000 to $15,000 and more. And there are modest accommodations that cost less than the average price per month.
Knowing how to choose the best financial and community option for you or your elderly loved one can seem overwhelming. At Florida Senior Consulting, this is all we do. We are passionate about helping you choose the community that is best for you now and in the future.
Who pays for assisted living?
Private payment has many options
In most families, the senior or their family pays for assisted living from savings, pensions, Social Security benefits, or other financial assets. Sometimes the older person has a long-term care policy that helps pay part of the cost. Families can also use options that include real estate, life insurance, and other assets. From time to time, family members get together and divide the obligation among the family.
Many private pay options and strategies are available to help you access the best assisted living community for your needs.
Medicare does not pay for assisted living residences
Seniors are often surprised to find that Medicare hardly helps with assisted living costs.state health insuranceit does not pay for assisted living, although there are some limited benefits for short-term stays in Medicare-certified skilled nursing facilities.
Medicaid is extremely limited and can take years
For people over 65 years of age,florida medicaidit is an extremely limited program. The senior must need care at the nursing facility level and must not have more assets or income than the State's low threshold. And there is a waiting list that can take years to access the program, designed to help the most fragile and needy first. Waiting for Medicaid to help with assisted living needs may not be the best option due to the complexity, uncertainty, and time required to access any benefits.
Veterans benefits for long-term care and assisted living
Unfortunately, many veterans are unaware of the benefits that may be available to help pay for long-term care or how to apply for these benefits. Veterans BenefitsprogramIt is administered through the US Department of Veterans Affairs.
To access these financial assistance benefits, there are service and other requirements, as well as an application process. But if your elderly loved one qualifies, the additional income from the program can be an ongoing benefit for their assisted living and long-term care needs.
The basic requirements of the service are the following:
Veterans aged care benefits are available to qualified veterans and their surviving spouses, provided the veteran has served at least 90 days of active duty, including at least 1 day during a war period. The veteran did not have to be in actual combat. For example, veterans with a desk job during qualifying periods may also be eligible for benefits.
To qualify, the senior must have received an honorable or general discharge and meet 1 of the following service requirements:
- Began active duty before September 8, 1980, and served at least 90 days on active duty with at least 1 day in wartime, or
- Began active duty as an enlisted person after September 7, 1980, and served at least 24 months or the full period for which the veteran was called or ordered to active duty (with some exceptions) with at least 1 day during the wartime, or
- You were an officer and began active duty after October 16, 1981, and had not previously served on active duty for at least 24 months.
For more information on how this program could help you, contactFlorida Senior Consulting.
long term care insurance
Suppose you are lucky enough to have an asset,long term careinsurance policy. In that case, you'll probably want to apply those benefits to help with the cost of your assisted living. About7 millionUS residents have some form of long-term care insurance. Different policies and programs specify what they will and will not pay for and for how long. Many policies do not cover the cost of assisted living at all.
Newer policy programs have more options, including hybrid policies with some life insurance features. But the best time to buy a long-term care policy is when you're younger because the older you are, the more expensive your premiums will be. Also, you should read your policy carefully to understand the specific benefits and exclusions, such as pre-existing conditions.
Supplemental Security Income (SSI)
One method that some seniors may use to receive financial assistance is theSupplemental Security Income (SSI)program. The SSI program provides monthly payments to adults and children with disabilities who meet certain financial requirements. The Supplemental Security Income program also provides monthly payments to adults age 65 and older who do not have disabilities, but meet specific financial requirements.
To see if you qualify for this Florida financial assistance program, clickhere.
Florida Department of Elder Affairs
Another resource that Florida seniors can explore is theFlorida Department of Elder Affairs.
The Florida Department of Senior Affairs offers programming and other services for Florida seniors. For all For all Floridians seeking long-term care resources, they offer a system of information and access to services. The Florida Department of Senior Affairs also provides information and assistance with local programs, services, state benefits, and federal benefits.
To contact the Florida Department of Senior Affairs, you can callSenior Hotlineat 1-800-963-5337, or find the phone number for your county by clickinghere.
Private Pay Strategies for Assisted Living
Most assisted living costs are paid directly by the senior or their family.
Knowing how to work with assisted living communities to structure the best financial package can often save a family thousands upon thousands of dollars. Below are just some of the private payment methods and strategies that can be used.
1. Assets and Financial Income
Financial and existing income streams are the most common method of paying for assisted living. Seniors often have existing cash flow from pensions, Social Security payments, 401Ks, IRAs, and other sources. Seniors may also choose to use part of their savings, brokerage or other financial accounts to pay the monthly fees.
Since there are tax and financial planning consequences, it is always helpful to have professional help in structuring the best payment plan for you.
2. Life insurance policy options
Today's life insurance policies often offer a variety of options to help with assisted living costs. Some of them are the following:
Establish a living benefits plan with your current life insurance policy
Sometimes you can use a portion of your life insurance policy for assisted living expenses and keep the rest for your beneficiaries.
Living benefit programs are lump sum payments available to seniors with life insurance who meet specific medical criteria. For example, suppose you have coverage of $400,000. In that case, you could receive 50% or $200,000 as a living benefit and your beneficiaries will receive the other $200,000 in the future.
You only use a portion of your life insurance to pay for your assisted living, with the remaining portion staying for your loved ones. No credit or income requirements. This is basically a loan against policy.
Surrender Policy for Cash Value
You may decide to return one or more of your life insurance policies to the insurance provider. You give up the future death benefit, but the insurance company will write you a check for the full amount of the cash value.
However, depending on the cash value and amount of premiums you paid over time, you may or may not be taxed on the gain. Also, "surrender value" and "cash value" can be different because some companies penalize you if you surrender the policy in its first few years.
sell your policy
There are third party companies that buy life insurance policies. The amount of coverage, age, medical conditions and other factors determine the market value. If you are considering this option, check with your current employer first. Most life insurance companies have departments created specifically to purchase your policy for you. Often the price from your insurance provider is higher than the market rate.
3. Real Estate Options for Assisted Living Payments
Suppose your elderly loved one owns real estate. In that case, there are several options to help pay for assisted living expenses when you move into your new residence. The three main categories are the sale, use of equity, or rental of the property.
And since we live in Florida, there's always an active real estate market. About 1,000 people a day move to Florida. Nationally,Florida cities occupy the first placesof the most popular cities to move to, including #1 Tampa, #2 Orlando, #6 Jacksonville and #13 Miami.
Selling Your Florida Home for Assisted Living
Selling a senior's home is one of the most common ways to pay for assisted living. During the older person's lifetime, when they bought a new home, it was usually with the proceeds from the sale of the old home. And the same thought pattern is regular here.
Some advantages of selling your house are:
- You get a lump sum payment to pay for current medical bills and the cost of moving into your new assisted living community.
- You no longer have to maintain the home or make any mortgage or insurance payments.
- Proceeds from most home sales are tax free.
And with a strong Florida real estate market, quick closings and cash buyers are all too common.
rent your house
Renting your house is another option. Your home becomes a monthly cash-generating asset to help pay for assisted living expenses. The Florida rental market is traditionally strong, so this could be an option for you. You will need to hire a property manager, or a helpful relative, to manage the property, take care of repairs, and collect rent. One nice benefit is that you can leave the property to your loved ones in your will.
On average, a 950 square foot apartment in Sarasota rents for$2,160. Of course, this price is higher when renting a larger house, being the average cost of renting a house in Sarasota$3,200. this cost is52% higherthan the median for US home rentals. These numbers show that there is a chance to make a significant amount of money renting out your home or apartment.
In general, renting out your residence instead of listing it for sale may be a smart option for those who are willing and able to do so. It's an especially useful strategy for those looking to earn extra money each month while keeping assets in their family.
Assisted Living Real Estate Loans
With a loan against your home, you can put equity to work for you. There are two common types of loan strategies used with assisted living financing:
Bridge loan and a sale
If the senior's move to assisted living needs to be done quickly, there may not be enough time to sell the home first. However, it is easy to get a short-term bridging loan very quickly using home equity. You can use this money for immediate needs. When the house is sold, the bridging loan is paid off. And you can put the rest of the proceeds from the sales into an account for future assisted living expenses.
A HELOC and a Rental
If you decide to keep the senior's home for rental income, you can still get a lump sum of money with a home equity line of credit (HELOC). This gives you the advantage of:
- Get a tax-free lump sum cash.
- Use rental income to pay the HELOC and help with assisted living costs.
- Keep the house in the family
- Receive the benefits of appreciation when the home increases in value.
These decisions can be complicated, but they are also very important. It is always advisable to meet with a certified financial advisor, specifically one who specializes in working with seniors. A financial advisor can comprehensively assess her financial situation and help her make the most cost-effective decisions about paying for senior living.
If you need help finding a trusted senior financial advisor, contact Florida Senior Consulting. We have a wide network of professionals in the field that we trust and recommend. call us at(941) 661-6196to start the process.
Your next best move
Deciding how to pay for assisted living can seem overwhelming. And comparing communities, amenities, financial obligations, and getting the best price and terms can be challenging.
We are a Florida based company with expert knowledge of the Florida senior market. While the senior options may seem confusing, this is all we do.
Florida Senior Consulting helps seniors decide their best next steps and the easiest way to transition.
We have certified staff, licensed nurse advocates, and decades of experience in the field.
Senior life should be on your terms, and the choice should always be yours.
Give us a call and we'll answer all your questions and help you decide what's best for you or your elderly loved one.
For peace of mind, call us at (941) 661-6196 or visit us atfloridaseniorconsulting.com.
share thistuitea estoEmail this
Contact Florida Senior Consulting
The 11 Best Assisted Living Communities in Cape Coral, Florida
April 27, 2023|0 comments
Seniors and Pets
April 18, 2023|0 comments
The Ultimate Guide to Assisted Living Benefits for Florida Veterans
April 12, 2023|0 comments
What is the average monthly cost of assisted living in Florida? ›
Assisted Living / Memory Care
The average cost of assisted living in Florida, according to Genworth's 2021 Cost of Care Survey, is $4,000 per month. However, the range of cost across the state varies greatly, with an average low of $2,350 / month and an average high of $5,300 / month.
Most assisted living residents pay for assisted living from their personal resources (“private pay”) or with help from the coverage provided by long-term care insurance. Adult children often help with expenses, as well.Does Social Security pay for assisted living in Florida? ›
For residents of assisted living communities and adult foster care homes who are eligible for SSI, Florida provides a monthly income supplement intended for room and board fees of approximately $79. Families might also find more affordable assisted living by moving inland from the Gulf and Atlantic coastlines.Will Medicare pay for assisted living in Florida? ›
Medicare won't cover most assisted living costs. Medicare does not pay for “custodial care,” a term referring to help with daily life tasks, such as eating, bathing or dressing. Most of the care given at an assisted living facility is considered custodial care.What insurance covers assisted living in Florida? ›
Medicaid was created to ensure that people who have very few resources can still get the late-in-life care they need. In Florida, Medicaid can be used to pay for an elderly relative's nursing home, assisted living facility, or in-home nursing care.How is assisted living paid for in Florida? ›
In most families, the senior or their family pays for assisted living with funds from savings, pensions, Social Security benefits, or other financial assets. Sometimes the senior has a long-term care policy that helps pay some of the cost.What is the largest source of reimbursement for assisted living? ›
The most common source of assistance is Medicaid, which offers several state-based programs to people who are eligible based on income or disability. These programs include home and community-based services, adult foster care, and Medicaid personal care services.What is the highest level of care in assisted living? ›
- Independent living.
- Assisted living.
- In-home care.
- Memory care.
- Nursing home.
The resident may be independent with some ADLs, such as feeding oneself, but need help with others, such as getting dressed. Level Three — High level of care. This individual has impairments that affect multiple ADLs and requires a comprehensive level of assistance from multiple caregivers.What to do when Social Security is not enough to live on? ›
When your disability check isn't enough to live on, you may have additional options at your disposal. For example, you may qualify for extra help in specific areas such as health care costs, food, and housing. Different federal, state, and local programs may be available.
Are cameras allowed in assisted living facilities in Florida? ›
Conclusion. It's a crime to record a person's voice in Florida without their permission. But it is not a crime to video tape them without their permission. So, if you decide to put a hidden camera or granny cam in your loved one's ALF or nursing home room, make sure you turn off the sound.How many days will Medicare pay 100% of the covered costs of care in a skilled nursing care facility? ›
Medicare covers up to 100 days of care in a skilled nursing facility (SNF) for each benefit period if all of Medicare's requirements are met, including your need of daily skilled nursing care with 3 days of prior hospitalization. Medicare pays 100% of the first 20 days of a covered SNF stay.What are the requirements for assisted living in Florida? ›
- be 21 years of age;
- have a high school diploma or a GED;
- take a 26 hour course (ALF Core training) from a trainer registered with the AHCA;
- pass a state competency exam; and.
- pass a level 2 background screening.
How much does Medicare pay for Home Health Care per hour? Medicare covers 100% of your home care medical costs for eight or fewer hours per day and 28 hours per week or 35 at most, based on the severity of your condition. The cost covered by Senior Home Health Care in Florida ranges from 10 to 29 dollars per hour.What is the average monthly cost of a nursing home in Florida? ›
Cost of Nursing Home Care in Florida
In 2023, the monthly cost of a semi-private room in the State of Florida is $8,654, and a private room is about $9,627.00 per month. One-third of seniors will need nursing home-level care with an average one-year stay.
Medicaid pays family caregivers in Florida.
There are three type of waivers that allow Medicaid recipients to direct medicaid dollars to caregiving family members rather than a medicaid-approved agency.
The major drawback of assisted living is its cost, as it is not covered by Medicare. Assisted living facilities often include only a small number of activities in their base monthly price. In addition to monthly costs, personal care services, such as laundry or medication reminders, are charged additionally.Who provides most long-term care for elders? ›
Most long-term care is provided at home by unpaid family members and friends. It can also be given in a facility such as a nursing home or in the community, for example, in an adult day care center.What helps pay the health care costs of elderly Americans? ›
Medicare. Medicare is a federally funded insurance program for eligible participants 65 or over. Medicare has two parts, Part A (Hospital Insurance) and Part B (Medical Insurance).What age do most seniors need assisted living? ›
There are some who move in close to the minimum age requirement (usually about 65), but most make the move between the ages of 75 and 84. The typical assisted living resident is an 87-year-old woman who needs help with two or three activities of daily living, such as dressing, bathing and medication management.
At what age do most people need assisted living? ›
The average age of an assisted living resident is 87. While some people transition to assisted living communities as soon as they reach the age minimum — generally 60-65 — most wait until they need additional care, or until they can no longer remain in their own homes without assistance.What are the 3 levels of care? ›
Health care is described as different levels of care: primary, secondary, tertiary, and quaternary. Primary care is the main doctor that treats your health, usually a general practitioner or internist. Secondary care refers to specialists. Tertiary care refers to highly specialized equipment and care.What is 1823 in Florida assisted living? ›
Is an 1823 Form Required for Admission into an Assisted Living Facility in Florida? The 1823 form determines a resident's appropriateness for assisted living by an outside healthcare provider. These forms are usually created by the patient's doctor and sent to the assisted living facility.What is the average cost of assisted living in Central Florida? ›
The average cost of assisted living in the city is $3,275 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.What does the term ADL mean for assisted living? ›
The activities of daily living (ADLs) is a term used to collectively describe fundamental skills required to independently care for oneself, such as eating, bathing, and mobility.How do I get the $16728 Social Security bonus? ›
To acquire the full amount, you need to maximize your working life and begin collecting your check until age 70. Another way to maximize your check is by asking for a raise every two or three years. Moving companies throughout your career is another way to prove your worth, and generate more money.What is the Social Security 5 year rule? ›
You must have worked and paid Social Security taxes in five of the last 10 years. • If you also get a pension from a job where you didn't pay Social Security taxes (e.g., a civil service or teacher's pension), your Social Security benefit might be reduced.Where can I retire on $1,300 a month? ›
Panama: A Home Away from Home
You can retire comfortably on $1,300 per month, and it's one of the best countries for quality of life. What's more, English is widely spoken, and you can use your US money anywhere across the country. The country also offers first-rate hospitals, and many of its doctors are US trained.
Yes, if the camera is on their property it's perfectly legal for them to point it at anything that would be visible if they were standing in the street itself, and that includes your house, front door or driveway.Can I put a camera in my mothers room at the nursing home? ›
This law allows cameras in nursing homes with the consent of the resident (or their family) and any roommates involved. If the roommate (or their family) does not agree to a camera, the nursing home must help the resident that wants one move to another room.
Can an assisted living facility evict Florida? ›
Florida, for example, has some of the least restrictive discharge laws in the country. In that state, assisted living facilities only have to provide a 45-day written notice and a documented reason to evict a resident.Does Medicare pay 100% of anything? ›
Deductibles, coinsurance, and copayments vary based on which plan you join. Plans also have a yearly limit on what you pay out-of-pocket. Once you pay the plan's limit, the plan pays 100% for covered health services for the rest of the year.What does Medicare pay after the 100 days? ›
For days 21–100, Medicare pays all but a daily coinsurance for covered services. You pay a daily coinsurance. For days beyond 100, Medicare pays nothing. You pay the full cost for covered services.How long will Medicare pay $100 of medical costs? ›
All Medicare Supplement insurance plans generally pay 100% of your Medicare Part A coinsurance amount, including an additional 365 days after your Medicare benefits are used up.What is the average monthly cost of assisted living in FL? ›
The average cost of assisted living in Florida, according to Genworth's 2021 Cost of Care Survey, is $4,000 per month. However, the range of cost across the state varies greatly, with an average low of $2,350 / month and an average high of $5,300 / month.How do you pay for memory care in Florida? ›
- Long-Term Care Insurance: Depending on the policy details, long-term care insurance may be used to pay for memory care services. ...
- Reverse Mortgages: Reverse mortgages allow some homeowners to take out a loan as an advance from the eventual sale of their primary residence.
Terms Used In Florida Statutes 429.04
Entitlements constitute a binding obligation on the part of the Federal Government, and eligible recipients have legal recourse if the obligation is not fulfilled. Social Security and veterans' compensation and pensions are examples of entitlement programs.
Florida Statewide Medicaid Managed Care Long-Term Care Program: enables elderly and/or disabled adults who require nursing facility level of assistance to receive care at home. This program allows friends and family members to be hired and paid for providing personal care services.Which type of care is not covered by Medicare? ›
Medicare and most health insurance plans don't pay for long-term care. Non-skilled personal care, like help with activities of daily living like bathing, dressing, eating, getting in or out of a bed or chair, moving around, and using the bathroom.Does Medicare pay for a caregiver in Florida? ›
While Medicare does cover some home health care services, it doesn't cover an around-the-clock caregiver. Medicare covers part-time skilled nursing, durable medical equipment, medical supplies for the home, and more. Visit the Medicare site to find out more about the home health services Medicare covers.
What is the cheapest way for a senior to live? ›
- Staying in Your Home. This option is ideal if you do not need comprehensive care for your daily living—or just need some caregiving assistance. ...
- Living with Family. ...
- Public and Subsidized Senior Housing. ...
- Assisted Living and Residential Care Options.
Cost of Florida Independent Living
The average cost of independent living in Florida is $2,545 per month. This is higher than the national average which is $1,729 per month.
In the state of Florida, there are three main assisted living licenses; Standard, Limited Nursing Services, and Extended Congregate Care.What happens to senior citizens when they run out of money? ›
Aging adults without money to support them through the rest of their lives can stay in a nursing home for up to 100 days—and Medicaid will cover the cost for this brief period. Seniors who reside in an assisted living facility and run out of funds will be evicted.Where can I retire on $800 a month? ›
Ecuador. If you're looking for a country where you can retire outside the US comfortably with $800 per month and experience one of the most ecologically diverse places in the world, then Ecuador might be for you. The go-to city for US retirees in Ecuador is Cuenca, which also happens to be a UNESCO World Heritage site.Where are the cheapest 55+ communities in Florida? ›
- Lake Clarke Gardens – Lake Worth, FL. ...
- Lime Bay – Tamarac, FL. ...
- Wynmoor Village – Coconut Creek, FL. ...
- Kings Point – Sun City Center, FL. ...
- Leisureville – Pompano Beach, FL. ...
- Hollybrook Golf and Tennis Club – Pembroke Pines, FL. ...
- Kings Point in Delray Beach – Delray Beach, FL.
The key to asset protection when an elder is already in the nursing home is: 1) a good elder law attorney; and 2) a good durable power of attorney/estate plan that will allow the attorney-in-fact the power to protect assets. If the elder is competent, of course, the elder would participate in all decision making.How do I qualify for a nursing home in Florida? ›
They must have limited income, limited assets, and a medical need for care. A single individual applying for Nursing Home Medicaid in 2023 in FL must meet the following criteria: 1) Have income under $2,742 / month 2) Have assets under $2,000 3) Require the level of care provided in a nursing home facility.Does Florida have Medicaid for nursing homes? ›
Medicaid reimburses for 365 days of all-inclusive nursing facility services, per year, per recipient when the following occurs: Services are prescribed by a physician licensed in the state of Florida. Recipient occupies a Medicaid-certified bed.Where do the most seniors live in FL? ›
Cape Coral/Fort Myers tops this list for recreation and entertainment, offering a wide spectrum of activities for every retiree. It's home to the most active retirement communities in Florida.
Do you have to be 55+ to live in a senior community in Florida? ›
In Florida 55+ communities there is a federal law that governs all our age-restricted communities. According to this law, at least 80 percent of the occupied units must have at least one resident who is 55 years of age or older.Is Florida a good place to live for seniors? ›
Florida is one of the most popular places for Americans to retire. Year-round warmth, sandy beaches, and luxury housing are well-known perks of the Florida lifestyle.How do I get assisted living in Florida? ›
Persons under 60 are not eligible regardless of their functional ability. Persons between the ages of 60-64 are eligible if they are considered disabled by Social Security. Persons aged 65 and older qualify if assistance is needed for four or more activities of daily living such as bathing, toileting or grooming.What are the staffing requirements for assisted living in Florida? ›
For every 20 residents over 95, 42 staff hours must be added each week, which equates to about one full-time employee per 20 residents.What is the highest level of assisted living? ›
Level 3 care is referred to as “enhanced assisted living” because in level 3 care assisted living settings, residents require extensive, hands-on assistance for multiple ADLs. Level 3 residents will have several physical ailments that need daily assistance.