Many factors need to be considered when deciding on the most ideal type of senior living option for yourself or a loved one. Cost is often one of the key factors that families need to address before deriving with a decision. If you are looking for more information on the cost of senior living, here are some key data that can be useful for your search. Refer to our financial resources or contact us for any further assistance.
Assisted Living and Memory Care in Louisiana
As per Genworth’s 2019 Cost of Care Survey, the cost of assisted living in Louisiana in 2020 is at an average of $3,650. In comparison, the national average monthly cost of assisted living is $4,051. This makes the cost of assisted living in Louisiana considered to be low. However, the average cost of assisted living can vary from city to city. It is helpful to find out the area that you are relocating to before determining the actual cost of assisted living there. For memory care that is offered in an assisted living community, there is an additional fee that can range between $750 and $1,175. This extra fee covers the higher level of care that is rendered for memory care residents.
Medicaid Programs for Older Adults
Medicaid offers healthcare for residents of Louisiana with low income. For older adults and those with a disability, Medicaid covers skilled nursing services and personal care assistance through the state Medicaid plan. For older adults who require skilled nursing services and personal care assistance, there is the Long Term Personal Care Services Program which is also part of the state Medicaid plan. There are also the Home and Community Based Services Medicaid Waivers which provide older adults with long-term care, preventing unnecessary nursing home placements.
- Adult Day Health Care Medicaid Waiver: Offers adult day care services to older adults who require skilled nursing services. Additional assistance can include personal care assistance, medication management, and meals.
- Community Choices Waiver: Offers support to prevent or delay nursing home placements. The types of assistance include personal care assistance, adult day care, respite care, home modifications, and skilled nursing services. A special benefit of this waiver program is providing older adults with the option of monitored in-home caregiving.
More Options to Finance Senior Living
- Veterans Benefits: Veterans can make use of various pension programs to help finance the cost of assisted living.
- Life Insurance Policies: Even if a spouse of a family member is still living, specific kinds of life insurance policies can be used to finance the cost of assisted living.
- Long-Term Care Insurance: This is a type of insurance policy that covers the cost of long-term care when it is needed which includes the cost of assisted living.
- Reverse Mortgages: Reverse mortgages allow older adults to access the equity of their house which they have ownership to. The funds can be used to finance the cost of assisted living. There is a federally insured reverse mortgage program offered by the U.S. Department of Housing and Urban Development.