Paying for Assisted Living in Burlington: Financial Options to Consider

Written By: Discovery Senior Living
Paying for Assisted Living in Burlington: Financial Options to Consider

Do you need support with daily activities but are worried about paying for assisted living? You're not alone because many Burlington seniors struggle to balance senior living costs with their resources. Luckily, there are several financial assistance options you can explore to be able to afford assisted living.

Here, we discuss assisted living costs and explore the assistance programs available in Burlington, IA. We'll also provide budgeting tips to simplify financial planning in senior care.

What Do Assisted Living Costs Include?

Most assisted living communities provide the following :

When you pay your monthly cost for assisted living, it can cover all these services. However, your community may also offer a few optional services, which you pay separately. Before joining an assisted living community in Burlington, ask about the cost and what it covers.

Paying for Assisted Living: Options to Boost Retirement Living Affordability

Iowa has several programs that enhance the affordability of retirement living. Learning about them and the qualification requirements will help you make informed decisions.

Iowa's State Supplementary Assistance (SSA)

The State Supplementary Assistance (SSA) program is a great option if you need help paying for assisted living. You can use it to cover rent and other expenses if you meet the eligibility criteria, which is:

  • You're blind or disabled according to social security standards
  • Your single and your assets are worth less than $2000
  • You're married, living with your spouse, and have assets worth less than $3000
  • Your income is less than the limit for the State Supplementary Assistance Group

If you meet these requirements, you may apply for SSA through the Iowa Department of Human Services (DHS). The forms you fill will require you to provide the following information:

  • Your income
  • Assets
  • Living situation

Once you submit your application, the Iowa DHS will check it and determine if you qualify for the program. Upon approval, you'll receive monthly funds to cover senior care expenses and other essential needs.

Long-Term Care Insurance

Long-term care insurance may help you pay for the care traditional health insurance doesn't cover. However, each policy is different, so it's vital to find out what yours includes in advance. In most cases, it may pay for senior care expenses related to:

  • Your meals
  • Personal care
  • Medication management

Long-term care insurance will have a limit based on the premiums you pay. For example, it might pay up to $150 per day for senior housing costs. Understanding your benefit limits will help determine if you need additional financial resources.

Veterans Aid & Attendance Benefits

If you or your spouse served in the military, you may be eligible for Aid and Attendance (A&A). To qualify, you must meet particular requirements like:

  • Need for daily assistance
  • Meeting the income and assets limits
  • Permanent or total disability

Apply for the A&A benefits by filling out VA Form 21-527EZ. The document will require you to provide details about your medical needs, income, and assets. After filling out the application, submit it to the VA online or by mail. You can also send it to the VA regional office in Des Moines County.

After sending your files, the VA will review the information and decide If you qualify for the benefits. The process can take time, so it's better to apply months in advance and be patient.

If you qualify, the VA will send you the monthly benefits, and the amount can vary based on your circumstances. It will also depend on the maximum monthly amount for Aid and Attendance benefits, which may change annually.

Supplemental Security Income (SSI)

SSI doesn't directly cover the costs of assisted living. However, it can provide some extra income, which you can use for personal needs and other expenses related to senior care. To qualify for SSI, you must meet some requirements.

For example, your income from sources like Social Security, pensions, or work must be below a certain amount. Besides, you must have limited savings and assets.

The amount of SSI you receive depends on your income and living situation. The federal government also sets a maximum Supplemental Security Income limit each year.

If you want to apply for these benefits, contact the Social Security Administration. You could also visit the local SSA office at 3920 DIVISION ST, BURLINGTON, IA 52601.

Selling or Renting Your Home

Do you own a home and will no longer need the space because you're moving to assisted living in Burlington, Iowa? Selling or renting your home can provide extra income to cover senior housing costs.

If you decide to sell, you'll get a lump sum, which you may use to offset a mortgage. You'll also avoid the stress of ongoing home maintenance.

Renting your property, on the other hand, provides steady income and tax benefits. It can be a good idea if you have children you'd like to transfer the property to later, and your loved ones or lawyer can help you get property management services.

Tips to Simplify Financial Planning for Aging

Budgeting for assisted living in Burlington early helps you leverage more financial resources. Assess your long-term care options and set up a savings plan with the help of a financial advisor. Additionally, compare several communities in Burlington since the costs may vary.

Here are other ways to simplify budgeting for aging:

  • Take advantage of tax deductions
  • Consider a Health Savings Account
  • Downsize to a smaller home

Reducing your current expenses will help you save more money for assisted living. Evaluate your spending and determine how you can cut costs. Some things to consider eliminating include unused subscriptions and unnecessary purchases.

Make Assisted Living in Burlington More Affordable

Paying for assisted living in Burlington, Iowa, may initially seem overwhelming. However, you can use several financial assistance programs and budgeting strategies to make it more manageable.

Apply for social security benefits from the federal and state governments if you meet the eligibility criteria. Further, explore long-term care insurance and consider renting or selling your home for additional financial flexibility.

Addington Place of Burlington is a pet-friendly community focusing on connection and fun. We treat all residents like family and offer a balance of independence and support. Contact us to learn more about our assisted living program.

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