Many seniors have been saving money for their retirement all of their lives. They may choose a job that offers a 401k or a retirement pension, or they could invest in equities to fund their retirement. They may also have a trust account or insurance annuity set aside to help them pay for assisted living. When your loved one is planning how they will pay to move, private finances should be the first place you check, and whatsoever method they choose to prepare for their future can tremendously support them during this time.
- Waiver of Home and Community-Based Services (HCBS)
Top 10 assisted living properties in New York to provide a range of Medicaid waivers to assist seniors in paying for assisted living. The Office of People with Developmental Disabilities (OPWDD) in New York offers the Home and Community-Based Services (HCBS) Waiver to assist individuals in paying for community care rather than institutional care. An HCBS Waiver may be available to seniors with a developmental handicap and qualified for nursing home care. To be eligible, they must be qualified for Medicaid and choose HCBS as an alternative to institutional care.
- The Managed Long-Term Care Program in New York (MLTC)
The Managed Long Term Care Program (MLTC) is a New York Medicaid program that helps seniors pay for assisted living. The initiative aims to assist seniors with disabilities, mental impairments, or chronic illnesses in paying for their medical treatment. Most MLTC applicants are qualified for nursing home care but would prefer to receive it in an assisted living facility or at home.
Seniors can choose from three Medicaid plans:
- Medicaid Managed Long-Term Care
- The Medicaid Advantage Plus program
- The Medicare All-Inclusive Care Program for the Elderly (PACE)
To be eligible for the MLTC program, applicants must be 65 years old or older (55 years for PACE). They must be financially eligible for New York Medicaid and require the degree of care generally provided by skilled nursing homes. Personal care in assisted living, nutrition counseling, and housekeeping are among the services covered by the program.
- The Assisted Living Program in New York (ALP)
Top 10 assisted living properties in New York to assist seniors with substantial physical or mental disabilities in paying for assisted living. Seniors must have disabilities that make them eligible for nursing home care, but they must also be functioning enough to manage their requirements without the help of a nursing home. The ALP will cover basic services commonly provided by assisted living institutions, such as lodging and board, personal care, and housekeeping, but not advanced services certain applicants may require.