For those who need assisted living, but are not financially prepared, the question becomes “Does Medicare cover residential assisted living?”
First a little on Medicare: The federal goverment provides money to the states to cover the states Medicare. The states then create their own programs to take care of the needs of their residents.
Most states have a formula that requires a senior to prove they have no income and no assets. They must first liquidate and exhaust their assets and if they receive Social Security, they can keep a small portion for expenses and the rest would need to go their care and if you add it up, that funding is going to be well south of the $3,000 to $5,000 needed.
So while Medicare will cover some costs of Assisted Living, it will only cover a substandard amount.
Learn more about finding and focusing on people who can afford to stay our homes that offer a great product on January 10th and 14th at MAREI.
Join me to learn more about Residential Assisted Living at MAREI on January 10th at the meeting and then my workshop on the 14th. Click here to visit the MAREI Calendar to get the details.