Without a doubt, one of the most common questions we get is how to pay for assisted living cost in Anchorage, Alaska and if Medicare covers any or all of the cost of assisted living. Many questions come from children of seniors that are looking to find a new living arrangement for their parents. Often, this is their first interaction with assisted living and they have no idea how to afford it. It is at this time of major transition that many families find that they have not planned in advance for long-term care. A lot of assumptions are made regarding what health insurance, medicare or the government will pay. They are often times surprised to know that a lot of the cost will be paid out of pocket.
Advance planning, is one of the cornerstones of long-term care coverage as out-of-pocket expenses could be financially devastating for the children of senior parents.
Cost of Assisted Living in Anchorage Alaska
We have many articles discussing the cost of Assisted living and the cost of in-home care in Alaska. Take a look at that information to gain a better understanding of general costs of care in Alaska. Baxter Senior Living beginning prices are also located on their respective pages for:
Since Respite Care costs is determined by length of stay, you will need to contact a Baxter Senior Living advisor to get a custom quote on these costs.
If you aren’t sure of exactly what Assisted Living is, you can refer to a previous article we have on our Baxter Senior Living Blog.
How to pay for Assisted Living
Private Pay:
Private pay is exactly how it sounds. This is when a family or senior pays for assisted living completely out-of-pocket. Seniors have most likely had advance retirement planning for long-term care costs by using finances, or private insurance. These are all options of paying for assisted living without using any government sources. Living in a private pay assisted living facility allows for more flexibility
Long-Term Care Insurance:
Long term care insurance is intended to offset costs and expenses for long-term care needs. Long-term care insurance should be utilized as a cost planning endeavor and would need to be implemented prior to a senior becoming ineligible due to disability or illness. Upper age limits also limit or exclude seniors from purchasing these policies.
It’s imperative that Long-Term Care insurance is part of a retirement plan. There are many options and brokers who can help you formulate the plan that is best for you. If you are an adult child of an aging adult, start the discussion with your parent on long-term care planning. Researching long-term care insurance policies with the help of a qualified and trusted financial advisor as well as trusted family members will help to make this decision a bit more manageable.
Veteran’s Benefits:
If you are a United States Veteran, you qualify for medical care. Unfortunately, qualifying for these services often takes at least 6 months so it’s important to start your research much ahead of time. Here is some important information taken from the VA website that can put you in the right direction of finding help:
How do I access these services?
You may be able to use one or more of these services if you meet all of the requirements listed below.
All of these must be true:
- You’re signed up for VA health care, and
- We conclude that you need a specific service to help with your ongoing treatment and personal care, and
- The service (or space in the care setting) is available near you
We may also consider other factors, like your service-connected disability status or insurance coverage.
To find out how to access these services, contact your VA social worker. Or, call our toll-free hotline at 877-222-8387, Monday through Friday, 8:00 a.m. to 8:00 p.m. ET.
If you’re not currently in the VA health care program, you can apply for benefits now.
Apply now
This is just an initial outline of what to expect when you approach the subject of how to pay for assisted living. It is a conversation that should happen sooner or later with your senior loved one. If you have any questions about Baxter Senior Living, please contact our senior advisors. We are happy to answer any questions you may have.
