Financial Planning for Senior Living in Texas

Planning for long-term care for seniors, like assisted living, can be a very emotional process. It can also be an overwhelming experience. If you’re looking into long-term care options for a loved one, you might not have any idea where to start. 

You might be wondering: What will be the best fit for my loved one? And how will the cost of care be covered?

Assisted living isn’t typically covered by health insurance or programs like Medicare or Medicaid, but there are other options. 

Some people use a combination of their own money and Social Security, Medicaid, Veterans benefits, pensions, and reverse mortgages, but most of the cost of assisted living is typically paid out-of-pocket.

We want to make this whole process less confusing for you, so we’ve compiled a list of helpful resources in the state of Texas, as well as local resources close to Vernon, Texas and the surrounding Wilbarger County, Texas.

Where to Start When Planning for Senior Living?

A good place to start on your assisted living journey is by taking advantage of the resources offered by your local Area Agency on Aging.

For those in Vernon, Texas and the surrounding Wilbarger County, the local office is The North Central Texas Area Agency on Aging.

They can offer assistance to seniors through:

  • Financial education and services
  • Benefits counseling
  • Care coordination
  • Investigating long-term care complaints
  • And other resources for Texas seniors

How to Pay for Assisted Living

Long-Term Care Insurance

Long-term care insurance will reimburse policyholders a daily amount (up to a preselected limit) for services to assist them with activities of daily living (ADLs) such as bathing, dressing, or eating. This can usually help to cover services administered in the home or in an assisted living community.

Long-term care insurance is probably the best way to ensure that your loved one will be able to pay for assisted living.

However, it does have to be purchased before long-term care is needed. If they’re already receiving care to help with ADLs, or are in poor health or have been diagnosed with a pre-existing condition like dementia, they may not qualify. 

If your loved one does qualify for long-term care insurance, It’s a great idea to take advantage of the Texas Long-Term Care Partnership – a collaborative effort between private long-term care insurance providers and the state of Texas. 

Texas Long-Term Care Partnership-qualified policies provide some benefits, features and consumer protections that aren’t available with other policies. These extra features will offer greater protection of financial resources and assets, like your loved one’s home or savings.

The program was created to encourage Texans to sign up for long-term care, for their own protection.

Help for Veterans with Paying for Assisted Living

The Veterans Aid and Attendance program can help senior veterans pay for assisted living. Wartime veterans, aged 65 or older (or their surviving spouse with limited income), may be eligible to receive a pension that will pay for services that provide help with ADLs. 

Click here for more information on the Veterans Aid and Attendance program.

For local help with paying for assisted living, you can reach out to the Wilbarger County Veteran Services Office. Wilbarger County Veteran Services can help you to access the benefits you are entitled to, including help paying for assisted living, or they can refer you to someone who can. You can call the Veteran Services Office at (940) 553-2310.

Click Here to Find More Information About the Veterans Service Office

Family Contributions

Most families split up the cost of assisted living, and use their own savings and resources to help pay for care for a loved one. If your family can afford it, paying out-of-pocket is by far the easiest and most popular way to pay for long-term care.

Reverse Mortgages or Selling a House or Other Assets

A reverse mortgage is a loan that a homeowner 62 or older can take out. If the home equity is high enough, they can borrow against the value of the home and receive funds as either a lump sum, fixed monthly payment, or a line of credit.

For seniors wanting to take out a reverse mortgage loan, the safest bet is a Home Equity Conversion Mortgage (HECM). It is the only reverse mortgage insured by the U.S. Federal Government.

Click Here to Read More Information on Home Equity Conversion Mortgages.

Before applying for an HECM loan, the applicant must meet with a loan counselor, either in-person or online, who can determine if they are eligible and help them decide if the program is right for them, as well as make sure they’re aware of all the resources available to them.

You can search for HECM loan counselors in the local Vernon, Texas area on this website.

Once you’ve received counseling, you can search for local HECM loan lenders in the Vernon, TX area on this website

Selling your loved one’s house, especially if they will no longer be living there, along with other available assets, is also a viable option.

Can You Use Medicare or Medicaid to Pay for Assisted Living?

First of all, what is the difference between Medicare and Medicaid? 

Medicare is a federal healthcare insurance program. It can help to pay for short-term healthcare services, but not long-term services like assisted living.

Medicaid is managed by the state of Texas, and is designed to help low-income individuals access healthcare. Residents who are 65 or older or who have certain disabilities can qualify for Medicaid assistance. 

Medicaid can help to pay for care in a skilled nursing facility (nursing home), but there may be a waitlist. However, neither Medicare or Medicaid can be used to pay for assisted living.

Have More Questions?

If you have more questions about assisted living in Vernon, TX or the surrounding areas, we’re happy to help! 

At Eagle Flats Village, we offer both long-term and short-term care. So if you’re looking for a new home for a loved one, or simply need short-term care due to travel or for respite purposes, we are here for you.

Eagle Flats Village provides a safe, nurturing and worry-free environment tailored to meet the individual needs of seniors requiring or desiring some assistance with activities of daily living. 

From personal assistance to medication management and 24/7 care services, Eagle Flats is committed to providing our residents with a dignified and comfortable lifestyle that supports and enhances their quality of life.

Interested in learning more?

Call us today at 940-552-8181 or schedule a visit online here. 

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