Are you or your loved ones considering shifting to an assisted living community in Virginia? After all, there are numerous benefits to an assisted living community, such as incredible convenience, food choices, 24/7 assistance whenever you need it, and a warm-hearted community. At the same time, this brings up an important question – how much is it?
Not to worry, we got you covered. Read on to understand more about the various assisted living costs in Virginia.
First, let us look at the average costs of assisted living communities., Assisted living in Virginia will cost an average of $4,850 per month (2021) which amounts to a yearly expense of $58,200.
With that said, the cost of assisted living communities in Virginia is pricey than the national average of $4,300 per month. However, this does not mean you or your loved ones should be worried or put off.
Rather, it is more important to know which community to pick because there are certain areas and communities that offer cheaper costs for the same great quality community. These areas include Winchester, Blacksburg, Virginia Beach, and Richmond where average yearly prices range from $5,820 to $14,460 less.
Can Medicaid Cover the Cost of Assisted Living in Virginia?
Medicaid doesn’t directly pay the expense of living in an assisted living community, but those who qualify can get help through the STAR+PLUS waiver. Those in their golden years who have been judged to need assisted living care are covered for a number of long-term medical and non-medical services under this.
These services in an assisted living community included support with daily tasks and medicines. Occupational therapy, medical supplies, and dental help are additional services.
What is the Eligibility for Medicaid?
One of the criteria used to assess Medicaid eligibility in Virginia is income. The yearly maximum income for singles is $30,276. The maximum family income for couples filing for Medicaid jointly should not be more than $60,552.
In addition, applicants must be at least 65 years old and have a handicap. Other eligibility criteria include being a full-time Virginia resident.
What Other Financial Assistance Options are Available for Assisted Living in Virginia?
If you or your loved ones are not eligible for Medicaid, do not worry, there are other financial options you or your loved ones can explore to reduce the costs of assisted living in Virginia. Here are just some other alternatives you may consider:
- Veteran Aid and Attendance: If you are a veteran, this is something to consider. Veterans eligible for VA pension may also be able to receive Aid and Attendance benefit. This is a monthly allowance given on top of the basic pension amount and can be used to offset the costs of Assisted Living.
- Long-Term Care Insurance: If you or your loved ones have long-term care insurance it is time to put it to good use. Many long-term insurance policies cover a part of assisted living costs but this may vary depending on the terms stated in your policy.
- Real Assets: Do you or your loved ones own a property? Consider using a reverse mortgage to finance your or your loved ones’ assisted living costs. It is a great way to also tap into the current great real estate market.