Program for All-Inclusive Care for the Elderly
The Program for All-Inclusive Care for the Elderly (PACE) is provided by the Florida Department of Elder Affairs. It provides seniors with alternative care options that let them continue living in their home or an assisted living facility once they require a nursing level of care. The program was created to reduce the load on nursing facilities in Boca Raton and throughout Florida.
Seniors who wish to participate in the PACE program must be 55 years of age or older and complete a comprehensive care assessment to determine the level of care they require. They must also be capable of continuing to live safely within their community. The financial requirements of this program are the same as those that are in place for the state Medicaid Managed Care Long Term Care program.
To find a PACE provider in the Boca Raton area, seniors can call 1-855-435-7223.
Optional State Supplement
In most cases, Medicaid and other government financial assistance programs don’t cover the cost of room and board in assisted living facilities, which leaves seniors paying out of pocket for these expenses. Florida’s Optional State Supplement (OSS) benefit can provide some relief in this scenario. The benefit is in place to provide low-income seniors with a monthly cash payment that can be used to pay for room and board costs while living in long-term care homes. The exact amount each senior receives depends on income and needs. The maximum monthly OSS payout in Florida is $78.33.
To receive OSS payments, seniors must be receiving Supplemental Security Income and must not have more than $2,000 in assets, including property. To apply for an OSS benefit, seniors can call ACCESS Florida at 1-866-762-2237.
Elderlife Bridge Loan
Elderlife Financial Services is an independent financial institution specializing in bridge loans for seniors. Those who are ineligible for Medicaid and other government assistance programs may apply for an Elderlife bridge loan, which is paid directly to the applicant’s care facility upon approval. Loans are paid back in monthly installments. Elderlife bridge loans have low interest rates and flexible terms.
While eligibility is dependent on credit history and income, seniors who are unable to qualify alone may apply with up to six cosigners, which may increase the likelihood of approval.
Long-Term Care Insurance
Long-term care insurance typically needs to be purchased before the need for long-term care exists, but for those with the insight to invest in a policy, this type of insurance covers the cost of assisted living and supportive services in an approved long-term care facility. Most plans come with an annual deductible, which needs to be paid by the senior.
Eligibility, monthly costs and deductible amounts vary depending on the provider and plan but are normally determined by the policyholder’s age and health.