Program of All-Inclusive Care for the Elderly (PACE)
Florida’s PACE program is aimed at seniors who require a nursing level of care. Its intention is to provide no-cost or low-cost access to a variety of home and community-based services that may help them to avoid institutionalization. Services provided by PACE may include assisted living or home care services, nonmedical transportation and case management. Participants of PACE receive all types of health care and long-term care from a single provider. PACE is administered by the Department of Elder Affairs.
To be eligible for PACE, applicants must be 55 years of age or older. They must also be able to live safely in their own home or in an assisted living facility and a care assessment is required to determine the applicant’s level of need. Financially, applicants are subject to the same requirements as the Medicaid Managed Care Long-Term Care Program.
To apply for PACE, seniors living in Palm Beach Gardens can call (561) 868-2999.
Optional State Supplementation
Seniors who receive Supplemental Security Income may qualify for Florida’s Optional State Supplementation (OSS). OSS is a cash benefit that’s designed to provide seniors who receive long-term care with additional funding for room and board costs, which aren’t typically covered by Medicaid programs.
OSS benefit amounts are determined by the applicant’s living situation and current income. The maximum payout is $78.40 per month. Seniors applying for OSS may not have a monthly income exceeding $849.40 and may not have assets that are valued higher than $2,000.
Seniors who wish to apply for OSS can contact ACCESS Florida at (866) 762-2237.
Long-Term Care Insurance
A long-term care insurance policy covers the cost of assisted living or nursing home care. Policyholders typically purchase their policies earlier in life, prior to reaching the point of needing long-term care. After paying the deductible, and if applicable, the co-pay amount, seniors can have their insurance provider pay for their care or reimburse their costs. Most policies require that deductibles are paid annually.
Each long-term care insurance provider has different eligibility guidelines and policy terms, but typically, anyone who is in poor health does not qualify for long-term care insurance.
Elderlife Bridge Loan
Elderlife Financial Services provides seniors with an alternative payment method while they await permanent funding. While they must be repaid in full, bridge loans offer seniors some relief when it comes to paying the cost of care in assisted living facilities. Elderlife Financial pays the cost of services in full on behalf of seniors who are approved for a bridge loan. Seniors then pay the loan back in monthly installments. Loans are available with low interest rates and flexible terms.
While eligibility is determined by income and credit history, seniors may include up to six cosigners on their application, which may increase the likelihood of approval and reduce monthly payments. Seniors can learn more about Elderlife bridge loans or start their application by calling (888) 228-4500.