Texas Community Care for the Aged/Disabled
CCAD, which is overseen by Texas Health and Human Services, helps low-income seniors who are at risk of nursing home placement. The program provides them with personal services at home or in an assisted living facility in order to facilitate their independence. Benefits include consumer-managed personal attendant services, which allow a senior to assign a caregiver, including a family member. The program also covers personal emergency response systems, which reduce the need for constant oversight. Seniors living in assisted living facilities may also receive residential personal care.
Benefits may vary depending on the individual’s living arrangement, although certain standard eligibility requirements apply. Applicants must be legal Texas residents with income not exceeding three times the Supplemental Security Income payment. The applicant’s assets must not exceed $5,000 for individuals and $6,000 for couples, although this amount can vary by benefit. Applicants who are eligible for identical services through state Medicaid programs should not apply.
Potential applicants should contact their local Aging and Disability Resource Center for further information or to apply.
VA Aid and Attendance Program
Eligible veterans and surviving spouses who need financial assistance for assisted living services may receive funding through the VA Aid and Attendance Program, which helps to offset assisted living costs. Applicants must be 65 or older and need assistance with activities of daily living.
The program’s application process has complex eligibility requirements that factor in unreimbursed medical expenses. Because the process may be confusing, potential applicants should visit their local VA benefits office for further information or to apply.
Assisted Living Bridge Loans
Seniors may acquire short-term funding through an assisted living bridge loan, which can fund up to one year of payments. While interest rates can be high, this program may provide a viable option for seniors with pending benefits or those waiting on cash from a home sale. Bridge loans can also cover the initial expenses of assisted living, such as move-in costs.
Since multiple co-borrowers may apply for a single bridge loan, the importance of individual creditworthiness diminishes, increasing approval odds. Additionally, family members, rather than the service recipient, apply for a bridge loan, so the senior’s age and health don’t impact the chance of approval. The lender does require information regarding the anticipated source of permanent funding.
Seniors can receive bridge loans as a lump sum payment or as a line of credit, depending upon their needs. Families can expect fast response times once an application is submitted. For further information or to apply, interested individuals should contact Elderlife Financial Services.