The Texas Community Care for the Aged/Disabled (CCAD) program
Overseen by Texas Health and Human Services, the CCAD program allows low-income seniors at risk of nursing home placement to receive personal services at home or in an assisted living residence. It also covers services, such as personal emergency response systems, which reduce the need for constant individualized care. Other available services include consumer-managed personal attendant services, which allows an individual to choose their own caregiver, even paying family members to care for them. Residential care is offered to individuals already residing in assisted living facilities.
While benefits vary depending on an individual’s living arrangement, certain standard eligibility requirements apply. Applicants must be legal Texas residents with income not exceeding three times the Supplemental Security Income payment. Assets must not exceed $5,000 for individuals and $6,000 for couples, although this amount may vary depending on the benefit sought. Applicants should also not be eligible for identical services through Medicaid programs.
Seniors should contact their local Aging and Disability Resource Center for further information and to apply.
VA Aid and Attendance Program
Eligible veterans and surviving spouses in need of financial aid for assisted living can seek assistance through the VA Aid and Attendance Program. In order to qualify, applicants must be over 65 and require help with activities of daily living. Program funding is designed to offset the costs of assisted living.
Application to the program can be confusing since the eligibility requirements are complex and factor in unreimbursed medical expenses. Potential applicants should visit their local VA benefits office for further information or to apply.
Assisted Living Bridge Loans
Individuals or families in need of short-term funding for assisted living may want to consider a bridge loan, which can fund up to 12 months of payments. While interest can be high on bridge loans, this program may be ideal for seniors awaiting benefit approval or funds from a home sale. Bridge loans can also cover the initial expenses of assisted living, including move-in costs.
Because a single loan can have multiple co-borrowers, the importance of individual creditworthiness diminishes, improving chances of approval. Since family members generally apply for bridge loans rather than the senior himself, the age and health of the service recipient don’t impact the odds of approval. Lenders generally require specifics about the anticipated source of permanent funding.
Bridge loans can be disbursed as a lump sum or as a line of credit. Once a loan application is submitted, the approval time is often very fast. For further information on assisted living bridge loans, contact Elderlife Financial Services.