The majority of people around the country are familiar with the idea of “snowbirds.” These are Midwesterners who have moved someplace to be warmer, at least for a portion of their retirement. However, despite the idea of cold weather, Indianapolis is still a rich hub of activity for those who have reached their senior years. Nicknamed the Crossroads of America this state is becoming more and more active in regard to senior living.
Right now, 10.98 percent of the total population of Indianapolis is over the age of 65. These 80,000 or so seniors are trying to decide the level and type of care they need. Taking some time to evaluate the options, costs, and needs will help you find the right location for your future.
Understanding a bit more about the area can help anyone determine if this is the best place for them to call home.
The cost of living is at 10.7 percent, which is lower than the national average. The state has a flat income tax of just 3.4 percent. The state has 215 physicians for every 100,000 residents (which is only slightly lower than the national average of 261 physicians for every 100,000 residents).
As a person gets older, their wants and needs will change. For some, this means wanting to get rid of large, excessive space and empty homes. The good news is, there are quite a few senior living arrangements that will allow seniors to choose the accommodations that best suit their needs.
There are assisted living facilities that provide limited care and assistance, nursing homes that provide complete care and even other options that offer independent living. Understanding some of the associated costs with all these different services can help a person choose the option that best meets their needs.
Licensed homemaker services (hourly cost): Between $13 and $24; $44,616 annually on average. Adult day care services (hourly cost): $60 to $99; annual cost of $18,070. Assisted living (private room): $2,650 to $6,225 per month; annual cost of $50,946. Nursing home care (semi-private room): $179 to $293 per day; annual average cost of $74,825. Nursing home care (private room): $210 to $450; annually $97,411 on average.
There is also the option of senior apartments. These are typically reserved for those who have reached a certain age. In most cases, this will be either 55 or 65. The cost of the apartment is also often determined by the income the senior has. More about this is available by speaking with someone from the U.S. Department of Housing and Urban Development, HUD.
When it comes time to make a decision about where to live, it is important that the senior is involved and that their wants and needs are being considered carefully.
There are a number of options available to pay for senior living arrangements selected in Indianapolis. While many people opt to pay for this care out of their own pockets, there are a number of other resources they may be able to use, such as retirement accounts, selling a home or stocks. There are also some who will be eligible for government assistance in the form of Medicare or Medicaid.
In most cases, Medicare will not cover long-term care (i.e. room and board) in a local nursing home. There are also quite a few types of insurance that don’t cover this care. However, a resident should not drop this coverage, since they will still likely need medical care while in the nursing home and these sources can help cover those costs.
Getting Medicaid will often require a person to reduce some of their assets first to help cover the costs. Those seniors who own a home can also consider putting a lien on it, or sell it outright to help cover the costs. For seniors who have yet to apply for Medicaid, it is a good idea to learn more about the requirements for coverage in order to determine if you are eligible.
Long-term care insurance is a type of private insurance coverage that can provide assistance for quite a few different types of long-term health care. This includes both non-skilled and skilled care, such as nursing homes. Take some time to learn what a policy offers to determine whether or not it will cover a nursing home stay.
Find assisted living in Indianapolis near you.