The average cost of assisted living in Texas, as of 2021, per Genworth's Cost of Care Survey 2020, is $3,988 / month, which is a few hundred dollars under the national average of $4,300 / month.
The areas of Texas with the most expensive assisted living include Houston, McAllen, College Station, Midland, Odessa, and Victoria, where the monthly cost averages between $4,750 and $5,355. The most affordable assisted living in the state can be found in Corpus Christi, El Paso, and Texarkana, where it ranges from $2,600 to $3,260 / month. Other areas with very affordable monthly rates include Sherman ($3,400), Tyler ($3,450), and San Antonio ($3,599). The areas of Waco, Abilene, Longview, and Austin have average monthly rates ($3,750 - $4,250) fairly consistent to the statewide average cost of assisted living.
For average Americans assisted living fees are most frequently paid out-of-pocket. Families typically use a combination of Social Security, Veterans and other pensions as well as their savings.
What Does Medicare or Medicaid pay for assisted living?
Traditionally, Medicare does not cover the costs of assisted living facilities or long-term care facilities. However, Medicare will cover qualified healthcare costs while your loved one is living at a certain facility. Medicare is more often used to pay for a skilled nursing facility or home health care.
Medicaid can be used to pay for long-term nursing home care in all states. Many states also allow their residents to use Medicaid waivers to pay for assisted living or in-home care if the services can be obtained at a lower cost.
Other Ways to Pay for Assisted Living
Getting a Reverse Mortgage. Many seniors find that a reverse mortgage can help ease the financial burden of assisted living costs. This is more frequently the case when one spouse needs assisted living or nursing home care while the other spouse can remain in the home. The emotional stress alone can be a challenge in these cases, so adding financial strains into the mix can further complicate life and prevent a caregiver from focusing on what’s really important – taking care of their loved one.
VA BENEFITS - The
Department of Veterans Affairs, or VA, covers assisted living care
for veterans and spouses of veterans who have served at least 90
days on active duty and at least one day during wartime. Applicants
must meet a medical qualification test, but their conditions don’t
need to be related to military service. Called the Non-Service
Connected Improved Pension Benefit with Aid and Attendance, or “aid
and attendance” for short, this program pays a maximum benefit of
$2,085 a month for married veterans, $1,759 for single veterans and
$1,130 for a surviving spouse.
The VA’s income limit for pension benefits — $21,107 a year for a veteran with no dependents who needs aid and attendance — is offset by the cost of out-of-pocket medical expenses, which may include assisted living care. So if your income is $25,000 and your medical expenses — including assisted living care — are $10,000, the VA counts only $15,000 worth of income toward eligibility.
CARE INSURANCE - A small number of families are fortunate enough to have
care insurance, perhaps 5% of American seniors. These individuals
use those financial benefits to help with the cost of assisted
Elder Options of Texas
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