Financial sources that may be used to pay for senior housing or care:

• BenefitsCheckUp was developed to address a concerning problem: millions of older adults are eligible for benefits, but not receiving them. Ranging from health coverage to supplemental income to help in paying utility bills, there are millions of older adults who could benefit from a wide array of public programs if they knew about them and how to apply for them. BenefitsCheckUp is a online service to provide public benefit screening.
  


HelpingPatients.org - a new interactive Web site by PhRMA and 48 of its member companies. This site was designed to help you find patient assistance programs for which you may qualify.


• Sell Home or Reverse Mortgage - Homeownership Rates for the United States for homeowners aged 65+ in the first quarter of 2002 is 80.9 percent according to the US Census report. Two options that a senior homeowner has is either sell the home or look into a reverse mortgage to bring in income for care. A Reverse Mortgage is defined as a homeowner enters an agreement with the bank, and the bank will make regular payments to acquire equity in the home. The homeowner still has the right to live in the house and receives a regular source of income. The homeowner can use this income to cover living expenses. The homeowner will not have to worry about listing, showing, and selling the house because the bank owns the home. The lenders listed below are members of the National Reverse Mortgage Lenders Association who are licensed to originate reverse mortgages within Missouri:
  
  • Financial Freedom Senior Funding Corp. 1-800-336-3135
  • Wells Fargo Home Mortgage. 1-800-336-7350
    
  For more information on reverse mortgages, visit http://www.aarp.org/revmort/ or http://www.reversemortgage.org
  
  
• Social Security - Social Security is the foundation for a secure retirement, but it was never meant to be the sole source of a person's retirement income. Social Security pays the average retiree about 40% of pre-retirement earnings. Contact the Social Security Administration at 1-800-772-1213 for more information and to request a free "Your Social Security Statement" if you didn't receive yours.
  
  
• Medicaid - Medicaid is a jointly-funded, Federal-State health insurance program for certain low-income and needy people. How much an individual earns and their assets counts toward eligibility for Medicaid. The Missouri Guide For Seniors has more detailed information on their web site.
  
  
• Medicare - Medicare is a Health Insurance Program comprised of two parts. Part A (Hospital Insurance) helps pay for care in hospitals as an inpatient, critical access hospitals (small facilities that give limited outpatient and inpatient services to people in rural areas), skilled nursing facilities, hospice care, and some home health care.
  Part B (Medical Insurance) Helps pay for doctors, services, outpatient hospital care, and some other medical services that Part A does not cover, such as the services of physical and occupational therapists, and some home health care. Part B helps pay for these covered services and supplies when they are medically necessary. For more information please visit Medicare's website
  
  
• Medigap - Medigap insurance pays for expenses that Medicare will not cover. For more information about call Missouri Department of Insurance 1-800-726-7390
  
  
• Supplemental Security Insurance - SSI is a Federal income supplement program funded by general tax revenues. It is designed to help aged, blind, and disabled people, who have little or no income to meet basic needs for food, clothing, and shelter. To find out more information please visit Social Security Online.
  
  
• Veterans Administration - The Veterans Health Administration (VHA) provides a broad spectrum of medical, surgical, and rehabilitative care to honorably discharged veterans of military service. Find out who is eligible for benefits, how to apply, and what it will cost, then complete an application form online on the VHA website or call Department of Veterans Affairs 1-800-827-1000.



• Long Term Care Insurance - Insurance is sold to individuals with the assurance that in later years the policy will pay for home healthcare, care in a nursing home, or some other eldercare services. A good resource in finding long-term care policy and premiums is Long-Term Care Quote. Long-Term Care Quote is a national resource center and independent agency specializing in long-term care insurance.
  


• Health Maintenance Organizations (HMO) - not only pay health care costs in return for a monthly premium but may also be an actual health care provider. Some HMOs provide lower out of pocket expenses, extra benefits (drug coverage), and wellness and health monitoring programs.

Other sources to finance care:

• retirement income
• family members fund care

The American Savings Education Council (ASEC) is a nonprofit national coalition of public- and private-sector institutions undertaking initiatives to raise public awareness about what is needed to ensure long-term personal financial independence. ASEC's goal is to make saving and planning a vital concern of all Americans.

SHIP - State Health Insurance Assistance Program can answer questions about: Medigap policies, long-term care insurance, Medicare health plan choices, Medicare rights and protections, and help with filing an appeal.
CLAIM Program - MO's Ship's 1-800-390-3330