Thursday, October 3, 2019

Low Housing Options for Seniors

It is essential for seniors to have housing options that fit their low income. At their age range, their income level decreases significantly because they begin to live off savings, pension and retirement plans.

At this rate, housing may consume about 30% of their income which then cause a decrease in other living expenses.

Fortunately, there are affordable housing options for seniors. Some of them are below:

Medicaid Assisted Living
Medicaid is a health insurance program that is funded, run and maintained by the States. The insurance is made available to families with low income.

The cost of basic assisted living can range $1,800 to $2,400 per month, which amounts to about $30,000 per year. The total cost of assisted living accommodation can often be more than the yearly income of an average senior individual.

Housing Choice Voucher Program
Housing choice voucher program is a program that is funded by the Federal. Through this program, applicants who qualify will be given vouchers by their local Public Housing Authority. These vouchers can be used to secure accommodation in private housing sectors.

This program pays part of the rent while the applicant pays the remainder. This program is not restricted to seniors only.

Adult Family Homes
Adult family homes is a housing facilities that groups several seniors to live together in the same residential home. Residents have access to feeding, activities and medical care.
These homes are good for adults who do not require much medical support and do not want to live with family.

Section 202 Housing
This program is offered by Housing and Urban Development. And it is restricted to low income seniors.
Section 202 Housing provides accommodation, feeding and medical support to the approved seniors.

Section 811 Program
This program is for low income seniors with disabilities. This allows the individual to live independently with easy access to support aid.

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