Not to anyone's surprise, the costs associated with caring for our elderly keep going up.
This means that financial planning for eldercare is getting more complicated by the day. What was once affordable is growing out of reach for many, including those who are already living in a residential facility. As needs grow, so do costs - effectively pricing many residents out of their own homes or assisted living residences and into nursing homes or into the homes of relatives.

The fact of the matter is that we're never done planning. What once looked like a great plan can go out of date in an instant if either needs or costs go up.

One often-overlooked resource for financial help with assisted living, available in some states, is a Medicaid-Waiver program. Each state that has a waiver program structures it differently, but many cover the costs of assisted living as an alternative to nursing home care if assisted living would be medically appropriate. Medicaid dollars are used to pay part or all of the cost of assisted living if this kind of residential alternative would cost the same as, or less than, nursing home care.

(The "Waiver" part of the program name alludes to the "waiving" of the requirement that the recipient be in a nursing home to receive financial assistance.)

If assisted living is, or might be, a good option for your elder place a call to your local Medicaid office (see the blue pages of your phone book). Ask whether your state has a Medicaid Waiver program, and if so, whether it covers assisted living in any way. If your state does have such a program, ask for any available written information about it and how to qualify.

In the states that have them, Medicaid waivers are popular and waiting lists are often long. If you think you might want to take advantage of this kind of program you would be most wise to get started as soon as possible.