Talking about costs is never easy, especially when it comes to the financial realities of aging. InnovAge – the largest provider of the Program of All-inclusive Care for the Elderly (PACE) — is designed to empower seniors to age independently in their homes and communities, and welcomes the conversation.
The financial guidance and support offered by InnovAge PACE can be overshadowed by attention on its extensive benefits and services, but it can be just as important – especially for those who need it the most. Aging in place can be more accessible than many realize, and InnovAge’s team of enrollment and outreach specialists is here to help seniors and their families evaluate their financial options before it’s time to enroll.
Planning is the key to ensuring the health and happiness of each potential InnovAge participant, especially with the framework of the current political environment where state budgets are diminished, and federal programs are being cut daily.
“The process can be very convoluted and very complicated for these families,” says InnovAge Enrollment Representative Josh Colby. “They often don’t have the means to do it themselves or their families don’t have the time because they’re busy working, raising their own families, and various other things. So, enrollment representatives and outreach specialists go out and actually help them through that process, figuring out their financials, and making it a seamless process, and helping to ease that burden.”
Melanie Koll, InnovAge’s Eligibility and Financial Determination Controller, talks about the care of local seniors with a personal edge: her mom is 87 years old.
Koll works regularly with potential InnovAge participants and their families regarding financial assistance, steering them through possible options, including becoming “dual-eligible,” meaning they are covered by both Medicare and Medicaid.
“In Pennsylvania, 99% of our applicants use Medicaid to pay for the InnovAge LIFE program,” says Koll. “Our enrollment team works with participants and their families to get through the application process, which in Pennsylvania (and other states), requires a five-year-lookback.”
This “lookback” is a key step toward achieving the independence at the heart of the InnovAge LIFE program. It plays a vital role in building a complete financial profile that fully documents income, investments, property holdings, and such.
“We can’t authorize Medicaid if you don’t have it, but we can prepare you for that eligibility and submit all the necessary paperwork,” says Koll. “And it is extremely important to hold onto and maintain that documentation and keep in touch with our renewal representatives as Medicaid benefits need to be renewed every year.”
To be eligible for these programs in 2025, an individual’s gross income limit is $2,901, with less than $8,000 in holdings, including in bank accounts and life insurance policies.
“As long as you are eligible for Medicaid, everything that we do is very affordable,” say Koll. She reminds potential participants and their families to be cautious of those “stipend card” or monthly “cash card” offers, which can target lower income-holding seniors struggling to make ends meet.
“It’s sad to say, but some seniors choose to pay for food rather than take care of their medical needs, and then fall for these cash and stipend cards. But with the InnovAge LIFE program, seniors don’t have co-pays or any of the costs for medications. Medicaid is paying for it. It’s not coming out of the participants’ pockets.” Participants who live independently can also count their homes and their cars as exempt assets.
InnovAge is committed to helping seniors remain in their own homes while welcoming them to its centers. “Once they get through the process and enroll in the program, they can work with primary care doctors, and our centers’ amazing counselors to keep participants active, involved, and engaged,” says Koll. “We provide physical therapists along with the majority of your health care team at our centers. We have meals. We have transportation back-and-forth. If you’re not in your house for an afternoon, our centers are a home-away-from-home. Our main goal is to keep people aging in the community where they thrive, where they are happiest.”
Koll’s message for everyone – even those before their senior age – is to start saving all documentation regarding their health, housing, and insurances.
“Often other people aren’t going to know where to look if you don’t tell them, so you should find someone you trust,” says Koll. “One of the things that we run into most in Pennsylvania is that no one sets up a financial power of attorney because they’re afraid that someone will steal it. Once you are not able to act on your own, we can’t help you with Medicaid. The financial power of attorney doesn’t allow someone to touch your money, unless a doctor invokes it, and proves that you cannot manage your own finances,” she says.
Koll also recommends setting up an online account with all of your bank accounts. “We are all getting older. One day we will need that information to be available in order to get the best, most essential care the fastest. Don’t wait until you are in crisis.”
Arthur, an InnovAge participant, puts it best: having people like Melissa Koll and her team on your side makes everything more convenient.
“InnovAge takes the biggest load off of you,” he says. “They do all the paperwork. You don’t have to worry about making payments every month on something like health insurance and all that. And you don’t have to buy those plans like they try to sell you. InnovAge takes care of it all.”
Sponsored content produced in partnership with InnovAge
