Paying For Assisted Living

Posted on 10/02/2018

Paying for assisted living comes from private funding and your own financial resources. Other sources for paying for the long-term care include an insurance policy, Medicaid, reverse mortgage, home equity loans and other financial assistance programs.

When meeting with senior living providers, ask for written material, including copies of the community's resident agreement that outlines, at a minimum, services, prices, extra charges, move-in and move-out criteria, staffing, and house rules.

Options potential residents and their families use to pay for assisted living:

Income from social security and other pensions
The sale of the family home and other investments
Personal retirement savings
Assistance from family
Long-term care insurance
VA Aid and Attendance Program
Settlement of a life insurance policy that is no longer needed
Medicaid is available on a limited basis to income-eligible seniors
Choosing to share your apartment with a roommate
Determine how much you can afford