How do we pay for assisted living?

Many people start their search for assisted living not really knowing what they can afford or how they will pay for it. Cost is an unavoidable consideration in choosing an assisted living community. Remember to assess all of your assets, debts, and income sources before deciding on a budget. And remember to calculate all of the costs of living at home including food, bills, care providers, taxes, and home upkeep before attempting to compare the cost of an assisted living community to the cost of remaining at home.

Private Pay

Assisted living is primarily paid for privately, whether by selling a home, through savings, with retirement income and social security and/or with the assistance of family members.

Insurance

Long term care insurance may cover some of the costs of assisted living, but what is covered may greatly vary depending on your long term care insurance plan. Public funds such as Medicare and Medicaid very rarely pay for this type of housing. Many states are making an effort to shift some of their health care spending from nursing homes to assisted living where the costs are often significantly less.

Veterans Benefits

If you or your spouse are a veteran, veteran’s benefits may help cover the cost of assisted living for you.