How to Pay for an Independent-Living Facility
What to Expect
The cost of independent-living facilities -- also called retirement communities -- varies widely, depending on what's offered and where. Options range from small rental units with few extra services, available for $500 to $1,500 per month, all the way to retirement communities that offer homes or townhouses to buy for hundreds of thousands of dollars. At any one particular place, the cost may also vary depending on the size of the living unit and the services provided.
When you start your search, be sure to look into independent-living facilities that are connected to an assisted-living facility, which would allow your loved one to move to a higher level of care (at higher cost) while remaining in a comfortable, familiar setting, if and when independent living isn't possible anymore.
Almost all independent-living facilities are paid for out of pocket. But here are some options that might help you or your loved one pay those costs, or pay for additional care while living in the facility:
Look into public benefit programs
Learn about coverage -- not for the cost of an independent-living facility itself, but for additional in-home care -- from public benefits programs, including Medicaid, VA benefits, and Cash and Counseling. Learn more about using public benefit programs to help pay for an independent-living facility.
Consider private payment sources
Long-term care insurance with home care benefits can sometimes contribute to overall independent living costs, as can a life insurance policy. But many families have to get creative in using family assets to pay for an independent-living facility. Learn more about using private payment sources to help pay for an independent-living facility.
