Pay for Assisted Living
8 Smart Ways to Pay for Assisted Living
As you're weighing senior care options for your loved one, cost is likely a top factor. The good news? Depending on what care your loved one needs, assisted living can be much more affordable than nursing home care or long-term in-home care. Assisted living rents vary, but you can generally expect to pay $2,000 to $5,000 per month (compared to $5,000 to $10,000 and up for nursing homes). If your loved one doesn't need close medical supervision, assisted living might be your best bet, financially speaking.
But how will you pay for assisted living? Explore eight creative ways to afford assisted living that you haven't thought of yet.
Important note: Medicare won't pay for assisted living beyond short-term rehabilitation.
1. Pay for assisted living with veterans benefits.
If your loved one (or your loved one's spouse) was a veteran, you're in luck when it comes to residential care. Veterans benefits can be used to pay for residential care in a variety of situations. One set of benefits is available to those with service-related injuries or disabilities; another set of benefits, known as Aid and Attendance, is available to any veteran or surviving spouse who's disabled and whose income is below a certain limit. To qualify for and access these benefits, you'll need to go through the Veterans Administration, which can be a tricky and time-consuming process. It's extremely helpful to work with a geriatric planner who knows the ins and outs of the system. Many senior living communities offer a financial concierge service that can include guiding you through the process of qualifying for benefits.
Another option is to work directly with services such as Elderlife Financial, which works with assisted living and continuous care retirement communities (CCRCs) to provide this concierge service. Elderlife Financial connects you with its network of veterans benefits experts, who can help obtain the maximum benefits your loved one is entitled to.