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Are All Assisted Living Facilities Private Pay?
Date Updated: July 26, 2024
Written by:
Rachel Lustbader is a writer and editor with a background in healthcare and technology. Her work has been published on websites including HealthCare.com, BiteSizeBio.com, BetterHelp.com, Caring.com, and PayingforSeniorCare.com. She studied health science and public health at Boston University.
Both of Rachel’s grandmothers had very positive experiences in senior living communities, and Rachel saw firsthand the impact that kind, committed caregivers and community managers can have on seniors’ and their family members’ lives. With her work at Caring, Rachel hopes to help other families find communities, caregivers, and at-home products that benefit elderly loved ones and make life less stressful for family caregivers
What if You Don’t Have Money To Pay For Assisted Living?
If you don’t have money to pay for assisted living, look into programs for low-income seniors, veterans and people who have disabilities. The federal Housing Choice Voucher Program, commonly called Section 8, provides a monthly voucher that eligible people can use toward rent at a qualifying residence, including an approved assisted living facility. To qualify for Section 8, your income must fall below 50% of the median income for your metro area or county.
Veterans and qualifying family members may receive the Aid and Attendance Benefit from the Veterans’ Administration to pay part of their assisted living costs. Apply for this benefit if you need help with daily activities, such as feeding yourself, dressing and grooming.
What Strategies Can You Use To Pay if You Can’t Afford Assisted Living?
If you can’t afford assisted living, you can apply for a reverse mortgage or use the benefits from a long-term care insurance policy or a life insurance policy. Long-term care insurance covers the cost of long-term care when you need it, but you have to buy coverage in advance. If you own a home, a reverse mortgage could provide the cash flow you need to pay for assisted living. Some permanent life insurance policies let you cash out the policy value for this purpose as well.