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Does Pace Pay For Assisted Living?
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
PACE does not pay for assisted living. PACE, or the Program of All-Inclusive Care for the Elderly, is a federal Medicare initiative that strives to help older adults connect with health resources in their communities. While it does not cover assisted living, PACE often pays for nursing home care and other medical needs.
Who Qualifies for the Pace Program?
Adults ages 55 and older qualify for the PACE program if their state offers this benefit. You don’t have to receive Medicare or Medicaid to sign up for PACE. However, your health care provider must certify that you need around-the-clock skilled nursing care and that you could remain at home with this type of support. Each state may have additional qualification requirements.
How Do Most People Pay For Assisted Living?
Most people use a variety of methods to pay for assisted living, which has an average cost of about $4,500 per month, according to the Genworth Cost of Care Survey. If you are a veteran or the spouse of a veteran, you could qualify for the federal Aid and Attendance Benefit through the Veterans’ Administration.
Many states have Medicaid waiver programs that cover part of the cost of assisted living. Additional methods to pay for assisted living include taking out a reverse mortgage or cashing in a life insurance policy. Some seniors may also have insurance that covers long-term care.