Paying for Assisted Living
Paying for assisted living, or senior living in general is an issue that many seniors face. Most assisted living care communities will not accept medicad or medicare leaving seniors to rely on either long-term care insurance, their own private funds, selling their home and getting financial help from their children in order to be able to pay for assisted living.
Private funds include a senior's own personal 401k retirement account, Roth IRA, traditional IRA, stock portfolio, checking accounts, savings accounts, money from selling their home or even by taking out a reverse mortgage. A reverse mortgage allows a senior to still own their home without having to sell their home and helps the senior by providing an extra stream of cash on a monthly basis.
Medicaid and Medicare
Medicare will not pay for assisted living in almost all cases, medicaid may be accepted in some communities to help pay. Medicaid typically only pays for short-term assisted living stay; no more than 90 days.
Veterans are usually eligible for up to $1,704 per month of financial assistance, while a surviving spouse is eligible for up to $1,094 per month. A Veteran with a Spouse is eligible for up to $2,020 per month and a Veteran with a Sick Spouse is eligible for up to $1,338 per month*