How do People Pay for Assisted Living?
Most people pay for Assisted Living with current income from social security and pensions coupled with the use of savings, including the proceeds from selling a home. Long Term Care Insurance is more and more widely used to offset the cost of Assisted Living. Some consumers convert life insurance policies to a loan, and others have family members who help pay a share of the monthly cost.
Medicare and other health insurance plans
and HMOs will NOT pay for assisted living services.
There is, however, a program for veterans that will
contribute over $1,800 a month (and over $2,100 for couples)
called the Veterans’ Aid and Attendance Benefit.
Financial assistance programs, including Medi-Cal, may be
available for those with limited resources, although not every
Assisted Living community participates in these programs. In California, for example, there is the Assisted Living Waiver Program, as well as Section 8 housing.
Because the vast majority of residents pay privately and every Assisted Living community is different, you are encouraged to speak with someone at each community to learn more about the payment options the specific residence accepts.