Medicaid
Medicaid is a state and federally funded program that can help cover the cost of senior assisted living for eligible individuals. Requirements for Medicaid eligibility vary by state and may include income and asset limits. Contact your state's Medicaid office to determine if you qualify for assistance with senior living costs.
Long-Term Care Insurance
Long-term care insurance can help cover the costs of senior assisted living, including room and board, medical care, and personal assistance services. Purchase a long-term care insurance policy before you need it, as premiums are more affordable for younger, healthier individuals. Review the policy details to ensure it covers senior living expenses and understand any limitations or exclusions.
Veterans Benefits
Veterans and their spouses may be eligible for benefits that can help pay for senior assisted living, such as Aid and Attendance or VA pensions. Contact the Department of Veterans Affairs to learn more about available benefits and how to apply. Veterans may also qualify for assistance through programs like Veterans Directed Home and Community Based Services.
Personal Savings and Investments
Save money specifically for senior living expenses by setting aside a portion of your income or selling assets. Consider investing in retirement accounts or other investment vehicles to grow your savings over time. Consult with a financial advisor to create a savings plan tailored to your needs and goals.