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Helpful Ways to Pay for Assisted Living Costs

Assisted living rent can vary from $2,000 to $5,000 monthly. Depending on what type of care your loved one needs, assisted living can be the most affordable solution when compared to a nursing home ($5,000 to $10,000 or more per month) or long-term in-home care. If closely monitored medical supervision is not necessary for your aging senior, assisted living might be the best financial choice.

Medicaid

One payment strategy that has become popular is to use Medicaid.  If your loved one does not have many financial assets and their income levels are low, this could be the right solution for them. Medicaid varies from state to state both in name and in eligibility requirements. Many states dictate that a senior is eligible if he or she has less than $2,000 in assets, or $3,000 if married. 

Veterans' Benefits

If your loved one or their spouse is a wartime veteran, residential care could be paid for in a variety of situations with veterans' benefits. There is a benefit available called Aid and Attendance, which is available to any veteran or surviving spouse of a veteran.

It is extremely beneficial to work with an elder law attorney who knows the details of the programs and can assist with the application. 

 If your loved one is healthy enough to successfully live in an assisted living facility, the monthly cost is likely a top factor when considering options. These are some, but not all of the viable and creative ways to pay these costs. To fully explore the options available and what is best for your senior seek the advice of an experienced elder law attorney and make the best decision for your loved one.

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  • Richard P. Johnson is Board certified Texas Board of Legal Specialization Estate Planning And Probate
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