Paying for assisted living usually takes more than one source. Here are the main options and how to combine them.
What are the main ways to pay for assisted living?
Families typically blend several funding sources. Private funds, Social Security, pensions, retirement savings, and proceeds from selling or renting the family home, cover most costs. Long-term care insurance can pay a large share if a policy is in place. Veterans and surviving spouses may qualify for VA Aid and Attendance benefits. Some seniors use life insurance conversions or annuities. For low-income seniors, state Medicaid waivers can cover care services, though not rent. Medicare does not cover room and board. Because the right mix depends on your situation, call 1-800-MEDIGAP at 1-800-633-4427 for a free, personalized plan.
How can veterans pay for assisted living?
Wartime veterans and their surviving spouses may qualify for the VA Aid and Attendance benefit, a monthly payment added to a VA pension that helps cover assisted living and other long-term care. To qualify, the veteran must meet service, income, asset, and care-need requirements. The benefit can provide meaningful monthly help, but the application can be detailed. Many families don't realize they're eligible. A 1-800-MEDIGAP specialist can help you understand whether VA benefits apply and how to combine them with other funding sources, all for free.