AgeRight Blog

Paying for Senior Living

5 Ways to Make Assisted Living & Memory Care More Affordable

Off-put by the cost of assisted living and other senior care options? Explore these insurance and insurance-like programs that can make assisted living more affordable. 

While considering which long term care option is right for you, keep these options in mind:

Veteran’s Aid & Attendance Benefit

  • The Veterans Aid and Attendance Pension is for eligible wartime veterans and their spouses.
  • The Aid and Attendance benefit can be used for home care, assisted living or skilled nursing facility.
  • Qualified Veterans can still receive monthly pensions and Social Security benefits.
  • Current benefit information can be found on the the VA website.

Long-Term Care Insurance (LTC)

  • Long-Term Care Insurance covers long-term care needs which, most noteworthy here, can include assisted living communities.
  • LTC Insurance covers skilled nursing and skilled care by visiting nurses, as well as home care.
  • LTC Insurance helps seniors bring in home health aides to help with Activities of Daily Living (ADLs) like dressing and bathing. Furthermore, LTC Insurance can also cover help with some Independent Activities of Daily Living (IADLS) such as shopping, driving, or preparing meals.

PACE Programs

  • Programs of All-inclusive Care for the Elderly or PACE help provide all necessary medical and supportive services to qualified older adults.
  • PACE is an insurance program sponsored by Medicare and Medicaid.
  • Qualified participants will be aged 55+ and need nursing home care but are able to remain safely in a PACE covered community.
  • The goal of PACE is to keep seniors in their own home or assisted living community as long as possible. As a result, seniors are also avoiding a costly nursing home stay.

Group Adult Foster Care Programs

Life Settlements

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