Paying for Care

Options in Paying for Care

The cost of in-home care or living in an assisted living facility or personal care home may or may not be covered by insurance or Medicare. The type of facility that your loved one stays in will determine whether the cost is picked up under Medicare or private insurance. If your loved one has private long term care insurance, most of the costs of staying in the facility are covered. In general, nursing home residents can receive most of the cost of care from Medicare, and lower income patients can qualify for Medicaid in most states to pay for what Medicare doesn’t pick up.

For those seniors who receive benefits from the U.S. Veterans Administration, assisted living options may be covered. Follow this link to get more information or apply for U.S. Veterans Aid.There are other types of government or federal assistance that some seniors may qualify for, depending on the care desired. Some seniors will pay most of the cost of their care on their own.

Who Pays for Assisted Living?

As far as actual assisted living goes, as many as ninety percent of seniors will pay for their own care, other than care that is received in an actual nursing home. The money for assisted living often comes from the senior’s income, such as from retirement income or Social Security, or from savings accounts and investment income. Other seniors may sell off real estate or property in order to afford the cost associated with assisted living. Family members of aging seniors sometimes pitch in to defer the cost of assisted living. Assisted living is different than nursing home living in most states and although Medicaid may pay for the costs of services rendered to those in assisted living facilities, Medicaid will not pay for room or board. Some states also require that assisted living facilities accept a percentage of patients whose income is derived from Supplemental Security Income (SSI). Long term care insurance may also pay in some instances for the care in a residential care home.