1. Social Security
These monthly benefits can sometimes cover part or all of the cost, or in combination with other sources.
2. Annuities/savings/ Pension Income
Annuities, savings accounts and your pensions can provide a steady stream of income to help cover assisted living expenses.
3. Long Term Care Insurance
Long-term care insurance policy can help cover assisted living costs. These policies often pay a daily amount once eligibility criteria are met.
4. Sale of Home
The proceeds of the sale of your home can be used towards your monthly assisted living rent.
5. Veterans Benefits
Eligible veterans and their surviving spouses can receive monthly financial assistance through the VA Aid and Attendance pension, which helps cover assisted living.
6. Life Insurance
Life settlements allow policyholders to sell their life insurance for cash (often more than the surrender value). Some companies convert policies into long-term care benefits.
7. Home Equity: Bridge Loans, Reverse Mortgage
If you’re waiting for a home sale or VA benefits to kick in, short-term loans (from companies like Elderlife Financial) can help bridge the gap temporarily. You can also take out a reverse mortgage on your current home to use the equity built up in it.
8. Family Contributions
In many cases, family members pool resources to help cover the monthly fees, either through direct payment or joint financial planning.
9. Medicaid
Medicaid does not cover the room and board part of assisted living costs. However, Medicaid waiver programs can help defray the costs of assisted living. They help cover some long-term services and supports for older adults. A Medicaid assisted living waiver may include services to help with: Grooming, Bathing, Dressing, Toileting, etc. To qualify for a Medicaid assisted living waiver, you must meet certain financial and functional requirements. Not all assisted living communities accept medicaid.
If you’re interested in learning more, or visiting The Arbors Assisted Living community, schedule a tour by contacting one of our five convenient locations:
Bohemia
Hauppauge
Islandia East
Islandia West
Westbury