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How To Pay for Senior Living

What Does Medicare Cover

It’s no secret that senior living options can be very expensive. When examining care options, older adults and their families may feel stressed figuring out how to pay for senior care. This guide aims to answer common questions people have about financing assisted living, care homes, nursing homes, or home care Massachusetts, including options for paying for various senior living solutions.

What Does Medicare Cover?

Many people have questions concerning Medicare and what it covers. Medicare is a health insurance program available nationally to adults over the age of 65, people with disabilities, or people with End-Stage Renal Disease. The purpose of this type of insurance is to cover short-term or hospice care. However, it does not provide any coverage for long-term care.

Are There Any Other Government Programs That Can Help?

For low-income seniors with limited assets, Medicaid may offer some assistance in paying for long-term care.  There are certain income guidelines that must be met or the individual needs to qualify as medically needy. However, the facility must be willing to accept Medicaid payments. For veterans or spouses of veterans, there are programs available such as the Veterans Aid and Attendance Pension Benefit.

Other Payment Methods

If no government aid is available, there are other common ways people pay for care. Some people purchase a long-term care insurance plan, which is often cheapest when purchased at a younger age. Other options include using home equity, a bridge loan, or a reverse mortgage. Some people use a combination of pension payments and savings to pay for care. If an individual does not have the funds to pay for care on their own, other family members might contribute to paying for their loved one’s living expenses. Depending on the situation, a family member may be able to act as a caregiver for the senior.

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