Have you thought about how you might pay for long-term care?

These are questions that many individuals ask themselves and below are a few solutions.

There are many ways to pay for long-term care. Unfortunately, Medicare is not one of them. Medicare is an insurance offered to individuals 65 and over. It will help cover medical visits, hospitalization, rehabilitation and prescription medications only. The type of plan you acquire will determine how much is covered.

There are four primary ways to pay for assisted living or memory care:

  1. Private (Savings, Pension, IRA, etc.)
  2. Long-Term Care Insurance
  3. Veteran’s Aid & Attendance
  4. Medicaid

Private Pay

Private pay is pretty straight forward. You simply write a monthly check or have it direct deposited from your bank account to the senior living community.

Long-Term Care Insurance

Long-Term Care Insurance, on the other hand, comes in many different forms. It can cover partial or full, short-or long-term, and some have a lifetime value. If you are thinking about your future, consider purchasing a life insurance policy. Specifically one that will deduct for long-term care when and if needed.

Veteran’s Aid and Attendance

Veteran’s Aid and Attendance can help many veterans and their spouses/widows attain assistance.  If you or your spouse have served in the armed forces, then this monthly aid can be a way to help pay. Parameters include time frame served, financial status, and what assistance is needed.


Medicaid is an option if there is little or no money remaining. There are a number of senior living communities that will accept Medicaid. Some accept upon admittance and some require private pay for a set number of months before rolling over.

If you are considering a move to the next place to call home, our free Senior Living Alternatives service can help. We’ll review your finances and find the best way to pay for your care. Contact our Senior Living Advisor today who will help navigate through any of these payment options.

Useful resources about paying for long-term care:



American Association for Long-Term Care Insurance

Veteran’s Aid and Attendance

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