How To Pay for Seniors' Assisted Living

Senior citizens must find ways to pay for things like assisted living.

In a perfect world paying for assisted living for senior citizens would not be a concern, but in reality, seniors have to make decisions about cutting expenses for various living costs. One of the most expensive decisions is how to pay for assisted living. When seniors get to the stage that they need assistance, assisted living is often an excellent option assuming the person has the financial resources to pay for it.

Instructions

1. Pay for the assisted living facility with private funds from the seniors own pocket. According to the National Senior Citizens Law Center, most residents in assisted living facilities pay for expenses themselves from savings, investments, pensions or retirement income.

2. Apply for long term care insurance in advance. The National Senior Citizens Law Center says that policies vary widely and that some seniors may not be able to purchase policies if they already live in assisted care or if they are over a certain age.

3. Pay for certain assisted living expenses with public programs like Medicare and Medicaid. The Supplemental Security Income for certain disabled people with savings of less than $2,000 can be used to pay for assisted living according to the National Senior Citizens Law Center. However, Medicare and Medicaid cannot be used to pay for room and board, but can be used to cover other assisted living expenses.

References

• National Senior Citizens Law Center: Paying for Assisted Living