8 Ways to Cover Assisted Living Costs

From insurance to more creative financing, help is available.


- Posted on Nov 22, 2019

A woman in her golden years embracing her aging mother.

This article is based on information provided by Home Instead Senior Care.

Expenses can be a serious challenge when your loved one needs to move into an assisted living facility.  Each situation, and each family, is unique. However, it may be worth investigating the options below to find one, or more, that may work for you.

1. Check on veterans’ benefits, if they apply to your loved one.

2. Use a life insurance policy.

3. Find out what long-term care insurance will pay.

4. Look into an annuity.

5. Take out a reverse mortgage.

6. Rent out your house.

7. Pay with Medicaid or SSI.

8. Consider a bridge loan.

Learn more about our Terms of Service

View Comments