Cost is a major concern for families — but there are more options than you might think.

Many families pay privately, out-of-pocket.  This can be accomplished by combining savings, retirement income, Social Security and proceeds from the sale of a home.  Some also choose to access funds through life insurance conversions or reverse mortgages.  It is recommended to consult with a financial advisor to understand all of your options.

Medicare does not cover long-term custodial care or assisted living.  In other words, Medicare does not pay room and board.  Medicare does cover short-term care in a SNF, usually after a hospital stay for up to 100 days per year, with qualifications. Medicare may cover the cost of some home care services. Check your plan and ask your providers.

Long-Term Care Insurance may help cover skilled nursing care, assisted living or home care.  Each insurance policy is different.  Many policies have a 30- to 90-day waiting period after care begins, during which you’ll pay out-of-pocket. Once this period is over, families can submit claims to the insurance carrier and receive reimbursement for expenses; these reimbursements are paid directly to the family; the family remains responsible to pay the provider. Check with your agent for clarification.

Veterans and surviving spouses may qualify for the Veteran’s Aid & Attendance pension, which is an additional sum that can help pay for skilled nursing care, assisted living or home care.  This application process can be tricky, so it is recommended that you find an advisor who can help you.  Often, these advisory services are available at no charge.

Eligibility for Medicaid is based on income and assets; many people qualify if they have a low income or if they have exhausted private financial resources. To determine eligibility and learn more about specific programs and services, contact the local agency for health care administration.

Know When to Make a Change

Don’t wait for a crisis. Early planning can make transitions smoother and reduce stress for everyone involved.  Here are a few signs that it might be time to explore senior care options:

• Missed medications or frequent confusion
• Trouble managing household chores or meals
• Increased risk of falls
• Isolation or depression
• Caregiver burnout

You Don’t Have to Do This Alone

Whether you’re just beginning your research or you’re in the middle of a care crisis, we’re here to help you make sense of your options — with compassion and clarity.