Paying for Care
“How do we pay for senior care?” This is often one of the first questions we hear from seniors and their families. When it becomes clear that mom or dad needs to move to an assisted living community or get in-home care, senior housing cost concerns are paramount, and understandably so. The median monthly rate for a single-occupancy assisted living apartment in California is $3,500/month according to Genworth’s 2012 Cost of Care Survey. It is important to get all the facts about paying for care to get a clear picture on how much you can afford to spend on senior housing. See our cost comparison for more insight on senior housing costs.
It is a misconception that the government will cover most senior living costs. There are governmental benefits available, but those come with specific, and often strict, eligibility requirements. Since most seniors won’t qualify, investigate senior private pay options in advance.
The most common sources of paying for senior care are:
Paying for Care
Private Pay- Senior’s income and savings
- Family member contributions
- Long-term care insurance
- Reverse Mortgage
- Life Settlements
and
- Medicare
- Medi-Cal
- Medi-Cal Assisted Living Waiver
- Veterans Aid and Attendance Pension
- Supplemental Security Income (SSI)