One of the best ways to pay for assisted living is to plan ahead by purchasing long-term care insurance, which typically covers the cost, according to the U.S. Department of Health and Human Services. Medicare typically only covers short-term care costs and so should not be relied on for nursing care.
People who need assisted living but have not purchased long-term care assistance or made other plans to pay for it should look into any life insurance policies they may hold, reports NIHSeniorHealth. Some policies allow the insured person to cash out early or take living benefits, which usually takes the form of a monthly stipend. This reduces or eliminates the amount paid out to survivors, but it can pay for assisted living care.
Another good way to pay for assisted living care is to check into government benefits other than Medicare, suggests NIHSeniorHealth. Veterans' benefits may cover assisted living care for retired military personnel, and some states have Medicaid programs that may help cover care for low-income seniors. The Older Americans Act is another avenue to research. It provides services for frail, low-income, minority or rural-living senior citizens. Elderly people who own their own homes may also wish to consider reverse mortgages.
It is also a good idea to ask potential assisted living facilities about flexible pricing or private assistance programs, suggests A Place For Mom. Some facilities operate on income-based sliding scale rates or have private subsidies to help residents in need.