Get To Know Your Options
How much does senior living really cost?
The cost of senior living can vary significantly depending on several factors, including the type of care, the level of services and amenities needed and location. According to a survey by the National Center for Assisted Living, the national median costs of care for assisted living services was $6,200 per month and $74,400 per year in 2025.
What financial assistance is available?
U.S. wartime veterans and their surviving spouses may be eligible for the Veterans Aid & Attendance benefit, a valuable program that can help offset the cost of assisted living or nursing care in addition to a veteran’s regular pension. While many veterans who require assistance do qualify, some restrictions apply. Because the application and approval process can take time, we encourage families to begin planning early and allow ample time for review.
Does long-term care (LTC) insurance cover senior living?
Depending on the policy, long-term care insurance benefits can be applied to assisted living care and/or nursing home costs. Be aware that premiums can be costly and increase with age and health changes, so experts commonly recommend exploring long-term care planning between the ages of 52 and 64.
Does Medicare cover senior living?
Families are often surprised to learn that Medicare does not cover assisted living costs outside of 100 days of skilled services or rehabilitative care for a qualified stay. Medicare Part A covers hospital stays, short-term stays in a nursing home for certain types of illnesses and hospice care in the last six months of life after a standard yearly deductible is met.
What are other ways to pay?
For many families, the first step toward covering assisted living costs is to use proceeds from the sale of a home. However, there are additional options to consider. Some families choose to rent the home for ongoing income or explore specialized loans that allow them to access the home’s value without selling immediately.
A bridge loan can be helpful for those who need funds right away but are waiting for a home to sell. These interest-only loans use the home’s equity to cover senior living expenses. Once the home is sold, the loan is repaid from the sale proceeds.
For seniors who have invested in a life insurance policy and need financial support now, certain policies offer “accelerated” or “living” benefits. In some cases, the issuing insurance company may repurchase the policy for a percentage of its face value, typically 50 to 75 percent. Another option, sometimes called a life insurance conversion program, allows policyholders to convert the value of their policy directly into long-term care payments.
If you have additional questions about senior living and how to pay for it, contact us at Longleaf Liberty Park – we are here to help and can even assist you in creating a financial plan that will work for you or your loved one.
