Paying for long-term care is a significant budget item that can quickly become a burden for aging adults. Families are relieved to learn there are many options to help cover the costs of senior care. This comprehensive guide is based on A Place for Mom’s exclusive price data and expertise developed from working with more than 2 million families.
Read on to learn everything you need to know about how to pay for senior care, whether at home or in senior living.
PAYMENT
Medicare, Medicaid, and Long-Term Care
Understand the ins and outs of Medicare and Medicaid to see how you can use these programs to pay for senior care.
Read the full articleLong-Term Care Insurance: An In-Depth Guide and Options for 2023
For the chronically ill or disabled, this insurance can fund respite care, adult day care, senior living, and more. See ...
Cost of Long-Term Care and Senior Living
Explore A Place for Mom's Cost of Care Report to learn about the median costs of assisted living, memory care, and more.
Let our care assessment guide you
Our free tool provides options, advice, and next steps based on your unique situation.
You may be surprised by the many ways to pay for long-term care. Typically, families finance senior care through a combination of options: savings and retirement income, long-term care insurance, proceeds from the sale of a home, or other alternatives. Learn more about each payment option.
Seniors may use individual retirement accounts (IRAs), stocks, bonds, or other investments to pay for care. They may be able to sell these assets or use dividends to pay for long-term care.
Does Long-Term Care Insurance Cover Assisted Living?
Long-term care insurance can help cover assisted living costs. However, there are important factors to consider before p...
Using Life Insurance to Pay for Long-Term Care: Tips for Seniors to Free Up Cash
Life insurance for seniors can help pay for long-term care, even without long-term care insurance.
Can You Use Your HSA for Long-Term Care Costs?
Learn how an HSA can be used to pay for long-term care costs to offset some senior living expenses.
Jointly funded by the federal and state governments, Medicaid is the state-run health insurance program for low-income families. Medicare, on the other hand, is national health insurance that covers most seniors. Both government programs can help pay for the cost of elder care.
Some families turn to Medicaid for help paying for senior care costs after their private resources have run out. And while Medicare won’t pay for room and board — meaning rent, food, and amenities like pet fees — it can pay for health care expenses in long-term care. For example, Medicare may pay for medical services such as doctors appointments and physical therapy, regardless of where a senior lives.
Browse the articles below to learn more about how Medicaid and Medicare can help cover senior care costs.
COST
Medicaid and Home Health Care: Your Questions, Answered
Learn about Medicaid-covered home health care, and get tips for finding in-home care options for your loved one.
Read the full articleDoes Medicare Cover Dementia Care? A Detailed Look
Learn about what memory care-related costs Medicare may cover and find other resources to cover dementia care costs.
Does Medicare Cover Home Care and Home Health Care?
Medicare pays for home health care if the recipient meets certain requirements. However, nonmedical home care typically ...
U.S. veterans and their spouses may be eligible for benefits that can help cover the cost of senior care. Most veterans benefits for long-term care are based on a wide-ranging list of disabilities connected to a veteran’s military service. Veterans service officers can help veterans and their spouses understand eligibility and how to apply for benefits.
VETERAN AID BENEFITS
Assisted Living Benefits for Veterans: A Comprehensive Guide
Read the full articleVETERAN AID BENEFITS
A Guide to the VA Aid and Attendance Benefit
Planning for long-term care can make a difficult time as smooth as possible. This may mean having conversations with aging loved ones as early as possible and understanding costs and options.
Only about 34% of families surveyed by A Place for Mom were prepared for senior living costs in 2023. Costs depend on how much care a person needs and where they receive care — in a senior living community or at home. The median starting cost for assisted living in the U.S. is $4,850 per month, according to A Place for Mom’s Cost of Care Report. Home care is priced by the hour. Our data shows that the national median price of home care is $30 an hour.
Understand the facts that affect the cost of senior living and take steps to help your aging loved one prepare for the next stage of their life.
How to Talk to Your Aging Parents About Finances
Learn how to approach private financial topics now to help ease conversations about long-term care planning in the future.
How Much Does Home Care Cost? A State-by-State Guide
Compare in-home care costs with nursing home and assisted living pricing. Plus, review the list of home care costs in each st...
How Much Does In-Home Dementia Care Cost? Surprising Facts and Resources
Understanding in-home dementia care costs can help you and your family determine next steps for your loved one’s care.
Where to Find the Cheapest Assisted Living in 2023
Explore which states have the lowest assisted living costs. Learn how costs are calculated and how location affects pricing.
Comparing the Average Cost of Retirement Communities
Understanding the cost of retirement communities will help you find the best retirement option based on your budget, needs, a...
30+ Legal Documents for Aging Parents to Have in Order
Learn about the legal documents that are important to helping your aging parent plan for care, assistance and end-of-life.
Care needs typically determine pricing. For example, memory care communities usually offer 24-hour care and security for residents, and the starting price is about $6,200 a month, according to A Place for Mom Cost of Care Report of median prices nationally. Independent living, however, provides little hands-on care and costs about $3,335 a month, nearly half the starting price of memory care.
In addition, facilities sometimes charge a care fee based on the level of care they provide. A high level of care in assisted living may include daily help with bathing, dressing, toileting, medication, etc., and can cost an extra $2,195 a month, according to A Place for Mom proprietary data of median prices nationwide. Someone who doesn’t need as much hands-on care may pay $500 per month in fees for low levels of care, such as meal preparation or transportation a few times a week.
Have more questions?
Ask an A Place for Mom local advisor at no cost.
Assisted living facilities offer housing and care for active seniors who may need support with activities of daily living, like bathing, dressing, and medication management.
The score shown is the overall experience rating which is an average of the reviews submitted for those communities. The overall experience rating is a star rating that ranges from 1 being the lowest to 5 being the highest.
Below are the 51 largest cities grouped by their metropolitan area.
Top states for Assisted Living
The information contained on this page is for informational purposes only and is not intended to constitute medical, legal, or financial advice or create a professional relationship between A Place for Mom and the reader. Always seek the advice of your health care provider, attorney, or financial advisor with respect to any particular matter, and do not act or refrain from acting on the basis of anything you have read on this site. Links to third-party websites are only for the convenience of the reader; A Place for Mom does not endorse the contents of the third-party sites.