How to Pay for Elder Care Homes: A Guide to Financial Assistance & Funding

Paying for senior care services can be a daunting and expensive task, but several options are available for financial assistance and funding. Here is a guide to help you navigate through the various options:

1. Medicare: Medicare only covers limited stays in skilled nursing facilities for seniors who meet certain requirements. It does not cover long-term stays in assisted living or other types of senior care homes.
2. Medicaid: Medicaid provides coverage for long-term care for low-income seniors who meet certain eligibility requirements. Medicaid may cover some or all of the costs associated with elder care homes, depending on the level of care needed and the state you reside in.
3. Veterans Administration (VA) Benefits: If the elder is a veteran or the spouse of a veteran, they may be eligible for VA benefits, which can cover the cost of elder care homes.
4. Long-term Care Insurance: Long-term care insurance is a type of insurance that covers the cost of long-term care, including elder care homes. This insurance is typically purchased by individuals before they reach retirement age.
5. Reverse Mortgages: Reverse mortgages allow seniors to access the equity in their homes to pay for elder care homes. However, reverse mortgages can be complicated and may have significant fees, so it's important to consider this option carefully.
6. Personal Savings: Many seniors and their families use personal savings to pay for elder care homes. This may include retirement accounts, investments, and other savings.
7. Family Assistance: Family members may also help to pay for senior care homes. This can include financial assistance, as well as providing care for themselves.

It's important to research all of your options and to consider the unique needs of your loved one when deciding on the best way to pay for elder care homes. Consulting with a financial advisor or elder care specialist can also help navigate this complex process.

For more information on Care Homes, call us at (707) 725-7899 or email us at info@firstchoicecarehome.com. We’re always happy to answer any questions!