Texas Senior Care and Housing Directory
Texas Senior Care and Housing Directory

Ways to Pay for Assisted Living

 Private Pay | LTC Insurance | VA Benefits

Senior couple learning about the high cost of assisted living.

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The average cost of assisted living in Texas, as of 2021, per Genworth's Cost of Care Survey 2020, is $3,988 / month, which is a few hundred dollars under the national average of $4,300 / month.

Traditionally, Medicare does not cover the costs of assisted living or long-term care. However, Medicare will cover qualified healthcare costs while your loved one is living at a certain facility. Medicare is more often used to pay for a skilled nursing facility or home health care.

Medicaid can be used to pay for long-term nursing home care in all states. Many states also allow their residents to use Medicaid waivers to pay for assisted living or in-home care if the services can be obtained at a lower cost.

If your loved one doesn't have much in terms of savings or other financial assets and their income is low, they may qualify for Medicaid, which can help pay for assisted living. A quick, free and non-binding Medicaid eligibility test is available.

Ways to Pay for Assisted Living

Get a Reverse Mortgage. Many seniors find that a reverse mortgage can help ease the financial burden of assisted living costs. This is more frequently the case when one spouse needs assisted living or nursing home care while the other spouse can remain in the home. The emotional stress alone can be a challenge in these cases, so adding financial strains into the mix can further complicate life and prevent a caregiver from focusing on what's really important - taking care of their loved one.

VA BENEFITS - Department of Veterans Affairs covers assisted living care for veterans and spouses of veterans who have served at least 90 days on active duty and at least one day during wartime. Applicants must meet a medical qualification test, but their conditions don't need to be related to military service. Called the Non-Service Connected Improved Pension Benefit with Aid and Attendance, or "aid and attendance" for short, this program pays a maximum benefit of $2,085 a month for married veterans, $1,759 for single veterans and $1,130 for a surviving spouse.

The VA's income limit for pension benefits - $21,107 a year for a veteran with no dependents who needs aid and attendance - is offset by the cost of out-of-pocket medical expenses, which may include assisted living care. So if your income is $25,000 and your medical expenses - including assisted living care - are $10,000, the VA counts only $15,000 worth of income toward eligibility.

LONG-TERM CARE INSURANCE - A small number of families are fortunate enough to have long term care insurance, perhaps 5% of American seniors. These individuals use those financial benefits to help with the cost of assisted living.

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