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Financial Assistance

Do you need help navigating the financial waters to help pay for long-term care?  We have connections throughout the industry locally and nationally through our Senior Transition Specialist Certification from Mom's House.  We would be happy to put you in touch with the right person.

Every day until 2030, 10,000 Baby Boomers will turn 65, and 70% will require long-term care in their lifetime.

The cost of that care varies based on the care setting, geographic location, and the level of care required, among other factors. One thing is true across the board though: senior care is expensive and it continues to increase year after year. Understanding these costs is the first step to helping you and your family plan for it.

You can research the cost of care in your area on which conducts a pricing survey every year and is considered the industry standard for determining what the average cost of care is across the country.

To help pay supplement your own finances, there are resources that can help you pay for the cost of care.

Financial Assistance for Long Term Senior Care


Many families assume that Medicare will cover the costs of their loved one’s care. Unfortunately, while it will cover some basic benefits, especially in conjunction with physician services and hospital stays, it does not cover long-term care.

  • Medically necessary services to treat or diagnose illness.
  • Preventative care and routine physical exams.
  • Medical equipment your physician has ordered - including wheelchairs, walkers, and oxygen.
  • Only covers long-term are if you require skilled services or rehabilitative care under specific circumstances for a short period of time.


Medicaid is a jointly funded federal and state program that provides health insurance for people with limited assets and a low income. Many caregivers and seniors assume Medicaid will cover the costs of long-term care. And while this public assistance program will pay for the most long-term care services, it will only do so when the senior meets strict functional and financial requirements.

Administered by each individual state, with multiple programs, Medicaid can vary greatly from state to state and be very confusing.

Veteran Benefits

The Department of Veterans Affairs or the VA offers a monthly benefit through their Veterans Pension and for Survivors Pension for their spouses to all US military veterans and their spouses after the Veteran has passed.

To qualify for a VA Pension, the Veteran must have a minimum of 90 days of active duty and have at least 1 of those days be during wartime.  Have a financial need of an income that falls below a yearly limit set by Congress.  Further, they must meet at least one of the following:

  • Be 65 or older with no or limited income.
  • Be partially or fully disabled.
  • Be a nursing home patient.
  • Be receiving SSI - Supplemental Security Income
  • Be receiving SSDI- Social Security Disability Insurance.

There are other benefits based on need and whether the Veteran is in their own home or in a nursing home.

Long Term Care Insurance

Millions of Americans, being financially responsible, have purchased a long-term care insurance policy at some point in their lives, faithfully paying premiums for decades. Policyholders assume that when the time comes to finally activate the policy, their needs will be met. But filing a claim is far from straightforward. It’s very easy to make mistakes during the claims process that can delay payments – and ultimately your loved one’s access to needed care.

If you’re trying to file a claim, it’s important to understand the risks involved. The insurance company will not have your best interests in mind. Their adjusters are specifically trained to scrutinize every claim filed for opportunities to delay or deny benefits.

Claims are denied primarily for two reasons:  failure to meet terms and requirements and to submit proper documentation.  For that reason, we highly recommend getting a free policy review at

Bridge Loans for Assisted Living

A bridge loan is a financing option that ‘bridges’ brief gaps in funding.

These are loans that families can use as they wait for other funds to become available for care. Bridge loan funds can be available in as little as 24 hours and are designed to be paid off quickly (such as when your home sells or other benefits kick in.)

Unlike traditional loans, a bridge loan is a bit like a credit card. You’re approved for a large amount based on your unique needs which you draw from each month to pay for care. This is helpful because interest is paid only on the funds used, not the entire credit line.

Reverse Mortgages

A reverse mortgage is a home loan to tap into a home's equity that is determined by the lender by finding the appraised value and subtracting out what is owed on a traditional mortgage.

Rather than selling your house to the bank, you maintain complete ownership of your home for the entire life of the loan.  As long as you maintain your home and keep the property taxes paid and remain living in the home, you cannot be forced by the lender to sell the house and repay the loan.

Health Savings Account

An HSA is a form of savings account that lets you set aside money on a pre-tax basis to pay for qualified medical expenses.  Similar to an IRA it can be invested to grow that amount pre-tax.  The funds are then used to pay for deductibles, copayments, coinsurance, and some other expenses. Generally, the funds in your may not be used to pay premiums.

While your HSA will not pay directly for long-term care itself, it can be used  – tax-free – to pay for qualified long-term care insurance premiums in certain situations

Trust Funds: Asbestos, Mesothelioma, Cancer

Millions of families have been impacted by exposure to Asbestos. Many don't know they were exposed as it affects not only the person exposed but the spouse at home who did the laundry or the kids playing on the floor where fibers were transferred as the exposed person walked through.

As of 2021, most of the major manufacturers of products containing asbestos have established trust funds to compensate those affected, to help avoid lawsuits, and to stay in business.  Though compensation amounts vary, these funds can help families affected by mesothelioma and other asbestos-related diseases to cover their medical and long-term care expenses.

Life Insurance Benefits

There are many different ways to utilize life insurance to pay for long term care.  Each will depend on the type of insurance you have and also your need to access Medicaid as many options will affect the spend-down of assets and eligibility requirements.

 Getting Help


It is advantageous to develop a long-term plan that ensures comfortable and consistent care as your loved one ages while maximizing assets, resources, and assistance.  There are different types of resources to help you develop a plan.

  • Public Benefit Counselors
  • Geriatric Care Managers
  • Eldercare Resource Planners
  • Elder Law Attorneys

If you would like a referral to any one of these resources, use the contact form to the right reach out.

Other Resources


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