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Insurance Coverage          Personal Property          Private Assistance          Government Options





Insurance Coverage


Some kinds of insurance, like long-term care insurance (LTCI), can assist in paying for senior care. In the event you require some sort of senior care, LTCI can provide a daily or monthly allowance to help pay for it , and these policies are typically a good option for individuals who anticipate they might needs to make a move to assisted living in the future.

Additionally some life insurance plans will cover senior care costs, through a process known as a life insurance conversion. This allows you to sell your life insurance policy to a third party, yielding a greater amount than if you had taken the cash surrender value on the policy. It’s important to know, however, that specific plans along with the eligibility requirements and level of care coverage may vary.



Personal Property


Some options, like bridge loans, allow you to leverage your home to pay the costs for assisted living. These kinds of short-term loans can allow you to use your home equity to help finance a move to assisted living and help cover expenses while you wait for your home to be sold.

Reverse mortgages are another option, allowing homeowners over the age of 62 to convert some of their home equity into cash. Generally speaking, reverse mortgages work well for couples where one spouse remains at home while the other moves to an assisted living community, as this kind of loan does not have to be paid back until the remaining spouses is deceased or move from the home for a year.



Private Assistance


There are many non-profit organizations, foundations, and non-medicaid state programs that provide private assistance for families in need of senior care. Being so numerous, these organizations tend to vary in the kinds of care they cover, how much they can provide, and the eligibility requirements for making use of them. You can find a list of these on Paying for Senior Care’s database of nonprofits, foundations, and non-medicaid programs.




Government Options


VA Benefits

Veterans can take advantage of several kinds of assistance from the Departments of Veterans Affairs, These can take the form of direct financial compensation, or care services to hep with their daily living tasks. You can review our in-depth blog post on the topic, and consult the VA for specifics and further details on how VA benefits can help pay for senior care.

Medicare & Medicaid

Medicare is a form of government-funded health insurance available to Americans aged 65 and older. Typically, this form of insurance only covers short-terms stays at nursing facilities, along with some rehab and in-home therapy for a limited period.

Medicaid, on the other hand, is a government insurance program for low-income individuals and can help with various expenses (such as in-home care) depending on the rules within your state, but will not always cover the costs of an assisted living community or for more advance  services like memory care. You should review the state-by-state rules to learn more about what expenses Medicare will cover in your area.

Learn more about individual Cottage pricing on our specific location pages.


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With different sizes and styles of apartments and the customized CareSteps service program that’s tailored
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the attention, care, and home-like environment your loved one deserves.