Financial help from the senior living community in Baltimore


Every day, seniors and families all over ask themselves, "How in the world will I pay for long-term care"? Contact us or see below to learn about the many options that could be available to you!

Affordable senior housing or care is possible, and financial assistance is available. There are communities for just about any budget and any senior lifestyle or senior care payment need. Many senior financial solutions are paid for by private funds and some are paid by a long term care insurance or the Veterans Administration Aid & Attendance program. The community you choose can often direct you to options they typically accept, both from private, as well as government, sources.

In general, families use a combination of the following to pay for senior housing or care:

Private Funds

Let’s start with your private funds. What do you earn on a monthly basis from social security, pension, and other income? Most independent living, assisted living, and Continuing Care Retirement Community fees are paid for privately. Most skilled nursing communities accept Medicare and Medicaid. Many seniors and families do not realize how much disposable income they have when they no longer have to pay for costs related to owning a house. Things like property taxes, insurance, home maintenance, yard maintenance, utilities, basic phone and cable – all these things add up. When you are looking for a senior living community, know that many of these costs will no longer need to be paid for out of your wallet, and be sure to itemize what is included in a community’s basic monthly cost. By doing so, you may realize you have much more disposable income to contribute to your cost of senior living or senior care, than you originally thought. Thankfully, in addition to private funds, financial help and financial assistance for senior living is available through the options detailed below.

Life Insurance Solutions For Senior Living and Long-Term Care

Do you or your loved one have a life insurance policy? If so, the death benefit of your in-force policy could be converted into a benefit to pay for assisted living or other senior housing. Life Settlements are the sale of an in-force life insurance policy to a third party for a sum typically much more than the cash surrender value, but typically a lot less than the face value. The funds you obtain from the sale of your policy can be used for any purpose, including senior housing or care. A “Life Assurance Benefit Program” converts your insurance policy’s death benefit into strictly a long-term care benefit, requiring that you use the funds to pay for senior housing and care.

Long-Term Care Insurance

If you or your loved one purchased a long-term care insurance policy years ago, now may be the time to file a claim. If you are caring for a loved one, you may not have even thought of asking them if they have such insurance. A long-term care insurance policy typically contributes a daily dollar amount to your senior care or senior housing provider for a specific period of time. For example, a policy may pay $100 a day. This insurance can typically pay for home care, assisted living, adult daycare, respite care, hospice care, nursing, or an Alzheimer’s community your loved one may be living in. If you or your loved one thought ahead and have such a policy, it’s time to dust it off the shelf and consider using it.

Veteran Benefits

Are you, or is your loved one, a veteran? A spouse of a veteran? Veterans who were active at least 90 days where just 1 of those days was during a period of war may be eligible for a benefit to help them pay for senior living that requires assistance with Activities of Daily Living (“ADLs”). One of our knowledgeable associates can connect you to professionals accredited by the United States Department of Veteran Affairs who can help you obtain the information you need to get the benefits you or your loved one deserves. Financial help for assisted living is available so call us today to learn if your veteran may qualify.

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