If you are considering moving your parents into an assisted living community now or in the future, are you wondering, how do I pay for assisted living? This is a concern for many families with parents on a fixed income who may or may not have planned for their future needs.
“Paying for assisted living may be a financial hurdle for many families that never planned for this,” says Aegis Living Chief Operations Officer Tom Laborde, “Fortunately, there are plenty of resources and options to help find a solution for your financial situation.”
Here are some options that your family can consider.
As you assess assisted living community options, it is good to have a budget in mind of what you can afford. It is best to get a clear understanding of your parent’s finances and assets, as well as if any family members want to contribute, to create a budget. You may need to consider selling or renting their home for more cash. Like any apartment options or real estate investments, the expenses (or savings) of an assisted living community can be determined by the location and the amenities offered. We encourage you to tour multiple properties to understand and compare costs.
Long term care insurance is different than traditional health insurance. It is designed to cover the costs of services and support when you can no longer care for yourself, whether that is in your home, at an assisted living community, memory care community, respite care, hospice care, or in a nursing home. The policyholder can select from a range of care options and benefits. Services can include caring for the activities of daily living such as bathing, toileting, and dressing, or skilled nursing, or occupational, speech or physical therapy. Long term care insurance typically covers what is not covered by health insurance, Medicare, or Medicaid.
Under the VA Aid and Attendance Special Pension, also known as the A&A Pension, qualified veterans or their surviving spouses can receive tax-free monthly sums meant to help defray the costs of assisted living. Two married veterans can receive up to a maximum of $2,837 each month for this purpose, while a veteran and his or her spouse can receive up to $2,120. A sick spouse of a veteran may receive $1,788, and a surviving spouse may be entitled to $1,412 each month.
If your loved one has a life insurance policy, you may be able to cash out the policy for a lump-sum to pay for assisted living expenses now. Contact the life insurance company to ask about “accelerated” or “living” benefits. The company that issued the policy to your parent will typically purchase it back for 50% to 75% of its value. This can be determined by the policy amount, monthly premiums, the policyholder’s age, or their heath condition. But each company is different and must be contacted directly to understand their rules and procedures. There are advantages and disadvantages of cashing out the policy, so research your options to best understand if this is a fit for your particular circumstance.
Medicaid is a federal program for older people with low income and limited assets. The program is administered by each individual state with each state setting its own guidelines regarding eligibility and services. Over 40 states permit some type of funding for assisted living but it can vary greatly. To understand what could be covered under Medicaid within your state, visit the Centers for Medicare and Medicaid Services online.
Check with the community you are considering to learn if they take medicaid or are private pay only. If you’ve been asking yourself, how do I pay for assisted living, we can help.
Respite Stays & Day Stays give family caregivers a real break—hours, days, or a few weeks—while your loved one enjoys a safe, enriching short‑term home at Aegis Living. Guests settle into a beautifully furnished private apartment and have 24/7 care staff and onsite nurses, medication management, and discreet safety technology (motion sensors, medical‑alert pendants, visitor check‑in) for peace of mind. Each day feels purposeful with chef‑prepared, all‑day dining and 200+ monthly activities—from book clubs and fitness classes to movie nights—plus full use of the community. We coordinate with your loved one’s physicians to mirror their routines and care, so the stay feels familiar. It’s also a smart trial run for senior living: meet neighbors, test services, and see what supported independence looks like—without a long‑term commitment. Choose a Respite Stay when you’re traveling or need time to recharge, when your loved one would benefit from structure, social connection, and great meals, or when you both want peace of mind while keeping options open.
Hospice & End‑of‑Life Care at Aegis Living is comfort‑first support for the final stage of life, delivered in your loved one’s private apartment by our 24/7 care team in coordination with a trusted local hospice provider you choose (or we can recommend). Together, we create a coordinated care plan that manages pain and other symptoms, oversees medications, and provides calm, dignified help with daily needs, while offering compassionate emotional support for both resident and family. Discreet safety measures and a reliable medical‑alert system bring help quickly; chef‑prepared, in‑apartment meals adapt to changing appetites. Families are guided through decisions and moments of closure so they can focus on being present in a peaceful, home‑like setting. If your loved one already lives at Aegis, they can remain in the comfort of their home, avoiding disruptive moves. Choose this level of care when curative treatment is no longer the goal and you want expert symptom control, hands‑on daily support, and a setting that protects dignity and prioritizes comfort, meaning, and time together.
Memory Care is specialized, secure support for people living with Alzheimer’s or other dementias who benefit from a calm, structured environment and round‑the‑clock expertise. At Aegis Living, that care happens in Life’s Neighborhood—an intimate, thoughtfully designed setting where 24/7 dementia‑trained caregivers and a nursing team on site seven days a week deliver personalized help with daily living, medication management, and mobility (including Hoyer lifts and two‑person transfers), while gently redirecting agitation and confusion. Days are purpose‑filled with science‑based cognitive programming, certified music therapy, and social activities; chef‑prepared meals are easy to enjoy and dining spaces and cues are designed for memory support. Discreet safety features like secured entrances, emergency pendants with fall detection, and optional motion sensors, prevent wandering and bring peace of mind, and visiting physicians and wellness professionals reduce trips off‑site. Families receive education and ongoing support. If your loved one is unsafe alone, missing medications, wandering, needs frequent cueing or hands‑on help with bathing or dressing, or thrives with a predictable routine, Memory Care offers the right level of care. For milder needs, our transitional Assisted Living can be a first step; for advancing symptoms, secured Memory Care provides the specialized, heartfelt support to help them feel calm, connected, and at home.