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People often find it hard to maintain a home and manage any health issues when they get older. Daily activities such as bathing, grooming, and housekeeping may become more complex with time. Many health conditions require constant monitoring and good medication scheduling. Thankfully, assisted living communities exist for people who need them.

Assisted living communities offer medical and nursing help and combine communal living with autonomy. Residents may spend their time in communal areas, participating in activities, dining with other residents, and socializing with friends. They also have their apartments where they enjoy privacy.

Residents within assisted living centers pay a monthly fee, which covers all their needs. Then, the individual gets to enjoy the benefits of their own home, prepared meals, housekeeping services, medical care, and help with daily activities. 

All that a senior has to do upon deciding that assisted living is the best choice for them is to organize their finances to let them cover the monthly fee to the assisted living community.

Given how useful assisted living is, it’s no surprise that the government offers some assistance when paying for these services. However, not everyone can find the right assisted living facility that fits into the tiny budget provided by Medicaid. Luckily, there are alternate ways to cover this expense.

Medicaid and Assisted Living

If you are eligible for Medicaid, you should remember that Medicaid does not typically cover room and board costs. However, it does pay for other services in assisted living communities, such as on-site medication management, medical and nursing help, and on-site therapy services.

Even if you are eligible for Medicaid, you must supplement the assisted living community monthly fee from your income. This means you’ll need to plan for this expense well before retiring. Also, you will want to research all the available options to determine which is best for your situation since not everyone’s retirement plan and savings look the same.

Paying for Assisted Living without Medicaid

Personal Funds

You can pay for assisted living with your personal funds. Savings, retirement accounts, pensions, and Social Security benefits may go toward covering the monthly fee in assisted living communities.

It is always a good idea to talk with a financial planner to get an idea about your total savings and how long they can last you in an assisted living community. Once you get a clear idea of your finances, you can start making arrangements and planning ahead in case your savings are not sufficient.

Home Equity

If you own your house, you could consider selling it. If you don’t have any dependents living in your home, selling it could be a helpful financial solution. It also saves you the time and costs related to maintaining a house and keeping up with bills and other expenses.

If your home is vacant but not emotionally ready to sell it, you may consider renting it. You can ask a property management company to manage the rented house and receive a steady monthly income without the hassles of finding new tenants and maintaining the property.

Long-Term Care Insurance

There are various long-term care insurance packages available on the market. This type of insurance pays toward assisted living expenses and can cover a significant portion of the monthly fee.

Of course, long-term care insurance is more advantageous when you sign up at a young age. In addition, long-term care insurance doesn’t cover pre-existing conditions, so people should consider starting it as young as possible when they are less likely to have any health issues.

Reverse Mortgage

If you have already paid for your home mortgage, you can arrange with your bank to take a reverse mortgage. Homeowners can borrow a lump sum against the equity of their home, which they can use to cover the assisted living costs.

Reverse mortgages are available to seniors aged 62 and over.

Life Insurance

If you already carry life insurance, you could use it to pay against assisted living costs. You can ask for a settlement where you cash in your life insurance and forego ownership of the life insurance. You can also sell your life insurance policy to a third party and pay for assisted living through the proceeds. 

To use your life insurance in this way, you will need to verify that you qualify for accelerated death benefits (ADB). Furthermore, you will need to verify the maximum monthly payout you can receive this way and ensure it matches your facility’s costs.

Veterans’ Programs

Various programs are available to veterans and their spouses, although many come with specific conditions attached, such as low income and minimal assets.

The Aid and Attendance Benefit program is offered by the US Department of Veterans Affairs and covers assistance for people requiring help with activities of daily living. It can be used to pay toward the cost of assisted living.

State Programs

Some states offer financial help requiring assisted living help. The specifics depend on the state program and how it pays the benefit. Some states pay a gift, while others directly finance the cost of assisted living.

Texas offers the Star+Plus program—a Medicaid managed-care program for adults with disabilities or who are over 65. The program provides financial support for those interested in assisted living, either in assisted living communities or at home.

You should check with your state to see whether you qualify and what sort of financial support is available for assisted living in your state.

Family Help

In some cases, family members may be able to finance part or the whole cost of assisted living. If you feel that assisted living is the best choice for you, you should discuss it with your loved ones and see what financial solutions are available to you.


Since many of the residents outlive their resources, St. Dominic Village heavily subsidizes Medicaid residents. To do this, the Village must raise funds and depend upon the generosity of those who support our mission of Caring for Our Elders with the Compassion of Christ and those who can no longer care for themselves. 

St. Dominic Village

St. Dominic Village in Houston, Texas, is a senior care community focusing on physical, spiritual, and quality care for seniors in the greater Houston area.

St. Dominic Village is an assisted living community that serves and cares for a community of elder citizens. We offer 24-hour nursing care, a loving community, and engaging activities for seniors at the most affordable prices.

Call us at 713-741-8701 to schedule a tour and find out more about the Village and our service to the community.