Your Options to Pay for Assisted Living

1. Reverse Mortgages. A loan is accessible to people over 62 years of age.
2. Equity Key Agreement.
3. Equity Lines of Credit.
4. Life Insurance Conversion.
5. Viatical settlements.
6. Life settlements.
7. Long-term Care Insurance.
8. Assisted Living Loans.

Can a person with dementia live in assisted living?

Alzheimer’s Disease, Dementia and Memory Care Elderly Alzheimer’s patients and those with dementia usually live in assisted-living communities and nursing homes, receiving care, medical treatment, and hygiene help daily.

Is the cost of assisted living covered by Medicaid?

Yes, Medicaid will help to cover the cost of assisted living including memory care (Alzheimer’s care units). To be clear, long-term care services, such as personal care and homemaker assistance, are covered by Medicaid for those who meet the eligibility requirements.

Are there Medicaid benefits for assisted living in Virginia?

Virginia does not currently have a Medicaid program that helps to pay for assisted living. However, while the VA Adult Services program does not provide care services in assisted living, it does provide assisted living assessments. Washington has Medicaid waivers and programs that provide help for residents in assisted living or adult family care.

Are there Medicaid benefits for assisted living in Florida?

The District of Columbia Medicaid program offers the Elderly and Persons with Disabilities Waiver which now covers assisted living in limited situations. Florida has eliminated its HCBS Waivers and now covers assisted living through the Statewide Managed Medicaid Care – Long Term Care.

How does the state of Michigan pay for assisted living?

Through the Michigan Choice Waiver Program, the state will pay for assisted living. However, the state may refer to it as adult foster care or homes for the aged. Another option is Health Link. Minnesota pays for assisted living through the Medicaid Waiver called the Elderly Waiver. As with most waivers, participation is limited.