Many people believe assisted living is covered by Medicare. On the contrary, Medicare does not cover assisted living services. However, it could still help cover other services needed living in the community such as medication, medical services, physical and psych therapies, or outpatient care.

Medicaid, on the other hand, may be able to support on some level but with restrictions. There are different programs in different states designed to help low income families. You will have to check with the community that you are looking at for detail.

Unfortunately, assisted living is not recognized by the government as medical or healthcare services. Therefore, assisted living and memory care are most often paid privately by the family or the residents.

It is important to understand the assets and finances of your loved one(s). Many people consider selling their houses and leverage other pre-planned retirement supplement income to cover the assisted living expenses.

Long-term care insurance is designed to cover services and supports needed when a person can no longer care for themselves whether they live in an assisted living community, at home, or in a nursing home.

Most policies give policyholders the flexibility to choose from a range of Activities of Daily Living (ADLs) services such as bathing, dressing, eating, transferring, continence, toileting. On top of that they could even use the long-term care insurance to cover skilled nursing services, physical and speech therapy.

Wartime veterans and their surviving spouses may be entitled to a tax-free benefit called Aid and Attendance. The benefit was designed to provide significant financial assistance for those in need of ongoing care. You never have to pay it back and like Social Security, this benefit is dependable and is paid directly to you by the Department of the Treasury. If you are a Wartime veteran and need help, please check www.americanVeteransAid.com for more information.

If your life insurance policy does not have living benefit riders, you could do something called “life settlement”. In most cases, the insurance company or a third party will “purchase” your policy for face value. You can learn more about it here or contact your insurance agent or company for more detail.