How Do Seniors Pay for Independent Living?

How Do Seniors Pay for Independent Living

Medicare and Medicaid do not provide financial assistance for paying the monthly fee for independent living. To come up with the funds, you can consider reverse mortgages, but only if you are 62 years of age and older. This is also a short-term option as the loan becomes due a year after moving out of your home.

The other option would be to sell or rent your home and use the funds to pay for a residency in an independent living community.

You can also use life settlements and sell your life insurance policy to a third party for a lump sum of money.

Nevertheless, if you opt to stay at home and receive in-home senior care, Medicaid, Medicare, long-term care insurance, and Veterans Benefits can cover the cost of senior care.


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Response to COVID-19

Devoted Guardians is actively monitoring the progression of the coronavirus, COVID-19, to ensure that we have the most accurate and latest information on the threat of the virus. As you know, this situation continues to develop rapidly as new cases are identified in our communities and our protocols will be adjusted as needed.

While most cases of COVID-19 are mild, causing only fever and cough, a very small percentage of cases become severe and may progress particularly in the elderly and people with underlying medical conditions. Because this is the primary population that Devoted Guardians serves, we understand your concerns and want to share with you how our organization is responding to the threat of COVID-19.

We are following updates and procedures from the Centers for Disease Control (CDC) State Department of Health, local and county authorities, the Home Care Association of America and other agencies and resources. Our response and plans may adjust according to the recommendations from these organizations.