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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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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.

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