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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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