Financial Assistance Options for Senior Living: What You Need to Know

When choosing the right senior living community, figuring out the financing can feel overwhelming. Fortunately, several assistance options are available to help seniors and their families manage the costs and pave the way for a smooth transition to senior living. Understanding these programs can help you or your loved one settle into a supportive and engaging senior living community. At The Gallery senior living communities, our experienced team connects with families to explore the financial options available.

Veterans’ Benefits

If you or your loved one served in the military, you may be eligible for financial assistance through the Department of Veterans Affairs (VA). Programs such as Aid and Attendance provide monetary benefits to qualified veterans and their surviving spouses who need help with daily activities such as bathing, dressing, or medication management. This veterans’ benefit can be used toward assisted living costs or in-home care.

Medicaid

Medicaid is a state and federally funded program that provides healthcare coverage for income-restricted individuals, including seniors. Medicaid has strict eligibility requirements, and benefits vary by state. If you or your family member qualify, this is an option worth exploring.*

* At The Gallery, we are only authorized to accept private pay residents;  our communities do not participate in the Medicaid or Medicare programs. However, we have agreements in place at many of our senior communities where Medicare Part B therapy services may be provided once authorization is obtained through the third-party provider.

Long-Term Care Insurance

Long-term care insurance is designed to cover services such as assisted living, memory care, in-home care, and—in some cases—a portion of skilled nursing care. Policies typically require purchasing coverage well before senior living becomes a necessity, as premiums increase with age. Many long-term care policies offer flexibility, allowing the individual to choose where and how care is received. Review your policy carefully to understand what services are covered and any limitations.

Bridge Loans

Bridge loans are short-term loans designed to provide financial assistance while the individual waits for other funds to become available, such as the sale of a home or approval for benefits. These loans provide immediate funds, allowing seniors to transition into their new community without delay. While bridge loans are not a long-term solution, they can provide immediate relief and peace of mind during a transitional period. Carefully review the terms and interest rates offered to ensure a bridge loan is the right fit for your situation.

Plan Ahead for Financial Peace of Mind

Managing the cost of senior living doesn’t have to feel overwhelming. Families can find solutions tailored to their unique needs by exploring these resources. At The Gallery’s senior living communities, our knowledgeable team is ready to answer your questions and guide you through the financial assistance process. Contact us today to learn more about how we can help you or your loved one make the transition to a fulfilling, supportive lifestyle.