How To Pay For Senior Living

There are many ways to fund the cost of living in assisted living and memory care communities, but because every family’s situation is unique, it is best to speak to a financial advisor or senior living advisor to learn about financial resources and options. Many families use a combination of personal savings and investments, long-term care insurance, veterans benefits, home equity, reverse mortgages, and life insurance policies, among other sources. Every option has its own unique advantages based on an individual’s needs and financial means.

Long-Term Care Insurance Policies

Long-term care insurance, life insurance policies and life settlements are a common way to pay for senior living, assisted living and memory care in Florida.

Long-term Care Insurance

Long-term care insurance policies can be used to help pay for assisted living and memory care services. Ask a Sonata community to provide a complimentary review of your insurance policies and explain the long-term care benefits to you and your family.

Life Insurance Policies

Life insurance may sometimes be used to pay for assisted living and long-term care services. This may require “cashing in” your life insurance policy with your current provider. Another option is to contact providers who specialize in converting life insurance policy into payments that cover senior care. Contact your provider to see if you qualify.

Real Estate Resources

Many families use a combination of personal savings and proceeds from a home sale to help pay for senior living in Florida. Other real estate options include a home equity loan, reverse mortgage, or income from a home rental. In Florida’s real estate market, there are many real estate resources that can be used to fund assisted living services.

Veterans Benefits and Government Assistance

There are various government benefits and options available to help pay for assisted living, including special benefits for United States veterans. Medicare coverage is primarily intended for skilled nursing and typically will not cover the cost of assisted living. Medicaid is generally only available to individuals that have depleted all available financial resources and can only be applied to a Medicaid-approved skilled nursing home. There are, however, certain tax deduction that may allow you to deduct a portion of the cost of senior living.

To find out if you qualify, speak to your personal tax advisor.

VA Aid and Attendance Benefit

A special veteran pension benefit called the Aid and Attendance (A&A) Pension is a monetary add-on for qualified veterans. This benefit supplements the Basic Veterans or Survivors Pension and can be used to help cover the costs of long-term care. Keep in mind, only qualifying veterans can receive the supplemental Aid and Attendance pension. For more information and to see if you qualify for benefits, visit your local service office or Department of Veteran’s Affairs website at →

Traditional Resources

Some families use a line of credit, bank loans, personal savings and investment income such as 401(k) and IRAs to help fund the cost of assisted living and memory care. Even if government and insurance benefits cover some of the costs, cash and savings can be used to supplement these sources. If a family is not able to secure cash or savings, shared living options are often available at Sonata for an affordable senior living lifestyle option.

To learn how affordable senior living can be at Sonata, schedule a visit to a community near you.

Expect More At Sonata

Visit a Sonata community and find out why putting service first has allowed us to continually raise the bar in senior living and exceed our residents’ expectations.