As assisted living facilities continues to increase in popularity (as an alternative to nursing home placement), additional options for paying assisted living rent are becoming available. Here are some typical payment options.
- Private Pay. Most assisted living costs continue to be paid with private funds. Typically, residents cover costs with their social security and pension incomes, in addition to savings accounts and proceeds from selling their home.
- Long Term Care Insurance. Many assisted living residents have long term care policies, which generally have a daily rate of reimbursement for assisted living stays. Long term care policies are becoming more common, especially those with parents in assisted living or nursing home facilities.
- Veteran’s Administration. The Aid and Attendance program is available for veterans and their spouses, which assists in the payment of assisted living and nursing facilities. More information can be found at veteranaid.org/program.php
- Assisted Living Waiver Program: The state’s Medicaid program assists a limited number of Ohio residents that reside in an assisted living facility rather than a nursing home. More information can be found at aaa11.org/assistedliving.asp