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Common Questions About Paying for Senior Living

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Common Questions About Senior Living Costs

When it’s time to start thinking about a senior living community for an aging parent or senior loved one, an early concern for most people is money. Families often wonder how they will help a senior loved one finance this move.


An assisted living community is a financially feasible option for many older adults. These communities offer the senior personalized, 24-hour care with the freedom to choose their own activities and to remain independent.


If you’re considering an assisted living community for your loved one, here are the answers to some of the most commonly asked questions about financing care. 

Questions & Answers

The price of senior living communities varies widely based on what area of the country the senior lives, they amount of services they require, and the size of the apartment. There are many options to choose from at most communities, including private and semi-private apartments.

According to the GenWorth Financial 2017 Cost of Care survey, the average cost for assisted living is $45,000. This rate was based on a private, one bedroom apartment.

Monthly rates usually cover rent, utilities, meals, laundry, housekeeping, and wellness programs. Personal care services are typically extra and are based on how much assistance a resident requires. Additional fees may apply for services such as transportation.

A: Unfortunately, Medicare does not cover assisted living costs. If a parent has very limited financial resources, some states have a Medicaid waiver program to help finance senior living.
A: Although this answer varies by policy, many long-term care insurance policies do help finance assisted living. Check your aging loved one’s policy to see if it covers the costs of “custodial care,” which includes assisted living communities.
A: Personal funds are the most common method of payment for the cost of senior living. Many families rely on liquidating investments or the proceeds from the sale of their elder family member’s home.

Other options to investigate might include a life insurance settlement from Life Care Funding Group or moving in to a semi-private room to cut down on monthly rent costs.

A:  Veterans who are at least 65 years old and served during a time of war may be eligible for benefits from the U.S. Department of Veterans Affairs. Spouses are usually eligible for assistance, too. The Veteran Aid & Attendance benefit amount from senior to senior. The staff at your local Elmcroft Senior Living community can help you learn more about this benefit.

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