The cost of senior living is one of the biggest questions families face—and one of the most misunderstood. Here’s a general overview of how families typically cover the cost of care. It is always advisable to speak to your financial advisor or support group prior to making this decision.
Private Pay – The most common way families pay for senior living, using personal savings, retirement income, Social Security, or pension benefits.
Long-Term Care Insurance – Some families have long-term care insurance policies that cover part or all of assisted living or memory care costs. Coverage varies significantly by policy, so it’s worth reviewing the specific terms early in the planning process.
Selling a Home – Many families use proceeds from selling a home to fund senior living, either as a lump sum or spread out over time.
Veterans Benefits – Veterans and surviving spouses may qualify for VA Aid and Attendance or other benefits that help offset the cost of care. See our dedicated Veterans Benefits page for details.
Bridge Loans and Financing – Some families use short-term bridge loans to cover costs while a home sale or benefits application is in process.
Washington Cares Fund – If you were working as late as July 2023 you would have access to this benefit. wacaresfund.wa.gov
