Paying for Senior Care

Understanding your payment options and financial resources can make quality senior care more accessible and affordable for your family.

Payment Options

Explore the various ways to finance senior care, from government programs to private resources.

Medicare

Federal health insurance for people 65+ covering skilled nursing and home health care under specific conditions.

Typically Covers:
  • Short-term skilled nursing (up to 100 days after hospital stay)
  • Home health care when medically necessary
  • Hospice care services
  • Medical equipment and supplies
Does Not Cover:
  • Long-term assisted living or custodial care
  • Independent living costs
  • Most personal care services

State Medicaid

State Medicaid programs can help eligible seniors pay for long-term care, including nursing home care, home and community-based services, and some assisted living support depending on state rules.

Typically Covers:
  • Long-term nursing home care
  • Assisted living in some states (Oregon included)
  • Home and community-based services
  • Personal care assistance
Does Not Cover:
  • Independent living communities
  • Private rooms (unless medically necessary)
  • Some amenities and services

Veterans Affairs (VA) Benefits

Healthcare and financial assistance programs for eligible veterans and surviving spouses.

Typically Covers:
  • Aid & Attendance pension for qualifying veterans
  • VA nursing homes and community living centers
  • Home health care services
  • Up to $2,400+/month for eligible veterans
Does Not Cover:
  • Depends on service history and disability rating
  • Some private facilities may not accept VA benefits
  • Coverage varies by individual eligibility

Long-Term Care Insurance

Private insurance policies designed to cover costs associated with long-term care services.

Typically Covers:
  • Assisted living facility costs
  • Nursing home care
  • Home health care services
  • Adult daycare programs
Does Not Cover:
  • Pre-existing conditions (varies by policy)
  • Care outside policy coverage limits
  • Services not deemed medically necessary

Private Pay & Savings

Using personal savings, retirement funds, investments, or family resources to pay for care.

Typically Covers:
  • All types of senior living and care
  • Flexibility to choose any facility
  • No qualification requirements
  • Access to premium services and amenities
Does Not Cover:
  • Can be costly without proper planning
  • May deplete retirement savings
  • No subsidy or assistance

Life Insurance & Annuities

Converting life insurance policies or annuities to help pay for long-term care expenses.

Typically Covers:
  • Accelerated death benefits
  • Life settlements for cash
  • Annuity income streams
  • Hybrid life/LTC insurance products
Does Not Cover:
  • Reduces death benefit for beneficiaries
  • May have tax implications
  • Processing time varies

Bridge Loans

Short-term loans designed to provide immediate funding for senior care while families wait for permanent financial resources to become available.

Typically Covers:
  • Assisted living, memory care, and nursing home rent
  • Upfront community move-in fees and relocation costs
  • Home care services during transition periods
  • Funding gaps while waiting for a home sale or VA benefits approval
Does Not Cover:
  • Long-term, permanent financing (typically limited to 12 months)
  • Guaranteed approval without meeting credit or co-borrower requirements
  • Costs exceeding approved line of credit limits

Veterans Benefits

Legal Experts that help with Medicaid planning, Guardianships, Conservatorships, Financial and Medical Power of Attorney.
Reach out to us for help & recommendations.

Elder Law Attorneys

Legal Experts that help with Medicaid planning, Guardianships, Conservatorships, Financial and Medical Power of Attorney.
Reach out to us for Elder Law Attorney recommendations.

Financial Planning Partners

Trusted Oregon and Arizona professionals who can help you organize finances and maximize benefits for senior care.

Senior Financial Planning Associates

Long-Term Care Financial Planning

Certified specialists helping families navigate Medicare, Medicaid, and create sustainable care payment strategies.

Services:

Asset Protection

Medicaid Planning

Benefits Optimization

Oregon Elder Law Group

Long-Term Care Financial Planning

Legal experts specializing in Medicaid qualification, estate planning, and protecting assets while qualifying for care benefits.

Services:

Medicaid Applications

Estate Planning

Legal Protection

Veterans Benefits Advisors of Oregon

VA Benefits Assistance

Accredited representatives helping veterans and spouses maximize VA benefits for senior care costs.

Services:

Aid & Attendance Claims

VA Pension

Benefits Maximization

Pacific Northwest Insurance Solutions

Long-Term Care Insurance

Independent agents specializing in comparing and securing long-term care insurance policies for Oregon residents.

Services:

LTC Insurance

Policy Reviews

Hybrid Products

Disclaimer: Senior One Source provides these referrals as a courtesy. We are not affiliated with these businesses and do not receive compensation for referrals. We recommend conducting your own research and due diligence before engaging any financial services.

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Frequently Asked Questions

How do families pay for senior care?

Common sources include private savings, long-term care insurance, VA benefits, home equity, and Medicaid for those who qualify. Medicare generally does not cover long-term custodial care.

Does Medicare pay for assisted living or memory care?

Medicare does not cover room and board at assisted living or memory care, but may cover short-term skilled nursing and rehab after a hospital stay.

Are there benefits for veterans?

Yes — the VA Aid & Attendance benefit can help eligible veterans and surviving spouses pay for care. Our advisors can point you in the right direction.