The majority of families fund senior living through private means, from savings, pensions, retirement and Social Security. Additionally, there are federal programs and various financial tools that may also provide assistance. You’ll want to take advantage of every resource available so that the long-term care of your loved ones can be financed.
Many people want to know if Medicare will cover senior living. However, like most medical insurance plans, it will not provide coverage for extended care, so it cannot be used for the services provided in most retirement communities.
Medicaid is distinct from Medicare and is the joint program managed by states and the federal government which allows those with lower incomes and assets to manage their medical care fees. Each state has specific guidelines but must also adhere to federal requirements. While Medicaid will provide a degree of fiscal assistance for assisted living, it will not cover the room and board.