Financial Options


Options for Financial Assistance

If you have enough money to pay for senior living out-of-pocket, that’s great news. But even if you don’t, here are a few other options to consider. 

Long-Term Care Insurance (LTCI)

Depending on your specific policy and your care needs, long-term care insurance can be a great resource for paying for specific types of senior living care. But not all LTCI policies are created equal, so read the fine print. Policies vary widely with what they will cover and won’t cover, which is why it’s important to consult with your insurance provider or a financial advisor to make sure you know exactly how your policy works.

Life Insurance

If you or your loved one has an existing life insurance policy, you may be able to convert an in force policy to a pre-funded account to help pay for senior care. This financial option is especially helpful for seniors, because all health conditions are accepted, there are no waiting periods, no care limits, no costs to apply, no requirement to be terminally ill and no premium payments or fees.

A long-term benefit plan converts an in force life insurance policy into a pre-funded account that can be used to immediately make tax-free payments to a senior living community. You can convert a universal, whole, term or group policy and use it for assisted living, dementia care, skilled nursing, hospice or private-duty home health.

According to Life Care Funding, there are no application fees and no obligation to apply. Once the policy is converted, the enrollee is no longer responsible for life insurance premium payments, and the policy is no longer considered an asset that will count against future Medicaid eligibility.


Bridge Loans

The need for senior living can be unexpected and sudden due to medical emergencies or the realization that living at home is no longer safe. Many senior financial services will provide a bridge loan to help cover the costs during the transition. Typically, the condition of the loan states that the short-term loan will need to be repaid once the funds are available, like for example, through the sale of a house.

If you want to use a line of credit to cover the cost of senior living, you can explore your options with Elderlife Financial. Their services are designed to help seniors move into the community of their choice or supplement their move while waiting on funds from a home sale or other benefits. Because they offer low monthly payments, this is an option to consider if you need to move to a community quickly and easily. 

Availability and terms may vary by state. For more details, contact Elderlife directly at 888-255-7755 or online at

Veterans Benefits

The Department of Veterans Affairs provides the VA Aid and Attendance Pension to eligible wartime veterans and their surviving spouses, which can offset the price of long-term care and/or assisted living by a significant amount.

Learn More

Source: U.S. Department of Veterans Affairs


Depending on what level of care you’re interested in, you may be able to cover the cost through Medicare. 


Paying Out of Pocket

Whether you have money from investments, retirement accounts or inheritances, having private funds to cover the cost of senior living can be very helpful as you make decisions about your future. You could also consider the option of selling your home to help you fund your move to senior living.

If you’re considering selling your house to make the transition to a community, Paragon Home Resources can help. They provide support with managing or selling a home, buying a home, and coordinating the sorting and distribution of all belongings—along with a variety of other helpful services.

If you want to learn more about them, visit

Call Heartwood Homes at 920-955-3131

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