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FINANCIAL RESOURCES
HOW TO PAY FOR LONG TERM CARE
Understanding Senior Living Funding Options
Many families pay for assisted living or long-term care using private funds — but there are often more options available than you realize.
Why make this important decision alone and risk a costly mistake, when you can rely on the experience and guidance of professionals — at absolutely no cost to you?
At The Senior Specialists, we have the knowledge, resources, and connections to help you navigate your options with confidence and peace of mind.
Below, you’ll find a brief overview of the most common funding sources available to help cover senior living and care expenses.
VA Aid & Attendance Benefit
The VA Aid and Attendance benefit provides tax-free monthly payments that are added to a Veteran’s or surviving spouse’s existing VA pension. This payment is issued directly by the U.S. Department of the Treasury and can be used to help cover the cost of in-home care, adult family homes, assisted living communities, memory care or nursing homes.
This valuable program can make a significant difference in helping Veterans and their loved ones afford quality care while maintaining dignity and independence.
💡 Tip: Many families are unaware they qualify for this benefit. The Senior Specialists can help you determine eligibility, gather documentation, and connect you with accredited professionals who assist with VA benefit applications — at no cost to you.
Who Is Eligible for VA Aid & Attendance
You or your loved one may be eligible for the VA Aid and Attendance benefit if you already receive a VA pension and meet at least one of the following criteria:
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You require assistance from another person to perform daily activities such as bathing, dressing, or feeding.
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You are confined to bed or spend a large portion of the day resting due to illness.
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You are a patient in a nursing home because of a loss of mental or physical abilities related to a disability.
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You have limited eyesight — even with corrective lenses, your vision is 5/200 or less in both eyes, or you have a visual field contraction of 5 degrees or less.
💡 Tip: If you think you or your loved one may qualify, The Senior Specialists can connect you with a VA-accredited professional to help verify eligibility and guide you through the application process — at no cost to you.
What the VA Aid & Attendance Benefit Can Cover
The VA Aid and Attendance benefit is flexible and can be used to pay for a wide range of care-related expenses that support a Veteran’s or surviving spouse’s safety, comfort, and independence.
Funds are paid directly to the recipient by the U.S. Department of the Treasury and can be applied toward the following:
In-Home Care Services
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Hourly or live-in caregivers
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Assistance with bathing, dressing, and personal care
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Medication management and reminders
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Meal preparation and light housekeeping
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Companionship and transportation to appointments
Residential Care Settings
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Assisted Living Communities
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Memory Care Communities
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Board and Care Homes / Adult Family Homes
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Private-pay nursing homes
Other Eligible Expenses
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Home safety modifications (grab bars, ramps, accessible bathrooms)
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Medical alert systems (such as Life Alert)
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Out-of-pocket care-related medical expenses
💡 Tip: The benefit is paid directly to you — giving you the flexibility to choose the care provider or community that best fits your needs and lifestyle.
Let us help you receive the benefits and care you’ve earned
BENEFIT TABLE
Status | Monthly Benefit |
|---|---|
Two Vets Married | $3,032 Monthly / $36,387 Annually |
Married Veteran | $2,266 Monthly / $27,195 Annually |
Surviving Spouse | $1,228 Monthly / $14,742 Annually |
Single Veteran | $1,911 Monthly / $22,939 Annually |
Learn more about how to apply for this benefit
How to Apply for VA Aid & Attendance
Applying for VA Aid and Attendance benefits can feel overwhelming, but with the right guidance, the process is straightforward. Our team at The Senior Specialists can connect you with VA-accredited professionals who can help ensure every detail is handled correctly — at no cost to you.
Steps to Apply:
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Confirm Eligibility
Make sure the Veteran or surviving spouse already receives a VA pension and meets at least one of the Aid & Attendance requirements. -
Gather Supporting Documentation
You’ll need:-
The Veteran’s discharge papers (DD-214)
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Marriage certificate (if applicable)
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Medical documentation showing the need for daily assistance or ongoing care
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Care expense records or receipts from caregivers or facilities
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Financial statements (to show income and assets)
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Complete the Application Form
Submit VA Form 21-2680 (Examination for Housebound Status or Permanent Need for Regular Aid and Attendance) — this can be completed by a physician or medical provider. -
Submit the Application
Send the completed form and documentation to the appropriate VA Pension Management Center (PMC) based on your state of residence.-
You can mail, fax, or submit electronically through the VA.gov portal.
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Follow Up
Processing times can vary, but applicants typically receive a response within 3–6 months. Accredited professionals can help monitor your claim and respond to any VA requests for additional information.
💡 Tip: The Senior Specialists can assist in coordinating with your doctor, caregiver, or family member to make sure all required forms and documentation are properly completed — helping you avoid delays and get the benefits you deserve.
How The Senior Specialists Can Help
At The Senior Specialists, we understand that navigating benefits and care decisions can feel overwhelming — especially when balancing medical, financial, and emotional concerns. That’s why our team is here to guide you every step of the way.
Our Certified Senior Advisors and Care Specialists will:
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Help determine whether you or your loved one may qualify for VA Aid & Attendance
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Connect you with VA-accredited professionals who can assist with the official application
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Organize and gather all required documentation to avoid delays
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Coordinate care services or senior living options once benefits are approved
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Provide ongoing support to ensure your loved one receives the care, dignity, and respect they deserve
Our services are always free to families — and we never recommend a community or service we wouldn’t trust for our own loved ones.
📞 Contact The Senior Specialists today to schedule a free consultation or speak with one of our Senior Advisors about the VA Aid & Attendance benefit.
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Medicaid for Long-Term Care
Medicaid is a joint federal and state program that helps individuals with low income and limited assets cover health care and long-term care costs.
If you or your loved one qualify financially and meet the medical eligibility requirements, Medicaid can help pay for a wide range of services — including nursing homes, adult family homes, memory care, and certain in-home care programs.
To be eligible, an applicant must demonstrate both:
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Financial need — limited income and assets as defined by state guidelines.
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Medical need — documentation showing assistance is required with daily activities or ongoing care.
Requirements vary by state, Medicaid waiver, and age group, so it’s important to understand what applies to your specific situation.
Our Senior Advisors can help you and your family:
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Determine financial and medical eligibility
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Understand state-specific programs and benefits
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Gather required documentation
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Connect with local Medicaid-approved care providers
💡 Tip: Medicaid can be complex — but you don’t have to navigate it alone. The Senior Specialists are here to guide you through the process and ensure you access all the benefits you’re entitled to.
✅ Key Asset & Income Limits
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For a single applicant, the countable asset limit is $2,000.
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For a married couple applying together, the asset limit is about $3,000.
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If only one spouse is applying, the non-applicant spouse may have a significantly higher allowance — e.g., up to approx. $157,920 in certain situations.
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Income limits vary by program type (nursing home, waiver, etc.). For example: an article cites for one category: “asset limit $2,000 and income limit $2,829/month for an individual” in some programs.
⚠️ Co-Pay / Patient Liability & What Medicaid Pays
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Once you are eligible and receiving long-term care via Medicaid, you typically pay your available income toward cost of care (called “patient liability”). After allowable deductions, the remainder is paid by Medicaid.
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Medicaid in Washington will cover the remaining cost of eligible long-term care services once eligibility is met (for example nursing home care, adult family homes, etc.)
🔍 What This Means in Practical Terms
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If a single applicant has more than ~$2,000 in countable assets they likely will not qualify for Medicaid long-term care benefit unless they spend-down or restructure assets.
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The “co-pay” is essentially your remaining income (after deductions) that you must pay toward the cost of care; Medicaid covers the rest.
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Once eligibility is confirmed, many costs of long-term care (room, board, services) are covered — meaning less out-of-pocket for the individual after their patient liability is met.
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However, with asset and income criteria being strict, many families will need planning help to qualify.
🔍 Look-Back Period (Asset Transfer Rules)
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Washington enforces a 60-month look-back period (i.e., review of transfers made within the 60 months / 5 years prior to the month of application or institutional status) to check for “uncompensated transfers” that could delay eligibility.
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Any asset gifted, sold for less than fair market value, or transferred under suspicious circumstances during the look-back may cause a penalty period—during which the applicant is ineligible for long-term-care Medicaid benefits.
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The rule also applies to both nursing home Medicaid and Home & Community Based Services (HCBS) waivers in Washington.
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Transfers to a spouse or certain exempt transfers may have special treatment, but all non-exempt transfers within the 60-month period are at risk of penalty.
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Planning tip: Because the look-back period extends five years, individuals considering future eligibility should avoid assigning or giving away assets in that period without guidance — or risk a significant delay in benefits.
While Medicaid provides vital financial assistance for seniors and families, it’s important to understand both the benefits and the potential limitations before applying.
Advantages:
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Lower out-of-pocket costs: Medicaid recipients typically pay much less in copays and premiums compared to private insurance.
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Financial protection: Medicaid covers many major medical and long-term care expenses, helping protect families from overwhelming healthcare costs.
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Guaranteed access to care: Recipients receive services through privately managed care plans, which coordinate access to doctors, specialists, hospitals, and long-term care providers.
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Comprehensive coverage: Depending on the state, Medicaid may also cover prescriptions, medical equipment, therapy, transportation, and in-home care.
Disadvantages:
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Strict eligibility requirements: Not all low-income individuals qualify. Financial and medical need must both be demonstrated, and rules vary by state.
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Limited provider access: Some healthcare providers and specialists may not accept Medicaid, potentially limiting options or creating longer wait times.
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Quality of care may vary: In certain emergency or high-demand situations, Medicaid patients may experience differences in treatment access or response times.
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Denied procedures: Some services or procedures may be denied, even after being performed, depending on coverage rules and documentation.
💡 Tip: Our Senior Advisors can help you understand both the advantages and potential limitations of Medicaid, ensuring you make the most informed decision for your family’s care needs.
💡 Why Work With a Senior Advisor?
The Medicaid spend-down process can be confusing — and even small mistakes can delay approval or cost thousands in penalties. A Senior Advisor helps you navigate complex rules, protect exempt assets, and plan strategically to qualify for benefits. They ensure your paperwork is complete, your options are clear, and your loved one’s care and financial security are protected — every step of the way.
Don’t navigate Medicaid alone — let The Senior Specialists guide you with experience, compassion, and peace of mind.
LIFE INSURANCE CONVERSION
Converting a Life Insurance Policy for Long-Term Care
Another funding option that often gets overlooked is converting a life insurance policy into money that can be used to pay for long-term care expenses.
Converting a life insurance policy into a Long-Term Care Benefit Plan can be an excellent way to unlock the value of an existing policy to pay for care — but it’s not the right choice for everyone. Understanding the advantages and disadvantages will help you make the best decision for your family’s needs.
💡 Tip: Life insurance conversions can be an effective way to extend private-pay options while preserving Medicaid eligibility — but timing and policy type matter. Our Senior Advisors can review your existing policy and help determine if this solution makes sense for your situation.
Pros and Cons of Converting a Life Insurance Policy
Converting a life insurance policy into a Long-Term Care Benefit Plan can be an excellent way to unlock the value of an existing policy to pay for care — but it’s not the right choice for everyone. Understanding the advantages and disadvantages will help you make the best decision for your family’s needs.
✅ Advantages
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No monthly premium payments: Once converted, the policyholder no longer has to pay ongoing premiums.
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Flexible policy types: You can convert any type of life insurance — including whole, term, or universal policies.
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Adjustable monthly payouts: Payment amounts can be tailored to match care costs and changing needs.
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Medicaid-friendly option: Monthly payouts do not count against Medicaid eligibility and can help families remain private-pay longer.
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Broad use of funds: Because this is a private funding option, proceeds can be used for any type of care — in-home, assisted living, memory care, or nursing home.
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Final expense protection: A portion of funds is set aside to cover future funeral or burial costs.
⚠️ Disadvantages
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Immediate need required: To qualify, the applicant must have an immediate need for care, as monthly payments go directly to licensed care providers — not the policyholder.
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Minimum policy value: This option is not ideal for smaller policies (typically under $10,000), where the cash surrender value may be a better choice.
REVERSE MORTGAGE
Reverse Mortgage Options
At Senior Housing Specialists, we’re experienced in helping seniors and their families navigate the complex process of selling a home while finding the right senior care — all at the same time.
With so many care and housing options to consider, the sale of a home is often one of the first steps families take. However, for some, a Reverse Mortgage may be a helpful alternative.
A reverse mortgage allows a senior who owns their home outright (or has only a small remaining mortgage) to convert a portion of their home equity into cash — while still retaining ownership. These funds can be used to pay for in-home care, home modifications, or living expenses. The most common and secure type is the federally insured Home Equity Conversion Mortgage (HECM) program.
This can be a viable solution for families who wish to remain at home longer or need a lower level of care before transitioning to a senior living community.
🏡 Need assistance selling a home?
Work with The Housing Specialists and receive a special commission discount for seniors and their families!
💬 We make transitions easier — helping you unlock home equity, simplify your next move, and find quality care you can trust.
🏡 Need assistance selling a home?
Work with The Housing Specialists and receive a special commission discount for seniors and their families!
💬 We make transitions easier — helping you unlock home equity, simplify your next move, and find quality care you can trust.
Pros and Cons of Reverse Mortgages
A Reverse Mortgage can be a valuable financial tool for some seniors — but it’s not the right fit for everyone. Understanding the advantages and limitations helps families make informed decisions with confidence.
✅ Advantages:
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Stay in your home: Allows you to remain in your home while accessing the equity you’ve built over time.
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No monthly mortgage payments: You won’t be required to make regular payments as long as you live in the home and meet program requirements.
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Flexible access to funds: Choose to receive funds as a lump sum, monthly payments, or a line of credit.
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Federally insured protection: HECM loans are government-insured, which protects you from owing more than your home’s value.
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Can supplement care costs: Provides tax-free income that can help pay for in-home care, home modifications, or medical needs.
⚠️ Disadvantages:
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Reduced home equity: Borrowing against your home’s value decreases what’s left for heirs or future sale proceeds.
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Ongoing obligations: You must continue paying property taxes, homeowners insurance, and maintenance expenses to stay in good standing.
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Loan repayment: The loan becomes due when the borrower moves out, sells the home, or passes away.
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Up-front fees and interest: Reverse mortgages can include higher closing costs and accumulating interest over time.
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Potential impact on benefits: In some cases, funds received could affect eligibility for needs-based programs such as Medicaid.
💡 Tip: Reverse mortgages can be a smart strategy for certain situations — especially for seniors who plan to age in place — but it’s crucial to review all options carefully. Our Senior Advisors can help you explore whether this is the right fit for your financial and care goals.
REAL ESTATE SERVICE
Our specialty is working with seniors who may be downsizing or need to sell their home when moving into senior living communities. We offer full real estate services to buyers and sellers under our sister company, The Housing Specialists.
We offer a commission discount to seniors and families working with us for senior living options.