Understanding Your Options for Funding Senior Care

If your senior loved one is in need of adult care services Massachusetts due to an illness, dementia, or age-related physical and cognitive decline, you may find yourself responsible for figuring out how to pay for their care.  While every family’s financial situation is different, there are several options to consider.

Medicaid and Medicare

For a senior who qualifies for either Medicaid or Medicare, there are limits to what is covered. Medicare can help pay for short-term rehabilitation or skilled nursing care after a hospital stay. Medicaid can help covers the cost of short-term care in a nursing home and long-term housing for some individuals. However, neither program covers the cost of living in an assisted living facility or care home.

Veterans Aid & Attendance Benefit

Eligible veterans who served a minimum of 90 days active duty during a war can receive additional funding to go towards long-term senior care. This amount received varies depending on the year and if the veteran has a spouse or dependent children. Spouses of veterans can also apply for the Veterans Aid & Attendance Benefit.


If your loved one has a long-term care insurance plan, this can help cover assistance provided at home or at a facility. A policy must be purchased before care is needed. It is also possible for someone with a life insurance plan to sell the policy.

Other Sources

If additional funding is needed, the senior’s savings, IRA payments, stocks, and other sources of income can be used to help pay for the care. In some situations, family members agree to help cover some of the costs. If moving from a house to a facility, the money from selling the house can be used toward monthly board and services.

It can be stressful trying to find out what resources are available to you and deciding how to fund your loved one’s care. Start the financial planning process as soon as possible, so you can have a plan in place before care is medically necessary.

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