Most people pay for Assisted Living with current income from social security and pensions coupled with the use of savings, including the proceeds from selling a home. Long Term Care Insurance is more and more widely used to offset the cost of Assisted Living. Some consumers convert life insurance policies to a loan, and others have family members who help pay a share of the monthly cost.
Medicare and other health insurance plans and HMOs will NOT pay for assisted living services. There is, however, a program for veterans that will contribute over $1,900 a month (and over $2,200 for couples) called the Veterans’ Aid and Attendance Benefit.