Published March 1, 2025 · Updated November 7, 2026 · By Maple Cottage Memory Care

For many families, the question after "Is it time?" is "How will we pay for it?" The answer depends on your loved one's resources, insurance and eligibility for benefits. This overview explains the common ways families pay for assisted living and memory care. It is general information, not financial or legal advice, so consider speaking with a qualified elder law attorney, financial advisor or benefits counselor about your situation.

Private Pay

Many families pay for assisted living from personal resources, such as retirement income, savings, investments, or proceeds from the sale of a home. If your loved one owns a home, talk with an advisor about the options, the timing and any tax or benefit implications before making a decision.

Long-Term Care Insurance

If your loved one purchased a long-term care insurance policy, it may help pay for assisted living or memory care. Policies vary widely. Review the policy or ask the insurer about:

What conditions trigger benefits (often a need for help with a set number of daily activities, or cognitive impairment)
The waiting or "elimination" period before benefits begin
Daily or monthly benefit limits and the total benefit period
What documentation the insurer needs

Many communities can tell you what paperwork the insurer usually asks for, which can save time.

VA Aid & Attendance

Eligible veterans and surviving spouses may qualify for the Veterans Affairs Aid & Attendance benefit, which can help with the cost of care for those who need assistance with daily activities. Eligibility rules involve service history, medical need and financial criteria. A county Veterans Service Officer or an accredited VA representative can explain the requirements and help with an application at no cost.

Medicare and Other Programs

It helps to know what Medicare generally does not do: it typically does not pay for long-term custodial care, such as help with bathing and dressing in assisted living or memory care. It may cover certain medical services, such as doctor visits or home health care, when requirements are met. Some state programs may help with long-term care costs in limited circumstances, and eligibility varies. Your local Area Agency on Aging and Disability can point you toward what may be available in your area.

Other Ways Families Fill the Gap

Pooling funds among family members, with a written agreement to avoid misunderstandings
Using life insurance policies, where an option exists, after speaking with a professional
Veterans' or other benefits your loved one may have never claimed

Questions to Ask Every Community

What is the monthly rate, and what is included?
What costs extra, and how are increases handled?
Which payment types do you accept?
Is there a deposit, and what is the refund policy?
Will you help with paperwork for insurance or benefits?

Our cost and payment page summarizes these questions in one place.

Put Together a Simple Picture

Before you tour, make a one-page summary: your loved one's monthly income, savings, any long-term care insurance, veteran status, and the monthly amount the family could contribute if needed. Having numbers in front of you makes conversations with communities more productive, and it helps you recognize quickly which options are realistic. It also helps an advisor give you useful guidance.

How Maple Cottage Helps

We know that talking about money is hard, and we would rather be direct. Maple Cottage does not post prices online because rates depend on the level of care a resident needs. Please call us for current rates and availability, and ask what we accept. We will explain what is included, answer your questions and help you understand your options, without pressure.

You can also read our article on planning for the cost of assisted living or learn about the daily support we provide on our memory care page.

Have questions about care for your loved one? Our care team is happy to talk it through, with no pressure.

Call (615) 447-8112

Start With a Conversation

You do not have to figure out the financial puzzle alone. Gather what you know about your loved one's income, assets and any insurance, and call (615) 447-8112 to talk about how it fits.

This article is for general information and is not medical advice. For health concerns, talk with your loved one’s doctor.

Financial Assistance & Payment Options for Assisted Living