Paying for senior care

How to guides

Does insurance cover assisted living? Here's what experts say

Planning for potential future care for yourself or an aging loved one can be overwhelming. One of the reasons why: the financial uncertainty and confusion around medical policies. If living alone or at home is no longer an option, will insurance cover an assisted living facility? Assisted living is right... more

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Does insurance cover nursing homes? Here's what you need to know

When looking to the future, it's impossible to predict if you or your loved one will require long-term facility care. But another major unknown for many is if the insurance they or their loved one carry will actually cover a nursing home.  Though nursing homes are long-term residential facilities... more

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How Medicare and Medicaid cover long-term care

Medicare and Medicaid. Their names are frustratingly easy to confuse or misstate. But when you’re navigating the emotionally charged (and expensive) waters of health care coverage later in life, the differences are essential. Medicare and Medicaid are very different in terms of how they cover long-term care, a term for the... more

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Long-term care insurance: The basics

Planning out how to care for yourself and your loved ones years down the road from now might not be the most pleasant thing to think about, but laying out plans for long-term care could pay dividends both in terms of costs saved and peace of mind. Long-term care refers to the different kinds... more

How the Aid and Attendance Benefit can help veterans lower senior care costs

Many veterans and their spouses are unaware of a benefit they are entitled to that could help them pay for care as they age, says Certified Elder Law Attorney Denise N. Yurkofsky. While the Aid and Attendance benefit can be extremely helpful, there are strict eligibility requirements regarding income, assets, need and... more

What is the lifetime cost of caring for a person with Alzheimer’s?

Dementia takes an enormous emotional toll on the people with the disease and their caregivers, but it can also be a large financial burden. While the financial demands of getting older have never been cheap, Alzheimer’s has the ability to drain a lifetime’s worth of savings. In 2019, the average... more

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Paying for Alzheimer's and dementia care, according to financial advisors

The cost of quality care for an aging loved one can get pricey. If your loved one has dementia or Alzheimer's, the costs go even higher. Although the average lifetime cost of long-term care comes in around $138,000 per individual, Brandon Gaines, a wealth management advisor at Northwestern... more

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Yes, a family member can get paid to be a caregiver. Here's how

When mom or dad gets older or gets sick, you want to do everything possible to care for them. But even with the best of intentions, being a family caregiver is extraordinarily hard work. The emotional and financial tolls associated with being a family caregiver are well-documented: According to AARP... more