How to Pay for Senior Living and Senior Health Care
We’re here to help you understand the many ways senior living and care can be paid for, with clear information, practical guidance and support you can trust.
Many individuals and families worry they can’t afford senior living or health care. In reality, most people use a combination of resources to make it possible. Exploring your options can help you feel more confident and prepared.
You are Not Alone
Living in One of Our communities May Cost Less Than Staying at Home
Many older adults begin by using personal savings, Social Security or pension income. Some use home equity by selling a house or through loan options designed for older adults.
What’s often overlooked is the true cost of staying at home—expenses that can add up quickly and feel unpredictable over time. Many people are surprised to learn that combining costs into one monthly fee can feel simpler than managing multiple household bills.
Compare home costs below to one monthly fee:
Staying at Home
- Mortgage or rent
- Property taxes
- Utilities
- Repairs & maintenance
- Lawn care and snow removal
- Wi-fi
- Meals
- Paid personal care services
VS. Life in our Communities
One predictable monthly fee:
- Housing and utilities (varies by community)
- Maintenance and upkeep
- Community amenities
- Supportive services based on location
- Meals (varies by community and location)
Ways to Pay for Senior Housing and Care
About 30% of homeowners age 75 and older still carry a mortgage, making it helpful to compare full home costs to a single monthly senior living fee. (Urban Institute, Survey of Consumer Finances 2022)
Home ownership costs also add up beyond mortgage payments. On average, homeowners spend $9,240 or more per year on property taxes, utilities, insurance and maintenance before factoring in any loan payments. (NAHB analysis of the American Housing Survey)
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“30% of homeowners 75+ still carry a mortgage”
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“$9,240+ per year in hidden home costs”
Medicaid
Medicaid may pay for Long term Nursing Home Care for eligible individuals. Some states also offer Medicaid waiver programs that may help with Assisted Living services. More than 60% of Skilled Nursing Community residents nationwide rely on Medicaid as a primary payer. (Kaiser Family Foundation)
Short Term Help During a Move
Some families use short term bridge loans while a home is selling or benefits are being finalized.
Why Senior Living May Cost Less Than You Think
At home, expenses often stack up. When making a senior community your home, one predictable monthly fee can replace many separate home bills.
property taxes
- utilities
- insurance
- repairs
- lawn care
- snow removal
- paid caregiving service
Helpful Cost Facts (Quick Reads)
- Assisted Living national median: $5,900 per month in 2024 (Genworth / CareScout)
- Skilled Nursing Community median: $111,325 per year for semi private rooms (Genworth / CareScout)
- Home Care services: $75,000–$78,000 per year (Genworth / CareScout)
- Medicare skilled nursing: up to 100 days per benefit period (Medicare.gov)
- Medicaid: primary payer for over 60% of Skilled Nursing residents (KFF)
- Homeownership hidden costs: $9,240+ per year (NAHB / AHS)
Planning Ahead Can Help
Exploring payment options early allows families to understand benefits, protect savings and choose the right level of care at the right time. Elder law attorneys or financial advisors can also help with Medicaid planning and asset protection.
Life Plan Communities & Entrance Fees
Life Plan Communities combine Independent Living with access to future care through a single community and contract structure. Entrance fees and monthly costs support long‑term planning and stability as needs change.
Learn about subsidized housing options
Rental Communities & Monthly Pricing
Rental communities offer Independent or Assisted Living with monthly fees rather than entrance fees or long term contracts. This option appeals to those who value flexibility and simpler payment structures.
Explore Veterans benefits for senior living
Skilled Nursing & Rehabilitation Coverage
Skilled Nursing and Short term Rehabilitation costs are often covered differently than housing. Medicare and Medicaid may apply depending on care needs and length of stay.
Learn about short term financing options
Subsidized Housing & Income Based Options
Subsidized housing supports older adults with limited income through affordable living options. Availability and eligibility vary by location.
Learn about subsidized housing options
Veterans Benefits & Aid & Attendance
Veterans and surviving spouses may qualify for benefits that help offset the cost of senior living or care.
Explore Veterans benefits for senior living
Short Term Financing & Bridge Options
Some families use short‑term options while selling a home or finalizing benefits.
Learn about short term financing optionsWe’re Here to Help
You don’t have to navigate these decisions alone. Our teams can help explain options and connect you with appropriate professionals so you can choose a Trinity Health Senior Community that fits your lifestyle and budget.
Come Visit Us!
Seeing is believing! Contact us today to visit with one of our knowledgeable advisors and learn more about how our community can enhance your life through independent or assisted living.
