Here are some options that your loved one may be eligible for to assist them in paying for assisted living care based on the different qualifying criteria.

1. Medicaid or Arizona Long Term Care System (ALTCS)
   
   If your loved one has limited funds, typically $2000 per month income and $2000 in assets, not including your home or car, ALTCS may be an option. ALTCS may also be an option when you have a married couple where one is able and desires to remain in their own home and their spouse needs assisted living. The spouse not requiring the care may need to protect their portion of the assets so funds will be available should they need care.
   
   Medicaid is a Federally & State funded program and is administered by the State of Arizona. A means-based (financial) qualifying program and pays for medical cost when individuals cannot. Assisted living options will be limited as not all accept Medicaid and often those that do accept Medicaid provide semi-private living accommodations. If additional private pay funds can be found from another payer then it is possible to combine ALTCS funds with private pay funds to obtain a private room.
   
   VIEW APPLICATION FORM
   
   
2. Long Term Care Insurance
   
   Many long-term care insurance policies can be used to pay for assisted living. The policy will need to be activated and may require a health assessment. There may also be a waiting period, typically 90 days, where private payment would be required.  Check your policy representative for specific details.
   
   
3. Veterans Aid and Attendance
   
   VA Aid and Attendance is a benefit for Veterans of war and their spouses to help pay for assisted living. There are several requirements such as specific service dates, one day served during a time of war, honorably discharged, spouse could not have divorced the Veteran, at least two activities of daily living that require assistance (bathing, dressing, grooming, incontinence), and rent and care services must exceed one’s monthly income.
   
   VIEW VA WEBSITE
   
   
4. Life Insurance Policy
   
   A Life insurance policy can be cashed out. The first step is to contact your life insurance provider about accelerated or living benefits. If your insurance company cannot or will not buy back the policy, there are third-party companies that do. This is called “life settlement”.  Talk to a professional about any financial or tax implications that may affect you if you were to fund assisted living care using a life insurance policy.
   
   
5. Bridge Loan
   
   Bridge loans are short-term loans that are designed specifically to provide the funds for a move to assisted living. This loan provides a line of credit to finance the first few months of living expenses while seniors sell their home, obtain veterans benefits, or take other actions to generate funds.
   
   
6. Reverse Mortgage
   
   Reverse mortgages are ideal when one spouse needs assisted living and needs funds to help pay for care and the other spouse wants to remain in their own home. One of the requirements for a reverse mortgage, one homeowner must be over the age of 62. A reverse mortgage allows you to cash out the value of your home equity, either in a lump sum or in a series of monthly payments. The spouse can remain in the home until death, even if the loan balance exceeds the home's worth.
   
   COST OF CARE INFO