Paying for senior care, such as assisted living or memory care, can be a financial burden on families. Thankfully, if you or a loved one require long-term care and you’re not certain how to afford it, you can take advantage of different financial assistance options.

Here are ten opportunities you can leverage to pay for senior care in Florida.

The Cost of Memory Care & Assisted Living

The average cost of assisted living is $4,000 per month. For memory care, the cost is typically 20-30% more, which comes out to about $4,800-$5,200 per month.

According to 2021 NIC statistics  on average it costs $5,380 a month for assisted living and $6,935 per month for memory care. In addition, the cost of senior care may vary depending on the location, floor plans, amenities and staff-to-resident ratio.

Ways to Pay for Memory Care & Assisted Living

1. Long-Term Care Insurance & Life Insurance

In addition, individuals with long-term care insurance can get coverage for residential care such as assisted living or memory care. Those with a chronic illness rider included in their life insurance may also be able to get long-term care covered.

2. Equity-Based Solutions

If an older adult owns a home, it can be used to pay for senior care in several ways – whether by selling/renting it, using a reverse mortgage or getting a bridge loan. It’s important to use equity-based payments with caution, as it’s possible to lose assets in order to pay for care.

3. Aid & Attendance VA Benefits

For older adults who are veterans, the Veterans Affairs office provides an Aid & Attendance benefit to cover assisted living care. This monthly stipend is granted on top of the regular VA pension to pay for personal care needs.

4. Private Funds

Last but not least, your family can use private funds to cover long-term senior care needs. Some communities will work with you to offer different financial plans, so be sure to reach out to the team at your preferred care community.