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Navigating the Financial Aspects of Senior Living

By: Commonwealth Senior Living / 08 Apr 2022
Navigating the Financial Aspects of Senior Living

Through helping thousands of families over the years, we understand the confusion and complexities families face when determining the right senior living community for their loved one. Navigating the various levels of care and the associated costs can be stressful for everyone involved. Cost if one of the biggest concerns for family members, which is why we take pride in making the process as smooth as possible through our extensive knowledge about all available financial resources. Here are a few: 

U.S. Department of Veterans Affairs' Aid & Attendance Program: The U.S. Department of Veterans Affairs' Aid & Attendance program provides benefits for veterans and surviving spouses seeking care at a senior living community. Our Sales Directors have extensive training about the A&A program and can assist you and your family with any eligibility questions you might have.

Long-Term Care Insurance: Long-Term Care insurance policies offer care not generally covered by health insurance, Medicaid, or Medicare. Individuals who require assistance in at least two Activities of Daily Living such as bathing, eating, dressing, walking, etc. may qualify for benefits and these policies can be used to pay for senior living care as quickly as day one. However, like life insurance the premiums associated with these policies increase as we age. Speak with a financial advisor, accountant, or insurance broker about the options available.

ElderLife Financial Services*: ElderLife Financial Services is a national leader of financing solutions for those seeking to make the transition to a senior living community. With same day decisions and funding within 48 hours in most cases, ElderLife helps individuals pay for senior care while waiting for a home to sell or other benefits. ElderLife can also help finance move-in fees or supplement monthly expenses. For more information, contact ElderLife Financial Services at (888) 228-4500 or on the web at

Life Care Funding Group*: Seniors who no longer need life insurance can, in many cases, liquidate an existing life insurance policy in as little as 30-90 days for a lump sum payment much higher than the cash surrender value. For more information, contact Life Care Funding Group at (888) 670-7773 or on the web at

Providing our residents and their families with high-quality care, dignity, respect, and compassion is our top priority and it is hard to put a price on that. Our team of Sales Directors are here to help you through the process with plans for you and your loved ones in mind.

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* Commonwealth Senior Living does not receive any incentive compensation from any of these providers nor does it require the exclusive use of these organizations.

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