How do I pay for Assisted Living? - Halo Senior Solutions
How do I pay for Assisted Living?

It’s expensive to pay for any kind of care as you get older, whether it’s assisted living, independent living, memory care, rehab, or something else. All of them are expensive! So, it’s best to plan for this option as soon as possible. You won’t be as stressed out and the faster you absorb the “sticker shock”, the faster you’ll be able to make sound/wise decisions.

When our clients think about moving into a retirement community, they worry about the cost and often ask, “Will I run out of money?” We thought it was time to talk about some of the most common ways to pay for living in a retirement community, and the best ways to plan. We’ve also heard the question “are there creative ways to use Trusts to protect the estate and qualify for Medicaid at the same time?”

THIS IS NOT LEGAL ADVICE, but it may give you an idea or make you want to call your lawyer or someone else who can explain how it works and help you decide if it’s right for you. Let’s jump in!😊

Assisted living gives seniors and people with disabilities who need help with daily tasks like bathing, getting dressed, or cooking a place to live that is safe, comfortable, and supportive. Living in an assisted living community can be very expensive, but there are many ways to pay that can make it more affordable.

Here are the top 5 ways most people in Indiana pay for assisted living:

  1. Private Pay: The easiest way to pay for assisted living is through private pay. Residents or their families pay for all of their care with money from savings, investments, or other sources. The average cost of assisted living in Indianapolis is between $4,000 and $5,000 per month. If someone wants to pay for care privately, they should have a good financial plan in place.
  2. Long-Term Care Insurance: Long-term care insurance is a type of policy that can cover the cost of assisted living, home care, or nursing home care. People must meet certain age and health requirements to be eligible for long-term care insurance. In Indianapolis, the cost of a long-term care insurance policy can range from $2,000 to $5,000 per year, depending on the age and health of the policyholder and the type of policy bought.
  3. Medicaid: The Indiana Medicaid Waiver program helps people with low incomes pay for assisted living by giving them financial help. People can get Medicaid if they meet certain financial and medical requirements, such as monthly income of less than a specified amount. (We’re not sharing that amount because we’d rather you call & get  professional guidance- it can be misleading) . Qualifying also requires being unable to do two or more activities of daily living, like bathing, dressing, or eating. In Indianapolis, the average monthly cost of assisted living for people who are eligible for Medicaid is between $4,000 and $5,000. Medicaid pays for most of this cost.
  4. Veterans Affairs Aid and Attendance Benefit: The Veterans Affairs Aid and Attendance Benefit is a program that helps pay for the cost of assisted living for war veterans and their surviving spouses. To be eligible, veterans must have served at least 90 days of active duty, with at least one day during a time of war, and meet certain financial and medical requirements. The Aid and Attendance Benefit pays about $1400 – $2400 depending on if the beneficiary is a couple, spouse or veteran.
  5. Reverse mortgages: This is a type of loan that lets people use the value of their home to pay for assisted living. People must be at least 62 years old and have a lot of equity in their home to be able to get a reverse mortgage. The average cost of a reverse mortgage in Indianapolis is between $5,000 and $10,000, depending on how much equity the homeowner has and how much the home is worth.

It’s important to do your research and talk to a financial advisor or an attorney who specializes in elder law to figure out what your best options are.

As a best practice, it’s also important to start planning as soon as possible for the cost of retirement community living. This gives people time to save, invest, and learn about their financial futures so they can make smart choices. Also, it’s important to do a lot of research to find out if assisted living communities take private pay, Medicaid, or other forms of payment.

If most or all of your assets are in a trust, you may or may not be able to get Medicaid in Indiana. This depends on the type of trust and the rules of the Medicaid program.

Medicaid has strict limits on income and assets, and people must meet these limits in order to get financial help. If you have assets in a trust, Medicaid may take those assets into account when deciding if you qualify. But Medicaid trusts and Miller trusts are two types of trusts that are designed to protect assets from Medicaid eligibility rules and can help people get financial help. It’s important to remember that the rules for Medicaid trusts can be complicated and vary from state to state. You should talk to an elder law attorney or a specialist in Medicaid planning to find out if assets in a trust will affect your ability to get Medicaid and to make sure the trust is set up in a way that follows Medicaid rules.

In short, when you’re trying to figure out how to pay for long-term care, it makes sense to try everything you can think of. The sooner you start thinking about this topic, the more time you’ll have to think about the answers and figure out what’s best for you. When you wait until the last minute to make decisions about your care, it’s a recipe for disaster.

Halo Senior Solutions has helped a lot of people move out of their homes and into retirement communities. They can handle every part of this hard decision and offer a full range of real estate services through HALO Realty Group.

Call them to find out how they can make this whole thing easy: 833-284-HALO (4256) or email

Financial Services

Often it can be finances that prevents a senior move when it’s needed. We can connect you with a HALO Certified Financial Services company that has many options to make a move work for you.

Home Repairs

Often to get a home ready to sell, it needs a little TLC to get the most dollars. We can connect you with a HALO Certified Home Repair company that’s perfect for your repair needs.

Elder Law Issues

There are many things to consider with a senior move. An elder law attorney can be extremely helpful during the process. We can connect you with a HALO Certified Elder Law attorney that can help.

Moving Coordination

With many companies that have to be involved with a move to a new location, it’s often helpful to have the experience of a company that has coordinated it all many times. We will connect you with a HALO Certified Moving Coordination company that you can trust.

Sorting/Packaging Services

One of the many time consuming pieces of a senior move is sorting and packing the things you want to take to your new place. We can connect you with a HALO Certified company that specializes in this work, and remove that burden for you.

Home Clean Outs

One of the finishing touches to any move is to remove all of the unwanted items so that the house can be cleaned to sell. This may mean many trips to places like Goodwill or the dump. We can connect you with a HALO Certified Clean Out company to complete that for you.

Estate Sales

When downsizing to a smaller place, estate sales often can be a great way to not only get rid of unwanted things, but also can generate some additional money for the move. We can connect you with a HALO Certified Estate Sales company to help.

Home Sales

Do you have a home to sell? One of the most challenging things for people to move into a new place is selling their old place. We put you in touch with a HALO Certified Realtor to get the job done right.

Tech Support

Devices can be difficult to manage. We can provide technical support and training to help you or a loved one solve technical issues, set up your new devices and gain confidence in using your electronics.


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