Payment Options | Cutler Bay Assisted

Savings and Investments: Personal savings, retirement accounts, and investment income can be primary sources for covering ALF costs.
Real Estate: Selling or renting out property can provide a significant income stream to pay for assisted living expenses.

Long-Term Care Insurance: This insurance specifically covers costs associated with long-term care not typically covered by health insurance, Medicare, or Medicaid.
Life Insurance Policies: Some life insurance policies have provisions for early withdrawal or loans that can be used for long-term care. Additionally, "life settlements" allow policyholders to sell their policy for its current value.

Medicaid: For those who qualify, Medicaid can cover a portion of the costs of assisted living, though coverage and eligibility vary by state.
Veterans' Benefits: Veterans and their spouses may be eligible for the Aid and Attendance benefit, which can help cover the costs of assisted living.
Social Security Income (SSI): Elderly individuals receiving Social Security benefits can use their monthly income to help cover the costs of assisted living. While Social Security alone may not be sufficient to cover full costs, it can be a significant part of an individual's financial strategy for affording care.

State Assistance Programs: Some states offer non-Medicaid programs to help pay for assisted living through waivers or other community-based services.
Programs of All-Inclusive Care for the Elderly (PACE): In some states, PACE programs help cover some assisted living costs for eligible participants.

Family Contributions: Family members may choose to pool resources to assist with the costs of ALF care for a loved one.

For seniors who own their home and meet other criteria, a reverse mortgage can provide funds to pay for assisted living by borrowing against the equity of their home.

An annuity can provide a steady stream of income over a set period of time, part of which can be directed towards covering ALF costs.

Designed for short-term financing, bridge loans can provide immediate funds for assisted living while waiting for other resources to become available (like the sale of a home).