The fact is, assisted living is expensive. According to Paying for Senior Care, the average cost for senior care in New York State is $4,185 a month. Whether your loved one is prepared or not financially for assisted living, it can mean the difference between getting the care they need or not. At Loretto, we’re dedicated to providing care to all individuals in our community, that’s why we work closely with each family throughout the financial process. Below is a list of options that can help!


1.    Medicaid

In NYS, your loved one can apply for Medicaid to help with the expense of assisted living. Some qualifications have to be met in order to receive the financial help, including maximum income.  Another important factor to think about is assets. Of course, these restrictions have exceptions, like high medical bills. Check out this article for more detailed information.


 2.    Assisted Living Program (ALP)

New York State offers a program specifically for financial support of assisted living programs. If you qualify for nursing home placement but prefer assisted living, this is the program for you. According to New York State, to be eligible, “both Medicaid recipients and private-payers must be medically eligible for, and would otherwise require, placement in a nursing home due to the lack of a home or suitable home environment. However, eligible ALP residents must not require continual nursing care, be chronically bedfast, or be impaired to the degree that they endanger the safety of other ALP residents. The ALP program is limited to 4,200 residents (approximately 85% are Medicaid recipients)”.


 3.    Leverage a life insurance policy

There are several options to leverage a loved one’s life insurance policy including selling, surrendering or funding a new policy. First evaluate the status of your loved one’s life insurance policy and conduct research to find out if any of these options will work for you. Check out more information here.


4.    Veteran benefits

If your loved one or their significant other ever served, there are additional veteran benefits for assisted living that can help you. Check this out to see if you or a loved one is eligible.


When it comes to deciding how to afford assisted living with limited financials, it’s important to do your research and narrow down what options will work best for you and your family. Loretto works very closely with each family throughout the entire financial process to ensure the care you need is within reach, contact us today to discuss your options.


Here is a list of additional resources to help you on your journey to a solution:






With 19 specialized programs and facilities and 2,500 hundred dedicated caregivers, Loretto is dedicated to providing quality care to the Central New York Community. We proudly serve over 10,000 individuals annually with a system of care that addresses the unique needs of every individual. Looking for more information on care for you and your loved one? Visit our Choosing Your Care page, or feel free to contact us!



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