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Long-Term Care: Where Can I Get the Money?

Sep 15, 2017 by Comfort Keepers Denver

As we get older, we may at some point need to hire professional healthcare to help us out. This can come in a variety of forms, ranging from having a caregiver come to your home a few times a week, to completely picking up and moving to an assisted living facility.

Regardless of one’s preference of long-term care, there’s one thing everyone has to deal with: the cost. As a family caregiver especially, this may be even more daunting. Where can I get the money to ensure my loved one will be cared for through these end stages of their life, without me spending all of my money?

Here are some ways many to gather up some money for your loved one’s long-term care:

Tax Breaks

There are some conditions to this, but if you meet them, it could mean an extra $4,050 in your pocket:

  • You must provide proof that you pay for at least half of your loved one’s expenses every year.
  • Your loved one must not make more than $4,050 a year other than Social Security

If this sounds like your situation, you can claim your loved one as a dependent and receive that chunk of cash to go towards their care.


Be aware that Medicare and Medicaid are very different things. Medicaid can cover nursing home bills and home healthcare, whereas Medicare cannot.

To be eligible, however, your loved one’s income must be very low – so low that all of their assets add up to less than $2,000. It is worth noting that most people who enter a nursing home do not qualify for Medicaid right off the bat, so many pay for their care out of pocket until they reach such a low income that they become eligible. Check with your state’s Medicaid office to see if your loved one meets their criteria.

Life Insurance

This one might sound a little morbid, but if your loved one has life insurance, check and see if their plan offers what is called an accelerated death benefit. This would allow you to receive an advance (a tax-free one, at that) to help pay for their long-term care.

Veteran’s Aid

A lot of people don’t know about this form of aid. If your loved one is a wartime veteran or the spouse/surviving spouse of one, they are eligible to receive the benefit Aid and Attendance. Your loved one can receive anywhere from $1,153 to $2,127 a month to go towards their care.

These are some of the ways many Americans help pay for their own or a loved one’s long-term care. There are more resources out there than you think!

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