Paying for Senior Care: What Families Need to Know
June 17, 2025
Understanding how to pay for senior care can feel overwhelming. Fieldstone Communities offer different levels of careāindependent living, assisted living, and memory careāand each comes with its own costs and coverage options. Here’s a breakdown of what to expect, and how families typically handle the financial side of senior living.Ā
Independent living
Independent living communities are designed for seniors who are active and self-sufficient but want a maintenance-free lifestyle with access to amenities like dining, activities, and housekeeping. Since medical care is not included, this type of living is generally not covered by insurance.
How families pay: Most often, independent living is paid for privately through retirement income, pensions, savings, or proceeds from selling a home. Because it’s a lifestyle choice rather than a medical need, insurance rarely plays a role here.
Assisted living
Assisted living provides help with daily tasks like bathing, dressing, medication management, and meals. It strikes a balance between independence and support.
How families pay: Assisted living is usually paid for out-of-pocket, through savings, or with the help of long-term care insurance. Some states offer Medicaid waivers that may help with costs, but these vary and often have waiting lists.
Memory care
Memory care is specialized assisted living for residents with Alzheimerās or other forms of dementia. These communities are designed for safety and structured support, with trained staff on-site around the clock.
How families pay: As with assisted living, memory care is usually paid for privately or through long-term care insurance. Some families also tap into veteransā benefits, life insurance policies, or bridge loans during the transition period.
What about Medicare and private insurance?
Though assisted living and memory care services and housing costs are not covered under Medicare, certain medical needs such as prescriptions, hospitalization, or physician visits may be covered under select supplemental plans.
Potential residents who have long-term care insurance should also check whether their policy covers any part of their expenses.
āIf you have a long-term care insurance policy, the majority of them require a 90-day waiting period before your benefits kick in,ā explained Jaime Bairey, Community Relations Director for Fieldstone of Bainbridge. āSometimes insurance companies will back-date that care.ā
āThe other thing to be aware of is that there are very few long-term care policies that will cover you for the rest of your life,ā Bairey said. āMost of them have limited terms. There can sometimes be ride-along policies that go along with your life insurance. Itās best to talk to a financial planner or insurance specialist if you think that long-term care may be your future.
As you explore senior living options, understanding the levels of care and how theyāre funded is key to making informed decisions. Since most senior living communities are private pay, itās important to look beyond just the monthly cost when doing your research.
āWhat really matters is the value youāre gettingāthings like meals, activities, wellness programs, transportation, and the level of support offered,ā Bairey said. āWhen families compare communities side by side, they often realize that their money can go much further in a setting that truly supports quality of life.ā
Fieldstone of Bainbridge always tries to go above and beyond to make sure residents are supported in every aspect of their daily life. Take the new Medical Director of Behavioral Health for example. Heās a nationally recognized, board-certified psychiatrist and author who has treated more than 20,000 dementia patients over his 40-year career. This partnership will ensure residents have 24/7 access to behavioral support and care for complex dementia-related behavior.
Fieldstone of Bainbridge is the only continuing care community on the islandāoffering independent living, assisted living, and memory care all on the same campus. Follow their Facebook page for details on future events about paying for senior living.