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 care—enhanced independent living, assisted living, and memory care—and 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.
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 Alzheimer’s 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 veterans’ benefits, life insurance policies, or bridge loans during the transition period.
“When people are looking for memory care specifically, they can be concerned about costs,” said Ashley Campoy, Community Relations Director at Fieldstone of Silverdale. “We have a base rate, but there may be additional costs that are specific to the resident.”
She works with families to review the financial options included in Fieldstone of Silverdale’s care package.
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.
“Medicare will cover medical equipment for someone who is in senior living but doesn’t generally cover housing,” Campoy said.
Potential residents who have long-term care insurance should also check whether their policy covers any part of their expenses.
Campoy urges families who are researching senior living to carefully review the features of each community and what care services are provided.
“It’s important to really understand what core services are covered, it’s not always a one-to-one comparison,” she explained. “Because senior living is typically private pay, it’s not just about finding the lowest price—it’s about finding the best value.”
Fieldstone of Silverdale 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. He’s 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.
We’re here to help you navigate your choices and understand what fits both your loved one’s needs and your budget.