Medicare, Medicaid, and Benefits: Who’s Paying for Mom and Dad?

Medicare, Medicaid, and Benefits: Who’s Paying for Mom and Dad?

The transition from living at home independently, to moving to a senior care facility or assisted living home is already a stressful one. While the reality of this change for you and your aging loved one’s life sinks in, the last thing you want to worry about is how you are going to pay for everything. Amidst the COVID-19 pandemic, money can be tight, and so knowing your options early and understanding them thoroughly is the best way to ensure you are receiving the best price and alleviating stress surrounding payment, 



When it comes to senior care or assisted living, we are generally referring to a more permanent, long-term situation. This is extremely important because Medicare does not cover these sorts of senior care options. Medicare only offers help for short-term, medically necessary treatments and stays in a medical facility. This is extremely important to know beforehand, as you may expect Medicare to help financially for your elderly loved one’s new home.

Medicare, ultimately, is useful for nursing and rehab centers, or for in-home care after a stay in a hospital where therapy is needed. These options can be limited, however, and so it is always best to do your research and find out what exactly your plan will cover and what you are expected to pay out of pocket. 

elderly woman and young woman


Medicaid is offered to elderly individuals, or those with some sort of disability, who need help financially. Ultimately, Medicaid will help pay for long-term care in a nursing home or assisted living facility, in-home care services, and short-term stays in a nursing home or rehab center. What exactly Medicaid will cover and to what extent they will help depends on your state, so in-depth research beforehand is always necessary. 



A veteran and/or spouse of a veteran has certain benefits that can help pay for a stay in an assisted living facility. While the actual amount of help varies from situation to situation, these veteran benefits typically help cover nursing home stays, rehab stints, and in-home care. In order to reap these benefits, the veteran must have served for at least 90 days and have served during a period of active war as defined by the Veterans Administration. 


If none of these plans apply to you, it is always best to seek help from a professional financial advisor or elder law attorney to decide the best course of action for you. By speaking to a professional, you can rest easy knowing that you are receiving the full amount of benefits and help possible, and that you and your loved ones will be taken care of.