Reverse Mortgages– For couples who are trying to finance assisted living care for one spouse while the other remains at home; a reverse mortgage can be a viable option. Available to homeowners who are 62 or older, a reverse mortgage lets you convert some of the equity in your home into cash.
Long Term Care Insurance– Long-Term care insurance has expanded from simple nursing home coverage to covering care in assisted living facilities and in an individual’s own home.
New Hampshire Medicaid Program– Choices For Independence (CFI) is the specific medicaid program that pays for assisted living services. The 2016 financial eligibility limits remain the same as 2015 and are a gross monthly income of $2199.00 or below and no more than $2500.00 worth of assets. Also subject to medical eligibility. Applications currently take an average of 3 months to be reviewed by the state.
Massachusetts Medicaid Program- Group Adult Foster Care (GAFC) is the specific medicaid program that pays for assisted living services. The 2015 financial eligibility limits are a gross monthly income of $1194.00 or below and no more than $2000 worth in assets. As of March 2016, the financial eligibility limits have not been adjusted from the previous year. Also subject to medical eligibility.