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Hi everyone! I have a question, maybe someone can help me. My dad has Parkinson’s and we probably will need to move him into an assisted living facility soon. Will Medicare pay for this? Thanks!

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Cameron Huddleston
Carefull Family Finance Expert

Zoe -- I'm sorry to hear about your dad. Unfortunately, Medicare does not pay for long-term care in assisted living facilities or skilled nursing facilities. However, there are some other options.

-Medicaid: If your dad has very limited income and assets, he might qualify for Medicaid. Medicaid will pay for care at home and in skilled nursing facilities (but typically not assisted living -- depends on the state where he lives).

-Veterans Affairs benefits: If your dad was in the military, he might qualify for the VA's aid and attendance program, which provides an increased monthly pension to cover the cost of care at home, or for veteran-directed care, which provides a flexible budget for home or community-based care.

-Permanent life insurance policy: If your dad has a permanent life insurance policy with cash value, he can access that cash value by withdrawing it or  taking a loan against it and using that money to pay for care. He could possibly get more than the cash value by selling the policy to a third party through a life settlement if he's at least 65 years old.

-Retirement savings: Investments in a retirement account or brokerage account could be cashed out and used to help pay for care.

-Reverse mortgage: If your dad is 62 or older and owns his home outright or has paid off most of his mortgage, he can apply for a reverse mortgage (also known as a Home Equity Conversion Mortgage134) to access the equity that has built up in their home. The money from a reverse mortgage can be received as a lump sum, in monthly payments, or as a line of credit. 

For more, see How to Pay for Long-Term Care: https://www.getcarefull.com/articles/how-to-pay-for-long-term-care73

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