How to Pay for a Senior Townhome
Whether you’re renting or buying a senior townhome, there are many ways to pay for it. If you are a veteran or spouse receiving VA benefits, you might qualify for monthly allowances which may cover senior care, assistance with daily living activities, and other costs related to living in your senior townhome or other senior community.
Another option is checking to see if your state offers supplemental state benefits to help you pay for some of the cost of buying or renting a senior townhome. For example, Washington, D.C. offers a Social Security supplement benefit to older adults who need room and board for assisted living communities.
Additionally, you can receive assistance or financial advice through housing counseling agencies or a Housing Assistance program in your state. This program might be able to provide grants and low-interest loans for older adults who are trying to purchase a townhome or other type of home. You can also reach out to housing counseling agencies for assistance and receive no-cost support on buying a home, renting, and general loan advice.
Medicare and Medicaid
In most cases, Medicare and Medicaid do not cover the cost of living at assisted living facilities or senior townhomes. That said, Medicaid might be able to offer housing assistance in certain situations. Although Medicaid can’t specifically help pay for senior townhomes, it can help low-income adults pay for certain assisted living-related care accommodations. If eligible, you can receive housing financial assistance through an Assisted Living Waiver program.
While Medicaid can’t cover the full cost of housing for a townhome, it can still help with assisted living care costs. If you are an eligible senior, Medicaid might be able to pay for services ranging from nursing care to medication management.
Did You Know: Are you a senior prepared to enroll in Medicare? Don’t miss the deadline to apply during Medicare Open Enrollment.