Senior care can be quite costly depending on the level required. Here are some key ways to finance and fund assisted living, nursing home care, home health aides, adult day care and other senior care expenses:

Long-Term Care Insurance – If they planned ahead, your loved one may have a policy to cover a portion of care costs. There are different policy types, so review details.

Veteran Benefits – Veterans and surviving spouses may qualify for financial assistance for in-home care, assisted living or nursing homes. Contact the VA.

Medicaid – For those with limited income/assets, Medicaid offers coverage for long-term care. Eligibility rules differ by state. Apply well in advance.

Medicare – Covers skilled nursing facility care for 100 days after a hospital stay. Very limited assisted living coverage.

Reverse Mortgage – Converts home equity into cash to fund care. This complex option deserves thorough evaluation.

Personal Savings/Investments – Seniors should use personal financial resources first before turning to family.

Family Assistance – Discuss what relatives can contribute, if anything, to avoid misunderstandings. Set expectations.

Long-Term Care Partnership Program – Combines private insurance with Medicaid for expanded benefits. Available in some states.

Aid and Attendance Benefit – Provides tax-free income for veterans/surviving spouses for in-home care.

Home Equity Conversion Mortgage – Specially designed reverse mortgage allowing seniors to access equity.

There are also state-specific programs, nonprofits and charities that provide senior care financial assistance. Thoroughly research all options, as the rules are complex. With preparation and creativity, you can devise a senior care payment plan that eases the financial burden.