Paying for Care
How can families think about paying for care?
Start with the monthly cost of care, then map the sources: income, savings, benefits, family support, and possibly home equity.
Written by Ryan Michael, Founder of RAL Transitions
The answer
Begin with the number that matters most: the monthly cost of the care option you are considering, and what it includes. Assisted living, memory care, and residential care homes all price differently, and the monthly fee can change as care needs increase.
Next, list the available sources in order of typical use: monthly income such as pensions and Social Security, savings and investments, long-term care insurance if a policy exists, veterans benefits and other programs if eligible, and family contributions. For homeowners, home equity is often the largest untapped source, and it can sometimes be accessed before a sale.
Build a simple monthly picture: care cost plus any home costs being held, minus income, to see the gap and how long savings would cover it. No one can guarantee what any family will qualify for, so treat every estimate as a planning number, not a promise, and get specific quotes and eligibility answers before committing.
Practical next steps
- Know the monthly cost of care and what it includes
- List income, savings, insurance, benefits, and family support
- For homeowners, equity is often the largest untapped source
- Treat every estimate as a planning number, not a promise
Arizona context
In Arizona, families often combine private pay with long-term care insurance, VA Aid and Attendance for qualifying veterans and surviving spouses, and the ALTCS Medicaid program for those who qualify. Medicare generally does not cover assisted living or memory care.
The Phoenix-area cost range for assisted living and memory care means the monthly picture varies widely, so getting specific quotes and eligibility answers matters before committing.
Relevant RAL Transitions services
Sources and references
This answer is practical guidance for families, not medical, financial, or legal advice. Eligibility for any benefit or program depends on each person's situation.
Your next step
Start a transition plan for your family.
A transition coordinator can apply these answers to your family's specific situation: the care needs, the timeline, and the home.
Ready to turn answers into a plan?
A transition coordinator can apply these answers to your family's specific situation: the care needs, the timeline, and the home.