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How do I pay for Assisted Living?

Assisted Living costs vary from community to community and depend on the level of additional personal care services an individual may need or want. At Allerton House communities residents pay a monthly service fee. There is no buy-in.

Most residents pay for assisted living through a combination of savings and investments, the sale of real estate, participation in reverse mortgage programs, and sometimes their adult children offer financial support.

To maximize the affordability of assisted living, there are several programs available in Massachusetts to assist older adults. Not all Allerton Houses offer such affordable programs.

 

Low Income Housing Tax Credit – LIHTC

The Low Income Housing Tax Credit program is a federally funded initiative that provides community owners with a tax credit in exchange for setting aside a certain number of affordable units for eligible low-income residents. Eligible residents may significantly lower their rent the optional service fee. Clinical qualifications are not part of determining eligibility.

 

Veteran’s Benefit/Aid & Attendance Benefit

Veterans and their spouses may receive benefits toward assisted living when they can fully document their need for medical assistance on a routine basis for certain physical or cognitive impairments. Residents must meet several criteria to be considered eligible.

For more information, contact your local Veterans Agent and an Allerton House marketing director.