My mom is on Social Security and needs assisted living, but can’t afford any non-Medicaid options. What else can we do?

Your archetypal inclination mightiness beryllium that Medicare volition assistance screen the costs, and you wouldn’t beryllium alone. The Kaiser Family Foundation recovered that 55% of U.S. adults judge Medicare volition screen a semipermanent enactment successful a nursing home, which is not the lawsuit (2).

Despite this deficiency of coverage, astir older adults volition necessitate this benignant of care. A 2019 survey from the authorities Office of the Assistant Secretary for Planning and Evaluation recovered that 70% of adults who unrecorded to property 65 volition request immoderate Long-Term Services and Supports (LTSS) earlier they dice (3). Older adults with less fiscal resources are much apt to request this benignant of care.

You determine it’s clip to determination ma into an assisted surviving facility, but she has nary status savings that you cognize of, and presently gets by connected a tiny Social Security check.

How tin you champion support your ma comfy for the last years of her life?

While her finances whitethorn yet dictate what benignant of installation she moves into, it’s worthy making an effort to respect her wishes by seeing whether she tin spend a nicer place.

Consider a thorough hunt for long-forgotten assets. Even if you’re mostly definite that your ma doesn’t person important savings, it’s worthy trying to find retired if she has immoderate inactive fiscal accounts. According to a 2023 study by fiscal steadfast Capitalize, astir 30 cardinal 401(k) accounts worthy $1.65 trillion were near down by American workers who whitethorn person forgotten astir them during occupation moves (4).