Rising senior care costs, particularly accessible and affordable housing, are a major source of concern for many older adults and their loved ones. While prices might seem overwhelming, there are senior living options available at low costs, including assisted living for low-income seniors.
Senior Care Options for Low-Income Seniors
Low-income seniors have options when it comes to accessing support services and affordable housing, including the following.
Public Housing Options
U.S. Department of Housing and Urban Development (HUD) offers two government housing programs that can help low-income seniors access housing:
- Housing Choice Voucher Program (Section 8), which offers rental assistance in the form of a government subsidy sent to the property owner.
- Supportive Housing for the Elderly (Section 202), which offers not just rental assistance, but also services (depending on the location) like social interaction and transportation services.
Family Caregivers
Family members can both offer financial assistance and help with seniors with activities of daily living (ADLs), helping aging loved ones live independently in their own homes for as long as is safely possible.
Assisted Living Communities
The 2024 national median monthly cost of homemaker services was $6,292; that number rose to $6,483 for home health aides, according to the CareScout and Genworth Financial’s 2024 Cost of Care survey. While these services are the right choice for many families, they do come at a higher cost.
In some cases, residential care costs may be less than in-home care services. According to that same survey, the 2024 national median monthly cost of assisted living was $5,900. Opting for a shared room as opposed to a private room can also help cut costs for seniors who require personal care services in a communal setting.
Other Resources for Low-Income Older Adults
Other resources poor seniors can use to find affordable housing and rental assistance include:
- Local Area Agency on Aging
- Eldercare Locator
- National Council on Aging
- Administration for Community Living
- U.S. Department of Veterans Affairs
Affordable Assisted Living FAQs
How do you pay for assisted living if you have no money?
Ways to help cover assisted living costs include:
- Long-term care insurance
- Veterans benefits, including Aid and Attendance benefits
- Nonprofit organizations
- Medicaid benefits and waivers
- Medicare
- Local Area Agency on Aging
- State and federal government assistance programs
- Reverse mortgage
- Social Security
Does Social Security cover assisted living for seniors?
Yes, Social Security benefits can help cover assisted living services. It may not pay for all expenses, though.
What is affordable senior housing?
Affordable senior housing options are specially designed for older adults on a limited budget. They can include Section 8 and Section 202 housing options or senior living communities that accept Medicaid waivers.
How can home sharing help older adults afford housing?
Home sharing refers to the practice of an elderly homeowner sharing their home with someone else to cut costs, share home maintenance tasks and chores, and provide social interaction.
What happens when you run out of money in a nursing home or assisted living facility?
Skilled nursing care facilities (nursing homes) and assisted living communities may evict residents who can no longer pay for services. If the community accepts Medicaid or other government assistance programs, however, residents who run out of private assets to pay for care may be able to rely on Medicaid and other government benefits like PACE (Program of All-Inclusive Care for the Elderly), a combined Medicare–Medicaid program to help seniors age in place.
Will Medicaid or Medicare pay for low-income senior housing?
Medicare does not cover room and board costs associated with retirement communities, although it may cover some services received in them. Medicaid, however, may help cover some costs associated with senior living, depending on the state program and the applicant’s eligibility requirements.
What programs are available to help low-income seniors afford assisted living?
There are several ways to pay for assisted living for low-income seniors, including Social Security Supplement Security Income benefits, VA benefits, Medicaid, PACE, and HUD-subsidized housing programs like Section 8 and Section 202.
Disclaimer: Each person’s situation is unique. This article is for general informational purposes only and is not intended to take the place of medical, financial, tax or legal advice.