The cost of long-term care can be daunting, with Assisted Living ranging in cost between $3,000 and $7,000 a month, memory care costing a similar amount, and home care averaging $21 an hour. Medicaid and state financial aid waivers

Medicaid

Medicaid will cover the cost of nursing home care for those eligible for the program. Medicaid recipients must have income and resources under a certain limit set each year, right now the resource, or asset, limit is $2,000 a month and the income limit is around $2,500 a month in Alabama. If your income exceeds the limit prior to entering a nursing home, you can complete a Qualifying Insurance Trust form to qualify. Seniors on Medicaid and not in a nursing home facility can also apply for HCBS (Home and Community Based Services) waivers that provide aid for seniors for in-home care.  There are a variety of waivers for those on Medicaid for transitioning from a nursing home environment back into their home or community. These waivers help cover the costs of health care after leaving skilled nursing and more information can be found here.