Cost of Assisted Living in Texas: Ways to Pay.

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The average cost of assisted living in Texas, as of 2019, is $3,795 / month, which is slightly under the national average of $4,000 / month. The areas of Texas with the most expensive assisted living include Dallas, Austin, Midland, Odessa, Victoria and San Angelo, where the monthly cost averages between $4,065 and $5,190. Senior couple learning about the high cost of assisted living.The most affordable assisted living in the state can be found in Corpus Christi, El Paso, Longview, and Texarkana, where it ranges from $2,250 to $3,100 / month. The areas of Waco, Amarillo, and Tyler have average monthly rates ($3,695 – $3,800) fairly consistent to the statewide average cost of assisted living.

Memory Care, also referred to as Alzheimer’s residential care, adds as much as approximately $1,138 to the monthly cost of assisted living. This is due to the increased level of care provided and the extra safety precautions.

For average Americans assisted living fees are most frequently paid out-of-pocket. Families typically use a combination of Social Security, Veterans and other pensions as well as their savings. 

Does Medicare or Medicaid pay for assisted living?

Traditionally, Medicare does not cover the costs of assisted living facilities or long-term care facilities. However, Medicare will cover qualified healthcare costs while your loved one is living at a certain facility. Medicare is more often used to pay for a skilled nursing facility or home health care.

Medicaid can be used to pay for long-term nursing home care in all states. Many states also allow their residents to use Medicaid waivers to pay for assisted living or in-home care if the services can be obtained at a lower cost.

Ways to Pay for Assisted Living

Getting a Reverse Mortgage. Many seniors find that a reverse mortgage can help ease the financial burden of assisted living costs. This is more frequently the case when one spouse needs assisted living or nursing home care while the other spouse can remain in the home. The emotional stress alone can be a challenge in these cases, so adding financial strains into the mix can further complicate life and prevent a caregiver from focusing on what’s really important – taking care of their loved one.

Veterans Benefits – The Department of Veterans Affairs, or VA, covers assisted living care for veterans and spouses of veterans who have served at least 90 days on active duty and at least one day during wartime. Applicants must meet a medical qualification test, but their conditions don’t need to be related to military service. Called the Non-Service Connected Improved Pension Benefit with Aid and Attendance, or “aid and attendance” for short, this program pays a maximum benefit of $2,085 a month for married veterans, $1,759 for single veterans and $1,130 for a surviving spouse.

The VA’s income limit for pension benefits — $21,107 a year for a veteran with no dependents who needs aid and attendance — is offset by the cost of out-of-pocket medical expenses, which may include assisted living care. So if your income is $25,000 and your medical expenses — including assisted living care — are $10,000, the VA counts only $15,000 worth of income toward eligibility.

Long-Term Care Insurance – A small number of families are fortunate enough to have long term care insurance, perhaps 5% of American seniors. These individuals use those financial benefits to help with the cost of assisted living.

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