Finding Funds for Your Loved One’s Assisted Living Expenses in New Jersey

If your loved one is no longer capable of living in an independent manner due to safety and care issues, it is time to start looking into alternative options. If you are reading this, it is likely that you have researched these options and have established that an assisted living facility will likely provide the safety and security that your loved one requires.

However, you may find yourself stumped on how to pay for such care. In a world where the monthly fees for these facilities range from $1,500 to $11,000 a month or more, you are certainly not alone in wondering how to afford such a care setting.

In this guide, we will outline several strategies for finding the funds that will allow you to successfully pay for your loved one’s expenses while residing in an assisted living facility within the State of New Jersey.


In order to qualify for long-term care, your loved one’s functional-based ability, their countable resources, and their income each month is considered. Currently, one may have up to $2,313 each month in income.

If income exceeds this amount, it may be placed in a Qualifying Income Trust (QIT) in order to lower the amount of income that is counted for qualification. Countable resources cannot exceed $2,000. Your loved one’s primary home is exempt if it is worth less than $878,000 and either they or their spouse reside within it.

Additionally, if a vehicle is in use by the applicant, it is not considered an asset. If Medicaid is not already in place, a consultation with a Medicaid Planner is recommended.

Senior Gold and PAAD

“PAAD” stands for “Pharmaceutical Assistance to the Aged and Disabled”. In this program, medication costs are drastically reduced. The amount that is saved in this way may be directly applied to the costs associated with assisted living care.

For Senior Gold, the applicant must be 65 years or older or at least 18 and on disability benefits with Social Security. They must also be on Medicare Part D. For the PAAD program, the same requirements are in place. Additionally, the applicant must have a monthly income of less than $2,366.58 and not be on the Medicaid program.

VLIT Bonds

When meeting with an assisted living facility, you should inquire as to whether or not they offer apartments to seniors that are considered to be “low-income”. Many of these facilities are known to secure VLIT bonds when they are being constructed. This allows them to designate certain rooms of the facility for low-income people; however, these rooms are not often promoted.

Additionally, they are very limited. If they did not sign up for these bonds, they may have another program in place that allows certain rooms to be rented by patients that lack the financial resources to reside in the facility otherwise.

Contact Us Today

In addition to the funding ideas outlined in this guide, there are several others that may benefit you in that it will help cover the costs associated with assisted living. If you would like assistance in terms of finding out about these strategies, you may contact us here at Beacon Senior Advisors today.

In addition to this, we can help your family discover an assisted living facility that matches the needs of your loved one. Simply call us today at: 973-713-0096







Recent Posts