It usually starts with a number on a screen. You search "assisted living near Cherry Hill, NJ" or "memory care in Evesham, NJ," and the monthly costs stop you mid-scroll. For many families across Burlington and Camden counties, the financial question feels bigger than the care question, at least at first.
But here's what families who've been through this process will tell you: the sticker price doesn't tell the whole story, and you likely have more funding options than you think. This guide walks through six common ways families in the Marlton area pay for senior living, along with questions to help you have productive conversations with financial advisors and your own family.
Before diving into how to pay, it helps to understand what you're paying for. Senior living costs in South Jersey vary based on the level of care, but most monthly fees bundle services that families would otherwise pay for separately:
Housing and utilities — rent, heat, electric, water, maintenance
Meals — typically three per day, plus snacks
Housekeeping and laundry
Social programming and activities
Care support — help with bathing, dressing, medication management (in assisted living and memory care)
24-hour staffing and security
In communities offering assisted living and memory care, like those near Marlton, Voorhees, and Mount Laurel, costs can range widely depending on the level of daily support a resident needs. A person who needs help only with medication reminders will typically pay less than someone who requires hands-on assistance throughout the day.
Understanding this breakdown matters because it changes the comparison. When you add up what it costs to replicate these services at home — from private aides to grocery delivery to emergency response systems — the gap between "staying home" and "moving to a community" often narrows more than families expect.
Most families use a combination of these strategies rather than relying on a single source. Here's a closer look at each one.
This is the most common starting point. Retirement savings, Social Security income, pensions, and investment returns can all be directed toward monthly senior living costs. Many families are surprised to find that when mortgage payments, property taxes, home insurance, and utility bills are removed from the equation, existing income covers more of the cost than expected, especially in high-property-tax areas like Haddonfield, Moorestown, and Medford.
For homeowners, the equity in a house is often the largest financial asset available. In Burlington and Camden counties, where home values have remained strong, a home sale can fund several years — or more — of senior living. Some families sell before move-in, while others use a bridge strategy to cover costs during the listing period.
If your loved one purchased a long-term care insurance policy years ago, now is the time to review it carefully. These policies vary widely. Some cover assisted living and memory care directly; others have waiting periods or daily benefit caps. Contact the insurance carrier early to understand exactly what's covered, what documentation is required, and how claims are filed.
The VA's Aid and Attendance pension benefit is one of the most underused resources for senior living. It's available to wartime veterans and, in some cases, surviving spouses. The benefit can add over $2,000 per month toward care costs. Eligibility depends on service history, care needs, and financial thresholds. A VA-accredited claims agent or elder law attorney can help families near Marlton, Lumberton, and Hainesport determine whether this benefit applies.
Many families don't realize that certain life insurance policies can be converted into funds for senior living. Options include:
Policy surrender — cashing out the policy for its current value
Life settlements — selling the policy to a third party for more than the surrender value
Accelerated death benefits — some policies allow early access to benefits if the policyholder has a qualifying health condition
A financial advisor can help you determine which option, if any, makes sense for your family's situation.
Sometimes the timing doesn't line up — your loved one needs care now, but the house hasn't sold yet or insurance paperwork is still processing. Bridge loans are short-term financing tools designed for exactly this scenario. Companies that specialize in senior living bridge loans can provide funds quickly, often secured against the expected home sale or insurance payout.
One of the most important, and most overlooked, parts of this financial conversation is comparing senior living costs to the cost of aging in place. Staying home might feel like the less expensive option, but once you factor in home modifications, in-home aide services, transportation, meal preparation, and emergency response systems, the numbers often tell a different story.
According to the Genworth Cost of Care Survey, a home health aide in New Jersey averages over $5,700 per month for full-time care and that doesn't include housing, food, or social engagement. For families weighing options near Maple Shade, Berlin, or Southampton, understanding this comparison can shift the entire financial picture.
For a detailed comparison of the costs and trade-offs of aging at home versus moving to a senior living community, download our free guide: Staying at Home vs. Moving to Senior Living.
Funding senior living isn't only a financial decision. It's also a legal one. Families who wait until a crisis to sort out paperwork often find themselves navigating urgent care decisions without the right documents in place.
A few things worth addressing sooner rather than later:
Power of attorney — both financial and healthcare
Healthcare directives — so your loved one's wishes are documented
Asset protection strategies — especially if Medicaid planning may be needed down the road
Beneficiary designations — ensuring accounts and policies are up to date
An elder law attorney familiar with New Jersey regulations can be an invaluable partner in this process. Financial planning for senior living often goes hand-in-hand with legal planning. Our Step-by-Step Guide to Legal Planning for Seniors can help you prepare.
Money is one of the hardest topics for families to discuss, and when it's tied to a parent's health and independence, the emotional stakes are even higher. But approaching the conversation early, before a crisis forces a decision, gives everyone more time and more options.
A few tips that can help:
Start with shared goals, not dollar signs. What does your loved one want their daily life to look like?
Be transparent about what you know and don't know. It's okay to say, "I'm not sure how we'll pay for this yet, but let's figure it out together."
Include your loved one in the conversation whenever possible. Their preferences and their financial picture both matter.
Divide the research. One family member might call the VA, another might review insurance policies, and another might schedule a tour.
Financial decisions about senior living rarely happen in isolation. They involve the whole family. If you're not sure how to start the conversation, our guide on Talking to Your Family About Senior Care & Living offers a compassionate framework.
If you're meeting with a financial planner or elder law attorney, come prepared with questions like:
Based on our current assets and income, how long could we sustain assisted living or memory care costs?
Are there tax implications to selling the family home or cashing in a life insurance policy?
Does our loved one qualify for VA Aid and Attendance benefits?
Should we look into Medicaid planning, and if so, when should we start?
What's the best way to structure finances if care needs increase over time?
Are there any New Jersey-specific programs or benefits we should explore?
Having these questions ready can make even a single consultation far more productive.
Figuring out how to pay for senior living can feel overwhelming, but it doesn't have to be something you solve alone or all at once. Many families in the Marlton, Cherry Hill, and Voorhees areas find that once they understand the full picture — what's included, what it replaces, and what funding sources are available — the path forward becomes much clearer.
Curious what senior living might really cost? Use our interactive Senior Living Cost Calculator to compare your current expenses with life at our community, so you can plan with clarity.