It often starts with a single number on a website — a monthly rate for assisted living or memory care — and suddenly, the financial reality of the decision feels heavier than the emotional one. If you're exploring senior living options near Mount Laurel, NJ, or surrounding communities like Cherry Hill, Moorestown, or Marlton, you're probably asking yourself: How do families actually make this work financially?
The good news is that there are more funding strategies than most people realize. And once you understand what goes into the cost — and what you get in return — the picture often looks different than that first sticker shock suggested.
If you're still learning about what assisted living actually includes — and what you're paying for — our Complete Guide to Assisted Living is a great place to start.
What Are You Actually Paying For?
Before diving into funding options, it helps to understand what senior living costs cover. Unlike paying a mortgage or rent at home, a monthly senior living fee typically bundles several expenses into one:
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Housing and utilities — no more separate bills for electricity, water, or property taxes
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Meals and dining — typically three meals a day, plus snacks
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Housekeeping and maintenance — no lawn care, snow removal, or emergency repairs
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Care and support services — medication management, help with bathing and dressing, wellness checks
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Activities and programming — social events, fitness classes, outings
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Safety and security — 24-hour staffing, emergency response systems
For memory care, costs are generally higher because of specialized programming, secure environments, and a higher ratio of trained staff. Short-term or respite care may be billed at a different rate for temporary stays.
In Burlington County and the surrounding areas of South Jersey — including Voorhees, Haddonfield, Medford, Evesham, and Mount Holly — costs can vary depending on the level of care needed and the community's location. That's why comparing apples to apples matters.
Six Practical Ways to Fund Senior Living
Families in the Mount Laurel area use a variety of strategies — often combining two or more — to cover the cost of care. Here's a breakdown of the most common approaches.
1. Private Pay from Savings and Income
This is the most straightforward option. Many families draw from a combination of retirement savings, Social Security income, pensions, and investment accounts. If your loved one has been living frugally and saving over time, this may cover a significant portion of the monthly cost.
Best for: Families with substantial retirement savings or reliable monthly income streams.
2. Selling a Home
For many seniors in South Jersey — whether in Cinnaminson, Maple Shade, Collingswood, or Hainesport — a home is their largest asset. Selling it can free up a significant amount of capital to fund years of senior living. In a strong housing market, this strategy can be especially effective.
Best for: Homeowners who no longer need or want to maintain a house, particularly when the home has appreciated in value.
3. Long-Term Care Insurance
If your loved one purchased a long-term care insurance policy years ago, now is the time to review it carefully. These policies often cover assisted living and memory care, though the specifics — daily benefit amounts, elimination periods, covered services — vary widely.
Best for: Families whose loved one has an active policy. Review the fine print with your insurance provider well before you need to use it.
4. Veterans Benefits
The VA's Aid and Attendance pension benefit can provide meaningful monthly support for veterans (and surviving spouses) who need help with daily activities. The benefit can be used toward assisted living or memory care costs, and many families in the Mount Laurel area don't realize they may qualify.
Best for: Veterans or surviving spouses of veterans who meet service, income, and medical eligibility requirements. An accredited VA claims agent can help you navigate the application.
5. Life Insurance Conversion
Some life insurance policies can be converted into a benefit that helps pay for long-term care while the policyholder is still alive. This is sometimes called a "life settlement" or "accelerated death benefit." It's worth exploring if your loved one has a policy they no longer need for its original purpose.
Best for: Families with a life insurance policy that's no longer essential for estate planning or survivor support.
6. Bridge Loans and Financial Products
If you're waiting on a home sale or another financial event, a bridge loan can help cover senior living costs in the interim. Some families also use reverse mortgages or home equity lines of credit (HELOCs) as part of a broader funding strategy.
Best for: Families who need short-term financial flexibility while a longer-term plan comes together. These products can become complex, and it is recommended to seek guidance from a financial advisor to explore these options.
Comparing the Cost of Staying Home
One of the most important — and often overlooked — parts of the financial equation is what it actually costs to keep a loved one at home. When you add up in-home care aides, home modifications, meal delivery, transportation, medical alert systems, and the ongoing cost of maintaining a house, the total can approach or exceed the cost of a senior living community.
And that doesn't account for the less tangible costs: the toll on family caregivers, the risk of isolation, and the gaps in care that can lead to hospitalizations.
For a detailed side-by-side comparison, download our free guide: Staying at Home vs. Moving to Senior Living.
Planning Ahead — Not in a Crisis
The families who feel most confident about affording senior living are usually the ones who started planning before a crisis forced their hand. Even if your loved one doesn't need assisted living or memory care in Evesham or Mount Laurel right now, having a financial framework in place makes the transition smoother when the time comes.
Financial planning for senior living often goes hand-in-hand with legal planning — powers of attorney, healthcare directives, and estate considerations. Download our Step-by-Step Guide to Legal Planning for Seniors to make sure you've covered all the bases.
Here are questions worth bringing to a financial advisor or elder law attorney:
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How long can my loved one's current savings sustain senior living costs?
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Are there tax implications to selling the family home?
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Does my parent qualify for VA Aid and Attendance benefits?
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Can we convert or restructure existing insurance policies?
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What legal documents should be in place before a move?
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How do Medicaid spend-down rules work in New Jersey?
Having the Financial Conversation as a Family
Money conversations are rarely easy, especially when they involve a parent's care. But putting off the discussion usually makes things harder. When multiple family members are involved — siblings with different financial situations, a parent who values independence — emotions can run high.
A few tips that can help:
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Start with shared goals, not dollar amounts. What does everyone want for your loved one's quality of life?
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Be transparent about what each family member can contribute — financially and otherwise.
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Bring in a neutral third party if needed. A financial advisor or elder law attorney can help keep the conversation grounded in facts.
Financial decisions about a parent's care are deeply personal and often emotionally charged. If you need help starting the conversation, our guide on Talking to Your Family About Senior Care & Living can help.
Take the Next Step
Understanding how to pay for senior living is one of the most important parts of the decision-making process — and you don't have to figure it out alone. Whether you're exploring assisted living near Cherry Hill, memory care in Evesham, NJ, or bridge care options closer to Medford or Haddonfield, the team at The Arbor Company's Mount Laurel community is happy to walk you through costs, what's included, and how other families have made it work.
Reach out to schedule a conversation. We'll help you understand your options so you can make a confident, well-informed decision for your family.
