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Paying for aging care can be costly. At Chrysalis Spectrum, we want to maximize your dollars to give you the highest quality at-home care. Staying at home is typically the number one choice of seniors and it impacts their level of independence, emotional state, and ability to thrive in the comfort of their home.  The following information is an overview of available financial options for in-home care. 

Financial Planning for Senior Care

Pros & Cons



Social Service Agencies Area Agencies on Aging (AAAs) help families to identify assistance programs for which they are eligible as well as provide a range of other services

-Strong knowledge of local assistance programs -Less knowledge of national programs and less larger financial planning experience -Cannot legally advise on qualifying for Medicaid or VA benefits -Often under-staffed. May have long wait times for appointments


Elder Care Resource Planners Help families identify all possible financial and other assistance options, determine care cost scenarios and build plans for later life care

-Provide comprehensive view of all possible forms of assistance -Inexpensive and very thorough -Provide plans but clients must take action themselves to implement

$1,500 - $2,500

Medicaid Planners Help families, who otherwise would not be eligible for Medicaid, to qualify by restructuring their finances

-Focus only on Medicaid; might not be aware of other forms of financial assistance -Help families preserve their assets

$2,000 - $6,000 depending on services provided & amount of assets

Geriatric Care Managers Primarily retained to manage the care of a loved one, some care managers also provide assistance on the financial planning side.

- Very knowledgeable about care needs, local cost of care and care providers - Typically nursing or social work background not financial planners - Care management and financial guidance services are bundled

$50 - $200 / per hour

Financial Planners Trained and certified professionals help families with financial assets to prepare for aging and long term care

Financial Planners Trained and certified professionals help families with financial assets to prepare for aging and long term care

 $2,500 - $5,000+

Planning for the financial aspects of long term care is complicated. And finding professional assistance is a smart approach. There are both public agencies and private organizations that offer assistance at no charge.

As of June 2018, Elderlife Financial is the only organization offering a loan product that is specifically designed as a Senior Living Bridge Loan. The “Elderlife Bridge Loan” was created to help seniors and their families with the cost of assisted living, home care or skilled nursing on a short-term basis. Periods typically range up to 12 months, but sometimes longer.

Getting Medicare is a major milestone. Here’s where you can get the information you need, no matter where you are in your Medicare journey.

The staff in the Center for Medicaid and CHIP Services (CMCS) provides technical assistance to states on an ongoing basis on all Medicaid and the Childrens Health Insurance Program (CHIP) topics. However, for several specific programs, CMCS has also contracted with outside entities to provide technical assistance to states on behalf of CMCS.

Established in 1977, the Harris County Area Agency on Aging provides federally funded social services for the elderly, as authorized by the Grants for Community Programs on Aging, Title III, Older Americans Act of 1965.

Expert Senior Living Advisors from A Place for Mom can help direct you to Assisted Living communities. Together, we will find the perfect fit for your loved one; and we will provide direction and support as needed. We partner with 50 Assisted Living facilities in Houston and the surrounding area, so there are many options to choose from. A Place for Mom is the largest senior living referral service in North America, and we can help you make a good choice at no cost to you.

We provide direct legal representation for low-income seniors, caregivers, and persons interested in seeking guardianship for a loved one who is incapacitated physically or mentally.

Additional Resources
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