What resources do we have to pay for senior care and assisted living?
It’s hard to predict the future. But it’s not a huge surprise to learn that long-term care costs are rising. This has been an ongoing trend, however, as the recession in tandem with aging baby boomers has not helped with retirement and health care costs.
And while old age and retirement are typically associated with stability and relaxation, today our elders have been hit with the recession and delayed retirements. Long-term care costs have definitely impacted seniors and caregivers.
The good news? Medicare is offering more. And different types of assisted living and care means different costs. We have discovered that many families are not actually aware of the varied senior living options. Smart planning for anticipated long-term care and assisted living costs is half the battle.
How Do you Pay for Senior Care?
There are many ways for your family to pay for senior care. Assess your resources and find the mix that works with your loved one’s benefits. Here are some of the options available:
1. Monthly Income, Social Security Benefits and Savings — Each senior has a different amount of monthly allowances to help pay for senior care costs, but typically, additional resources are needed.
2. Long-Term Care Insurance — Long-term care insurance helps fill in the gaps for costs not covered by Medicare, Medicaid or private medical insurance.
3. Veteran’s Benefits — Veteran’s benefits are available to those who have served their country, as well as, their spouses. However, there are specific service requirements. Learn whether your loved one might qualify for Veteran’s benefits.
4. Home Equity or Reverse Mortgages — Whether your family decides to sell their home to pay for care, or borrow money based on the equity in your home, the family home is an option for senior care funding. Read more about the benefits and downsides of reverse mortgages.
5. Life Insurance Settlements — The sale of an in-force life insurance policy can help pay for senior care. Read more about how life insurance settlements work.
6. Medicare — This federal program pays for hospital and medical needs for those of 65 years of age. Get more Medicare information.
7. Family Resources — When tapped for resources, often family needs to step-in to help finance senior care for their loved ones.
For information on assisted living in Greensboro, NC, contact Spring Arbor.
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