Many families are not prepared for the expense of long-term senior care, but there are ways to stretch available money through financial planning, pooling existing assets, and taking advantage of tax savings. A good tax attorney also can assist in maximizing tax deductions for medical expenses and long-term care expenses and determining dependency if a senior is supported by a family member. Some other options include accessing veterans benefits, converting a life insurance policy to a long-term care benefit plan, or considering a reverse mortgage.
Financing Senior Care Guides
Top 5 Myths About Assisted Living
As news linking coronavirus and nursing-home deaths spreads, confusion abounds. Is “retirement community” or “assisted living” the same as “nursing home?” Learn the truth about assisted living and debunk some common senior living myths. Myth #1: “Assisted living” is just another way to say “nursing home”. Truth: This is one of the most common misunderstandings…
Moving Your Parents to Senior Living – How to Overcome the Guilt
Your parents say they won’t move. It’s a common, exhausting scenario: You see signs that your aging parents need help, but they refuse it. They insist that they’re fine on their own, but the evidence and your intuition tell you that’s not true. Perhaps one or both of your parents’ health has taken a turn…
A Place for Mom has the answer to help you find nursing homes near you. Our trusted advisors can work with you to find the right community for either shorter rehabilitative stays or more permanent skilled nursing situations for you or your loved one. They will find the options that best fit your and your…
When is the Right Time to Move?
Watch A Place for Mom Senior Living Advisors Kelly Florian, Shelly Lim and Sue Johansen as they share their thoughts about when is the right time to consider moving to senior living. This video is part of our “Ask An Advisor” video series. Or read the transcript below. “Ask an Advisor” video series: When is…
Tips On Visiting Parents This Holiday
5 Simple Ways To Assess The Safety & Well-Being Of Aging Parents The holidays tend to bring families together to celebrate traditions, enjoy time with one another and reminisce with loved ones. Often these family events come with the recognition that too much time has passed and quite a bit has changed since the last…
Tips for Touring Assisted Living Communities
Finding the right assisted living facility for your loved one is one of the most important decisions you can make. We’ve compiled the top elements to look for when assessing a senior assisted living community. During your visit, consider the quality of care that your loved one may receive. The decision of “if, when and…
Instead of allowing a life insurance policy to lapse or be surrendered, seniors can convert their policy into a Long Term Care Benefit Plan. This financial option can be used to pay for immediate care needs, all health conditions are accepted, there are no wait periods, no care limitations, no costs or obligations to apply, no requirement to be terminally ill, and there are no premium payments.
Instead of allowing a life insurance policy to lapse or be surrendered; the owner can convert their policy into a Long Term Care Benefit Plan. Any type of in-force life insurance policy (Term, Universal, Whole and Group) with a death benefit of $50,000-$1,000,000 can be quickly and easily converted into aLong Term Care Benefit Plan that will start covering immediate costs of any form of Senior Care the policy owner chooses.
It is a unique financial option for seniors because it pays for immediate care needs, all health conditions are accepted, there are no wait periods, no care limitations, no costs or obligations to apply, no requirement to be terminally ill, and there are no premium payments. Policy owners have the legal right to convert an in-force life insurance policy to enroll in the benefit plan, and are able to immediately direct tax-exempt payments to cover their senior housing and long term care costs.
Many U.S. citizens are surprised to learn that Medicare is not universal health care for people over 65 and does not cover long-term care costs for seniors.
A reverse mortgage, also called a Home Equity Conversion Mortgage (HECM) – is a type of loan for homeowners over the age of 62 that turns equity saved in a home into cash. When someone secures a reverse mortgage, they are then able to use the money from their home equity while also living in and retaining ownership of their home. There are no restrictions on how you can use the money from a reverse mortgage. Traditionally, the disadvantages of a reverse mortgage are the relatively high closing costs, but if you need money for any purpose, and are concerned about not being able to make the payments on a normal loan, then a reverse mortgage may be right for you.