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
Grieving the Loss of a Spouse & Finding Peace
“By the time my husband died,” Eileen A. remembers, “I had already experienced much of my grieving because the man I had nursed through his cancer was not the same man I’d been married to for fifty-four years.” Eileen, now 88, met Roy at a Whidbey Island bonfire when she was 18, gave birth to… Read More
Charlie Powell feels like he lost his dad a long time ago. His dad who has Alzheimer’s disease, doesn’t just forget who Powell is-he sometimes becomes violent. “Once, my mom and I disabled his car so that he couldn’t drive it, and he soon realized what we’d done,” Powell, 50, says. “He rushed across the… Read More
Alzheimer’s Disease: Symptoms and Care
“Once, my mom and I disabled his car so that he couldn’t drive it, and he soon realized what we’d done,” Powell, 50, says. “He rushed across the living room and literally growled at me like a bear in the most frightful way. Thirty seconds later, he didn’t know he’d done it, and everything was… Read More
Moving to an Assisted Living Community: Betty & Ken’s Story
For a long time, Beverly Kalageorgi’s parents were the picture of health-and happiness. Married for more than 60 years, the couple, now both in their early 80s, were enjoying retirement and the quieter life from the comfort of their lakeside cottage in northern Michigan. But life has a way of getting complicated, and that’s what… Read More
Adult Day Care Services
When an elderly loved one needs additional care or supervision during the day, many families think that they have no choice but to quit their jobs. Others find that their health deteriorates as the stress of round-the clock caregiving prevents them from caring for themselves. Or, families may think that placement in a facility is… Read More
Finding the Right Memory Care Community: 50 Essential Questions to Ask
By: Merritt Whitley, editor All memory care communities are different. The staff, day-to-day operations, technology uses, and care techniques vary. It’s important to find a community whose requirements and services best align with the needs of your loved one. Your loved one is one-of-a-kind as well. Whether they have Alzheimer’s disease or another type of… Read More
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.