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
Elder Care Costs Comparison
The population of American seniors is expected to double in size within the next 25 years, according to the National Institute on Aging (NIA) and the U.S. Census Bureau. For the next 20 years, about 10,000 baby boomers will turn 65 each day. As our aging population continues to grow, so does the demand for… Read More
Recovery from Stroke: Rehabilitation & Motivation
For Pedro Antaran, an 83-year-old Seattle resident, the stroke came in the morning, with little warning. After waking up to make coffee, he noticed that his right leg felt different than usual. “I felt that my leg was heavy, and I could not lift it,” he recalls. “I thought in my mind that maybe this… Read More
10 Tips For Touring Senior Communities
Finding the right assisted living community is one of the most important decisions you can make. We’ve compiled the top elements to look for when assessing a senior community. During your visit, consider the quality of care that your loved one may receive, and what type of environment your loved one will enjoy on a… Read More
Glossary of Senior Living Terms
Senior living, senior housing and senior care can open a whole new world to families. There are different levels of care–depending on your loved one’s needs–and various options, depending on a senior’s health, age and financial status. The A Place for Mom Senior Living Glossary is designed to give you a clear understanding of commonly… Read More
Gastroesophageal Reflux Disease (GERD): Symptoms & Care
Whether it is labeled as acid reflux, heartburn or gastroesophageal reflux (GERD), this burning sensation occurs when contents from the stomach travel back up the esophagus, and it affects more than 15 million American on a daily basis. Due to physiological changes that occur with aging, elderly people are more apt to suffer from GERD,… 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.