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
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
Questions to Ask When Touring a Nursing Home
Touring skilled nursing homes in person is an essential part of finding the right care for your loved one. Many people recommend making multiple visits during your decision making process. For your first visit, make an appointment with the admissions director to tour on a weekday. Late morning and mid-day hours are usually the best… Read More
Pledge to Stop Alzheimer’s
A Place for Mom data shows that U.S. states are not prepared to meet the growing demands of memory care needed for more than 5 million Americans living with Alzheimer’s disease. The number of licensed beds for memory care residents is currently astronomically lower than the predicted number of people who will need it in… Read More
Simple Steps for Estate Planning
Although it’s time-consuming and may feel uncomfortable to make financial and long-term care decisions, it’s more problematic when these decisions are never made. Estate planning is one arrangement that your family should consider making, to avoid family fights, legal fees or government possession later on – and it doesn’t have to be difficult. Learn about… Read More
Senior Fraud Prevention
Seniors can make easy targets for fraud, whether it’s for unbelievable investment returns or fraudulent sweepstakes prizes. Fraud on seniors can happen by phone, mail, in person, or, less commonly, the Internet (because seniors are online in smaller numbers). It can happen to wealthy seniors, and those of limited means. According to the Federal Trade… Read More
Medicare vs. Medicaid
The cost of senior care can stretch family budgets to the breaking point, but financial help is available. Medicare, Medicaid and the U.S. Department of Veteran Affairs offer assistance programs that can help pay for eldercare in certain circumstances. DOWNLOAD THE MEDICARE RESOURCE GUIDE MEDICARE Medicare is a national, government-funded health insurance that all Americans receive… 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.