Financial resources available for paying for Senior Living & Care:
Many seniors do not have enough assets saved up for their retirement years in order to ensure they will be able to afford the type of care their
loved one or themselves will need. Here are some financial resources to consider:
Cash Assets, IRA’s, Stocks, Bonds, Home Sale, or a Family Trust.
Medicaid can financially assist those needing physical & financial assistance in their home or a community setting.
Some Assisted Living and Skilled Care settings have a contract with Medicaid. Medicaid is the United States health program for people with low incomes and resources.
Veterans Aid & Attendance & Housebound benefits
Aid and Attendance is an amount awarded in addition to the basic pension. This benefit takes into account a person’s unreimbursed
(out-of-pocket) medical expenses. These medical expenses are subtracted from a person’s gross income to determine eligibility.
Requires the regular aid of another person to perform everyday functions (bathing, eating, dressing, etc.). A veteran is eligible for Aid and Attendance when he or she
- 1. Is bedridden
- 2. Is a patient in a nursing home
- 3. Is blind or nearly blind
A veteran is eligible for Housebound benefits when he or she
- 1. Has a single permanent disability that results in the veteran’s confinement to his or her immediate premises
- 2. Has a single permanent disability rated as 100% disabling and a secondary disability rated as 60% disabling.
A reverse mortgage is a form of equity release (or lifetime mortgage). It is a loan available to home owners or home buyers, enabling them to access a
portion of the subject home’s equity. The home owners can draw the mortgage principal in a lump sum, by receiving monthly payments over a specified term
or over their (joint) lifetimes, as a revolving line of credit, or some combination thereof.
Life Insurance Policy Cash Out
Your life insurance policy is a possible source of funds. There are certainly some drawbacks to using life insurance to meet immediate cash needs,
especially if you’re compromising your long-term goals or your family’s financial future. Nevertheless, if other options are not available, life insurance,
especially cash-value life insurance, can be a source of needed income.