Tips on Finding the Funds to Pay for Senior Living

While many seniors just look to their personal savings to determine whether they can afford to move to a senior living community or receiving care at home, there are many other places to find available funds. A number of resources for those seeking to pay for senior living include:

1. Real Estate Solutions – Often, seniors’ equity in their home is quite significant, if not completely theirs. When the home is sold or rented out, the proceeds can go towards paying for senior living services. A lesser-known real estate solution is a reverse mortgage, which allows you to use the value of your house to pay for expenses without selling your home. You’ll receive payments to use however you need to in exchange for home equity.
2. Veterans Benefits – Many qualifying veterans and their spouses can pay for assisted living through benefits they receive from the Veterans Administration (VA). The Aid and Attendance Pension is part one the Improved Pension benefits for veterans or their spouses who require assistance with daily living activities, such as dressing, bathing, eating, etc.
3. Insurance Solutions – Depending on your life insurance policy, you can use it to help pay for senior living. Some policies come with an “accelerated death benefit,” which can pay cash advances while the holder is still alive. Another possibility is selling the insurance policy for its current value.
4. Long-Term Care Insurance – If you’re likely to need healthcare support in the future, purchasing long-term care insurance may be the best way to make sure care services are paid for when they’re needed. Unlike regular health insurance, these policies cover the costs of care in an independent living, assisted living or skilled nursing community, as well as home care.
5. Life Insurance Combo Policies – Because the qualifications for long-term care insurance often deters people from buying it, many companies combine long-term care insurance options with regular life insurance policies. This way, the holder is guaranteed benefits either through payouts for long-term care or, if care is not needed, through a death benefit.
6. Medicaid – Medicaid is a federally and state-funded program that pays for long-term care services for those with very low-income levels and few assets. Eligibility for Medicaid varies slightly from state to state, but for seniors, they must meet the financial and functional health requirements (mainly needing assistance with daily living activities.)
7. Annuities – You can choose to enter into an annuity contract with an insurance company, which takes a lump sum or premium you pay and distributes guaranteed, monthly income payments over time. Unlike long-term care insurance, you can get an annuity regardless of your health.

There’s no denying that paying for long-term care is complicated, but there are also many different avenues for finding funds. Always approach the financial facet of your retirement plan with thorough research and the help of a financial expert.

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