If you are moving a loved one into a senior care facility, you will probably deal with many questions and obstacles. You may not know how you will afford senior care, who will be responsible for your loved ones existing property, and you may already have debt or medical bills that need to be addressed. Whether you are handling your finances or asking another family member for assistance, it can be stressful trying to figure it all out on your own. Here are some tips to help you cover the cost of senior care living.
If your parents or loved one saved for retirement, then using their savings can be a great way to support their care needs while not having to cover the expenses on your own. Talk to your loved ones about any financial plans they might have prepared for their future.
You might not have known this, but you can use a life insurance policy to pay for care. With this option, you can either use a cash option or sell the life insurance policy as a "life settlement option." Check to see if your loved ones' life insurance policy has a cash value to determine if this option will work for you.
If your loved one owns real estate, you can use these assets to help pay for their care. The typical home selling process does require a lot of paperwork, fees, and the potential of taking at least eight months to sell. If you are in a hurry but still want a fair offer on their home- we can help. Our team is mom's house certified and offers no fuss, no fees, and compassionate solutions to support buying your loved one's home. We understand this is already a stressful process, so we aim to ease your stress, offer you honest solutions, and close on your time.
Not all insurance will cover their stay at a senior care facility, but some can help manage the added medical cost. Medicaid and medicare offer different solutions, but there are some limitations to what they will cover. For instance, Medicaid will help with senior care and home care, but only if you meet specific income requirements. Medicare will not cover long-term stays, but they will help with hospice, or short term stays. Be sure to reach out to your loved ones' insurance provider to see what they can help with.
While finances are only a small part of what you need to know when moving a loved one to senior care, it is one of the biggest concerns you might face. The good news is, there are several ways to pay for care, so take a deep breath and reach out for help from local organizations.
If you need more support on what you need to know through the process, we have other resources that can help!
If you would like to buy a house (or have a client who does) and struggle to get your contingent or financed offer accepted, make a cash offer instead! Once your offer is accepted, The Trusted Home Buyer will buy it for you with our cash, and you can move in immediately. Imagine a stress-free […]
We offer short-term lending options to help property owners bridge temporary financial gaps. There is no restriction on how the funds are to be used. Short-Term Lending Examples: Fix up a property so you can sell for top dollar Get down payment funds for your new home Move-in funds to help Mom (or Dad) transition […]
We love working with real estate agents to help support their client's needs with short-term lending options and our new We Buy for You program. These programs will support your clients best interest while also ensuring that you are still able to work with them even if they are struggling to get approved for a […]
