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.
Use a savings account
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.
Use life insurance
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.
Use real estate assets
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.
Check their insurance
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!