The Trusted Home Buyer Logo602-456-4440

How Can You Afford Senior Care Living for your loved one?

Martin Boonzaayer

February 4, 2021

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.

How Can You Afford Senior Care Living for your loved one?

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. 

How Can You Afford Senior Care Living for your loved one?

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. 

How Can You Afford Senior Care Living for your loved one?

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!

Explore more

July 30, 2021
How to Sell Your House Webinar With Martin Boonzaayer
Read More
July 21, 2021
How to Sell Your House in Arizona

Arizona is a hot spot for people looking to buy a house. The state has the second-highest rate of homeownership in the country, with two-thirds of homes being owner-occupied. It also ranks near the top when it comes to home price growth, so if you're considering selling your house, now may be a perfect time!  […]

Read More
June 10, 2021
When is the right time to contact a Senior Advisor?

A Guest Post From OasisAdvisor When it comes to such an important aspect in your life or the life of a senior you know and love, you want a trusted advisor to guide you every step of the way. Being proactive and planning is the best approach. We want you to know that we understand […]

Read More
June 2, 2021
Things You Can and Cannot Do When You Have an Exclusive Contract with a Real Estate Agent?

Things You Can and Cannot Do: When You Have an Exclusive Contract with a Real Estate Agent? Having an exclusive contract with a real estate agent leads to numerous benefits, some expected and perhaps even unexpected. However, when a real estate agent asks you to sign an exclusive contract with him or her, he or […]

Read More
The Trusted Home Buyer Logo
Copyright © The Trusted Home Buyer
WE BUY HOUSES IN: