Your loved one may not be able to live on their own anymore. And you don’t have space or the time to commit to caring for them full-time. It’s time to consider a senior living facility. One thing that has likely crossed your mind is the cost of senior care. Here are some commonly asked questions and answers about how to afford senior care.

Can I Afford Senior Care With My Savings?

It is important to talk to your loved ones about what their savings and retirement funds look like. If they have planned well, there is a good chance that they have enough money set aside to pay for senior care. This can also come from other family members that have the means to help out. Have the conversation to see where they stand and what you can afford.

Can I Use VA benefits for Assisted Living?

If your loved one is a United States military veteran, they may be eligible to use their benefits for long-term care. Some of these benefits include all-day care and skilled nursing care. To find out more, take the quick questionnaire on VeteranAide.org to see if your loved one qualifies!

What Does Medicaid Cover for Assisted Living?

Medicaid is a federal program designed to assist those with low income afford medical care. If your loved one is eligible for Medicaid, you can determine if they are eligible for long-term care coverage. Medicaid will cover stays in assisted living and nursing homes. Coverage is dependent on your loved one’s needs and location.

What does Medicare Cover for Assisted Living?

Medicare doesn’t typically pay for long-term stays, but it can help pay a portion of the cost. Certain conditions have to be met, but it is still a consideration for short-term stays and rehabilitation services.

Can I Afford Senior Care With Life Insurance?

The answer is yes, life insurance can help pay for long-term care in a variety of ways. Most commonly, policyholders can withdraw cash to help pay for long-term medical care. Policies can also be sold to pay for care in a “life settlement option.” This can produce more money than withdrawing cash amounts from your life insurance policy. The settlement option is usually income-tax-free as well.

 

We know it can be difficult to talk to your loved ones about living in a senior care community. It can also be hard to pay for the services your loved one needs. Talk to them about their financial status and look into these different ways to help pay the bills! Ready for a customized consultation? Schedule one online today!

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