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How to Pay for Senior Living | Fedelta Home Care, Seattle WA
June 17, 2015
How to Pay for Senior Living
Seniors have greater options than ever before in how they choose to spend their golden years. Whatever living option you determine is right for you, it’s nice to know that you may have some opportunities to help finance your choice.
If you or your loved one qualify as “low income,” some programs may be able to assist with home care. If you home care includes home health, Medicare or Medicaid may pay for such services as nursing care, physical therapy, and even home care services such as assisting with bathing, dressing and meal preparation. Medicare’s PACE program does cover home care for qualified individuals, but is not available in all states.
Veteran’s Aid & Attendance
If you’re a veteran or a surviving spouse, you may be eligible for the VA’s Aid and Attendance program, which provides funds to people who require the aid of another person to perform the activities of daily living such as dressing, bathing, and feeding.
Many people have turned to long-term care insurance to fund their future health care needs. If you have a policy, you may be covered for home care. If you’re thinking this is something you may eventually need, research your options and make sure your policy meets your anticipated needs.
A reverse mortgage allows seniors to convert their home equity into cash, which can be taken in the form of monthly payments, a lump sum, or a line of credit, all of which can be used for care expenses.
Cash in a Life Insurance Policy
Seniors who no longer have a living spouse and whose children are grown may no longer have a need for life insurance. If so, policyholders can use the cash value (if any) to pay for home care. Or, your policy may allow you to convert a portion of the death benefit into a long-term care benefit.
Reprinted with permission. Copyright 2015, IlluminAge.