What Are My Long-Term Care Financial Assistance Options?
Every senior deserves a level of care and independence that is right for them. Choosing senior living may be the key to maintaining a desired lifestyle while receiving any necessary care. Whether you’re looking for independent or assisted living options or need more full-time services with respite or memory care, senior living offers a variety of personalized care levels that promote quality of life.
If you or a loved one has decided senior living is the best choice for quality of life but are worried about how to pay for long-term care, resources are available to help ease the financial burden. Many older adults initially pay for long-term care out-of-pocket, but as needs increase, so do the number of services required, increasing the need for long-term care financial assistance. Fortunately, financial solutions are available.
Long-Term Care Insurance
Long-term care insurance helps pay for costs sustained by long-term care. Most policies cover assisted living expenses and may be a good option for covering care, especially if you already have an existing policy. If you’re near 65 and don’t yet have a policy, you may want to consider purchasing one. This is an ideal time to consider long-term care insurance, as costs increase as you get older.
Elderlife Financial Services
Another viable option is Elderlife Financial Services (EFS). Elderlife is a short-term bridge loan that acts as a line of credit. Similar to a credit card, you only borrow what you need when you need it.
As you transition your loved one into senior living, you may experience a gap in funds.
A bridge loan “bridges” the gap as you wait for funding so you don’t have to delay necessary care. These loans can provide 12 months or more of coverage and are classified as unprotected loans, which means there’s no lean on your property. Plus, there are no pre-payment penalties if you decide to pay it off earlier.
If you’re a veteran or a surviving spouse of a veteran, you may qualify for the Veterans Aid & Attendance pension benefit, otherwise known as the A&A benefit. Veterans Affairs (VA) provides up to $1,794 per month for veterans, $2,127 for couples, and $1,153 for a surviving spouse. The pension is tax-free and can be used for assisted living communities, in-home care, private nursing homes, or board and care.
If you’re considering senior living and have questions about long-term care financial assistance, contact the Solterra Senior Living community nearest you. We’re here to help, whether you’re looking for assisted living options for yourself, an aging parent, a friend, or a relative, so your loved one can live well in every stage of their life.
Financial concerns don’t have to compromise your loved one’s care. Find the right funding for your personal care and find quality care as well as peace of mind.