Most elderly people want to stay at home. Certainly their loved ones want the same thing. The critical question comes down to cost. Here are some key factors to consider when weighing the question, how do I make it affordable?
Because Medicare doesn't cover long-term care services, SeniorBridge services are paid for by private funds. There are a variety of ways to pay for long-term care. Below are several resources that may help you.
• Long-term care insurance. This type of insurance can help pay for many types of care, including care at home. Policies range in coverage, and a SeniorBridge Care Manager can review your policy.
• Reverse mortgages. Seniors who live at home and have a low (or no) mortgage balance can use a portion of home equity for in-home care through a federally insured loan program.
• Veteran benefits. Aid & Attendance, a largely unknown benefit, provides monetary assistance to qualified veterans who have served during times of war, as well as their surviving spouses. This benefit can be used to fund long-term care.
• Life Insurance. Private third party organizations now allow seniors to use a life insurance policy to help pay for home health by converting a portion of the policy’s death benefit into a long-term care benefit paid directly to a care provider.
Our Care Managers will help you review your options and refer you to legal and financial professionals who can help execute a plan to pay for your long-term care needs.
• Free download: Understanding options for paying for long-term care