3 Financial Resources to Help Pay for Senior Living
At Lawrence Street Health Care Center, we know families often struggle to figure out how to pay for their aging loved ones to get the right care they need. You want them to have the best safety, comfort, and healthcare possible, and it is difficult to think of having to put the financial burden of that care above any of those considerations.
There are many financial resources to pay for senior living out there, so here are three options that may be available to you:
Medicare & Medicaid: Nursing home care can be paid for with the help of some federal and state programs. Medicare covers short-term stays for seniors over 65. Long-term care is not covered. Find out more about Medicare’s coverage and its additional benefits.
In contrast, Medicaid covers medical costs for people with limited incomes and resources. If a senior qualifies for Medicaid, Medicaid will pay for extended nursing home care. To learn more about eligibility requirements in your state, check out this resource.
Reverse Mortgage: Equity in one’s home can be used for a reverse mortgage loan. It is common for lenders to release a monthly stipend, but some will allow you to receive one lump sum. In this case, it is difficult to know if the equity will be sufficient because it is often unknown how long your loved one will need care and how much the care will cost.
Life Insurance: It may be possible to convert some life insurance policies to pay senior living homes directly. Sometimes you may be able to borrow against the value of other life insurance policies, which may allow you to cover medical costs in addition to life insurance.
When choosing a plan for your loved one, it can be overwhelming to weigh the options, so we recommend consulting with a trusted financial professional to help guide you. Give us a call at (281) 357-4516 so we can further assist you.