Worried About The Rising Cost Of Assisted Living

1. Worried About the Rising Cost of Assisted Living? Don’t Overlook These 5 Ideas. With inflation reaching an all-time high, the cost of assisted living, whether in the form of in- home care or at a facility like a care home, is rising as well. The financial aspects of receiving outside care can be a source of stress for all immediate family members involved in decision making or supervision of their parent or loved one. The following five ideas may offer solutions that work for you and your family. 1)Bridge Loans - When it is time to transition to a residential care home or community, it is not uncommon for seniors to require a larger sum of funds to make the move. If you need immediate funds but are not ready to sell your home or other assets before moving, there are bridge loans available that act as a line of credit. The line of credit can be tapped as you need it, and you can pay it back later once you have had the time to get your finances in order. This option allows you to take your time, consider your options carefully, and not be forced to sell your home or other assets in a rush. 2)Sale of Property - One of your most valuable assets is likely to be your residence or other property. If you are ready to transition to a care home or community, you may want to sell your property to help pay for the cost of assisted living.

2. 3)VA Benefits - Did you know that the U.S Department of Veterans Affairs provides a pension to veterans, with additional benefits that help pay for senior care? If you or your loved one are a veteran or the spouse of a veteran, the VA Pension and the Aid and Attendance benefit may be available to you. 4)Reverse Mortgage - Oftentimes only one spouse needs to move to assisted living or memory care while the other spouse remains at home. For some families, home care is a more appealing option than moving into a community. If at least one homeowner is staying in the home, and this person is at least 62 years old, you may be able to use a reverse mortgage to pay for care. Reverse mortgages can provide funds to pay for care, other costs, and living expenses. A reverse mortgage can also eliminate mortgage payments or consolidate other debts, allowing you to redirect funds toward needed care and services. 5)Life Insurance Conversion and Benefits - Did you know that your life insurance policy is a liquid asset that can be sold for cash? Insurance companies continue to increase monthly premiums as a policyholder ages, causing many seniors to struggle to pay their monthly premiums. When faced with unaffordable monthly premiums, most times, seniors will allow their policy to lapse without receiving any return for their years of payments. Seniors who have a life insurance policy with a face value of $50,000 or greater can use the policy to pay for care. The policy type can be a term, whole life, or hybrid. If you meet the required eligibility criteria, your policy may be able to be sold for up to 70% of its death benefit value. Every senior deserves the opportunity to find out how much his or her life insurance policy is worth. You or your loved one may have paid insurance policy premiums for decades, so make sure that you get the most out of them! For additional information about financial resources for seniors, please visit @ https://carehomecentral.com/financial-resources. Care Home Central : https://carehomecentral.com/ Email Us: info@carehomecentral.com Call Us: 925-322-1397