Paying for senior care is extremely intimidating. Seeing the price tags for quality care can make you faint. But there are surprising ways that you can pay for senior care.
7 Ways to Pay for Senior Care
There are different ways to pay for senior care that you may not have thought of. Maybe you can use one of these advantages.
1. Military Discount
Veterans and their spouses can be eligible for Veterans Aid and Attendance. This is a benefit that can help pay for some of the costs.
2. Bridge Loans
Because senior care is fluid, due to sudden health issues, it can be hard to know how much to save. You can easily need some extra help.
Some financial services will give bridge loans to help. The loan needs to be repaid once funds are available, like from an estate sale.
3. Change Up Life Insurance
If you or your beloved senior has a life insurance policy, you may be able to change it to help with senior care.
You can change a universal, whole, term, or group policy and use it for assisted living, dementia care, skilled nursing, hospice, or private home care.
4. Cover Your Continued Care
If you are nervous about any changing needs, communities offer long term accommodations and health related services with a buy in fee.
This can mean help with independent living, assisted living, Alzheimer’s and dementia care, rehabilitation, and skilled nursing.
5. Use Medicare
Don’t forget that there is a federal health insurance program that covers inpatient hospital stays, skilled nursing center care, and home health services for people 65 and older.
Medicare will help with hospital insurance, medical insurance, and prescription coverage.
6. Reverse Mortgage
If you have equity in your home, a reverse mortgage could be helpful. You will be able to stay at home while paying off anything that’s needed.
This is a big decision, so make sure to talk to a financial advisor before you do anything.
7. Check Out HUD
The U.S, Department of Housing and Urban Development offers affordable rent programs for seniors. Public housing, multifamily subsidized housing, and voucher housing programs are options.
Read more here.