Preparing To Pay For Senior Living
April 26, 2018
Reviewed and Updated by Anastasia Iliou,
Planning is crucial to having a successful financial life. You should always strive to leave room in your budget for potential health concerns, your retirement lifestyle, and your senior living facility if you find yourself needing one. You may be perfectly healthy now, but we as humans have to face reality: we can’t live forever, and our bodies and minds will start to deteriorate.
For Veterans – Aid & Attendance
Any veteran who is eligible for a pension from the VA and who is either housebound or needs help at home may be eligible for payments. It acts as an increased monthly pension and can help pay for either home care costs or nursing home fees. You can apply by visiting your local veteran benefit office. You’ll need evidence of your need for nursing care (any evidence of your disease or injury).
Life Insurance
Some life insurance plans allow you to take money out (tax-free) while you’re still alive. That means that you can use your life insurance policy as sort of a savings account for your future long-term care.
The younger you are when you purchase life insurance, the lower your premiums can be. If you don’t already have life insurance, buy now. Even if you don’t use it for your long-term care costs, you can use it to make sure your family is not left with your debts when you pass away.
Long-Term Care
Medicare will cover certain services based on your needs. For extra coverage, you may want to consider a long-term care policy. Long-term care policies will give you a daily allotment of money to spend on anything from your skilled nursing facility to an at-home aid. The catch is that you have to purchase long-term care insurance before you actually need it. If you’ve already had cancer, a stroke, Alzheimer’s, or another serious ailment, you might be denied long-term care insurance. Pre-existing conditions can prevent you from getting a good policy. If you buy now, you’ll be covered for when you get older and really need the help.
Ready to make a purchase? We can send an agent to your home to help you sort through your options and solidify your financial future. To get started, give us a call at 844-431-1832.
