When making, or preparing to make, the transition into a senior care facility, families will always unavoidably encounter questions and concerns over the issue of payment for these services. What few may realize is that a number of options exist to make payment possible. One way is to utilize veterans benefits if applicable. Bridge loans offer another avenue to pay for care. It is also possible to dip into a life insurance policy in order to finance care. Finally, individuals can also take advantage of real estate values in order to fund their loved one’s care.
- If your elderly loved one served their country themselves or if they were the spouse of a veteran, then they are entitled to veteran benefits and should apply to receive them
- Bridge loans offer the quickest way to secure necessary funds to pay for care, with many options becoming available for use within one day
- Life insurance policies can be leveraged as assets to secure money in order to cover the payment for treatment and care
“Most families are so focused on care and housing needs that they have no time to fumble through the maze of financial options to sort through which one is the right one for them.”
Read more: https://www.senioradvisor.com/blog/2019/02/ways-to-pay-for-senior-care/
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It is among the more difficult decisions we face in older years, and an extremely delicate subject for adult children to initiate with their elder parents: relinquishing the car keys. Driving ourselves, while supplying an inherent experience of freedom and independence, may become extremely unsafe due to a number of variables linked to getting older. And letting go of that independence for sake of senior driving safety can feel defeating. Read more
