Paying for Senior Care – Manage Your Finances Efficiently
The average lifespan of individuals in the United States seems to be increasing. This means that more adults have to care for their aging parents or siblings. Many people are under the misconception that Medicare covers long-term care costs, but this isn’t true. So you need an alternate way to pay for senior care.
Adult Care Advisors has been providing senior care guidance in New Jersey for years. We can offer you valuable insights on how to finance senior care for your loved relative or parent:
- Plan: The most important way to pay for senior care is to plan for it. People don’t like to think about their senior years. However, whether we like it or not, most of us will eventually incur significant long-term care costs. So make sure you and your senior are prepared for it.
Grants and Insurance: Make sure that financial reasons don’t force you to compromise the quality of care for your senior loved one. We recommend Long Term Care (LTC) insurance to cover for unforeseen expenses for senior care. If your senior is a veteran and eligible for VA benefits especially the Aid and Attendance improved pension plan, take advantage of this funding. If your senior suffers from Alzheimer’s, explore the grant offered by the Alzheimer’s Association for respite care and see if your loved one qualifies for this benefit.
- Reverse Mortgages: Also referred to as a Home Equity Conversion Mortgage (HECM), this is a type of loan (for homeowners over the age of 62) that turns the equity saved up in a home into cash. When someone secures a reverse mortgage, they can use the money from their home equity while also living in and retaining ownership of the home.
Adult Care Advisors has connections to a number of assisted living communities in New Jersey. We can negotiate competitive rates for those interested in moving to a senior care community. What’s more, our adult care consultants offer plenty of tips to help you save for a more comfortable senior life.
Make sure your loved one gets the necessary senior care, irrespective of finances. Contact Adult Care Advisors to speak with a long-term financial planning expert today.