Three Common Questions About Care Financing

Paying for senior care is one of the most pressing topics when it comes to helping our elderly loved ones. It’s also one of the most searched for topics on the web concerning the health and care of elderly folk. If you’re one of the people that is concerned about how they will pay for their own care or for that of an elderly loved one, you’ve come to the right place.

 

Below, I’ve included three care financing questions that people have. I’ve also included a brief answer to help get you started in figuring this important step out.

 

How Much of My Senior Care Costs Will Be Covered by Medicare?

 

Almost none. This is often a shock to people who are trying to get their care set up, but Medicare does not cover any sort of long term senior care. Medicare was originally designed to help seniors cover their medical expenses, and most states do not count long term care as a medical expense. Some states, like New Jersey, have led the way when it comes to changing this for the future. For now it is important to know the facts and take them into account when helping to plan for care.

 

Can a Life Insurance Policy Be Sold to Pay for Care?

 

Sometimes. Life insurance is a valuable asset, depending on the policy in place. A whole life policy builds up cash value over time, and can be sold. Of course, each policy has a different contract that binds it, and each person faces a unique set of circumstances. For most, selling a life insurance policy is not the right choice–but it can be. This is one of those questions that needs to be addressed on a case by case basis. If you’re not sure what’s right for you, it’s important to speak to a financial professional who is familiar with your situation. They will be able to give you much more accurate advice here.

 

If you’re like most people, you have a lot of questions about how you will be financing senior care.

 

Do Veterans Have Extra Benefits?

 

Yes. Veterans receive health insurance through the VA, and this often includes senior care and long term care. It’s important to know what’s available to you, what the cost is likely to be, and what you need to do on your part in order to access that care. If you have questions in this area, please get in touch with your local VA Center. They can help you see which resources are available to you.

 

For many, the thought of paying for care is an overwhelming topic. Hopefully, this brief rundown of common questions (and answers) has been helpful for you. Please feel free to pass this brief guide on to anyone you know that might find some help here. Additionally, if you have any other questions about care or how to go about finding the right caregiver for your family’s needs, please don’t hesitate to get in touch with us. We offer free consultations to families in the Bay Area looking for senior care help. Whether you have questions about finding the right caregiver or paying for that care, we are here to help you.

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