Considering long-term care placement for a loved one can be difficult. Determining how you will pay for the care needed can make the situation even more challenging, especially if you are not clear about the payment options that are available. While most seniors and their children may know about common payor types such as Medicare and Medicaid, most do not know about the other avenues available to them, such as Life Insurance options! Consider the following when determining how you or a loved one can pay for senior care.
Ask your Life Insurance provider about a Long Term Care rider. A Long Term Care rider is an optional add-on to a life insurance policy that will provide financial benefits to the insured in the event they require hands-on daily care when unable to provide it for themselves.
Did you know that you could possibly convert a life insurance policy into a monthly benefit for Senior Care? A Life Settlement can be a “funding bridge” to help people with a life insurance policy who have experienced an urgent need for liquidity but would prefer to not tap into their home or stocks during down economic times or to be rushed into selling dearly held assets during a time of personal crisis. Here are some specifics:
- Liquidate any existing life insurance policy for an amount greater than the “surrender” cash value for individuals 65 or older.
- There are no caps on the amount of money that can be raised through a Life Settlement.
- No restrictions on how money raised through a Life Settlement can be spent.
- No interest fees, guarantees or liens associated with a Life Settlement.
- No upfront fees paid by the policy holder.
- Information on Life Settlements can be found on Life Care Solutions at www.lifecarefunding.com.
We’re here to help you!
If you have questions about paying for the care you or your loved one needs, schedule a visit to our campus. Our staff will be happy to discuss your options and help you get one step closer to enjoying the services our senior communities have to offer! Look for a location near you today!
*The mentioned alternatives are provided for informational purposes only. No endorsement, implied or otherwise, is given.