Perhaps you’ve heard horror stories. Maybe you fear that you can least afford what you or your loved one needs the most. But while senior care housing can indeed be costly, there are a host of financial assistance programs that have emerged in recent years – not for the indigent but for seniors who own real estate and/or have life insurance, and for military veterans. Some of the programs offer very creative ways to make the move to an independent or assisted living community possible even before you’ve sold your home or condo.
Here are some funding options you should consider:
- Selling your life insurance policy. Called a “Life Settlement,” you can finance the cost of senior living by selling your life insurance policy for an amount greater than the cash surrender value. Offered through Lifecare Funding Group, there are no restrictions on the use of the funds. After agreeing to a Life Settlement, you no longer pay premiums and you receive a lump sum payment to help meet your current financial needs.
- Veterans Administration’s Aid and Attendance program. If you’ve served in any branch of the service during wartime, have a need for physical assistance and qualify in terms of income and assets, you may be eligible for a monthly benefit to put toward independent or assisted living expenses. It will require some paperwork and maybe a couple of months’ processing but it could make a huge difference in your quality of life. If you are approved for this benefit, it becomes retroactive to the date you physically moved into a senior living community.
Five Star staff are happy to consult with you to help you decide what programs may be most suitable and beneficial for you. For more information on any of these programs, please contact a Five Star Senior Living community near you.