One of the toughest questions when onboarding new families is helping them determine how to pay for care. Unless a family already has the means to afford your services, legal fees, and accommodation at an assisted living or nursing home facility, odds are good that financial considerations weigh heavily in the process of seeking care.
Thankfully, care managers can help without having to be financial experts. There are five ways in which you can help families tap into funds that they may not have realized they had.
Families can sell a life insurance policy to help pay for care. This unlocks years’ worth of premium payments and a portion of the policy’s total worth, allowing the policyholder to access cash now when it’s needed the most. Best of all, Worthright makes the selling process easy, free, and fair for the seller.
Veterans and their spouses may qualify for the VA’s Aid and Attendance program, which is part of the VA’s pension system. Aid and Attendance offers money for veterans and their surviving spouses with money to help pay for assistance, which can help make care more affordable. Veterans who exceed the legal limit for their VA pension may still qualify for the program, so long as they don’t receive reimbursement for these expenses from other sources.
Long-term care insurance is designed specifically to help make elder care more affordable. These policies cover many costs associated with nursing homes, assisted living, and in-home care. This can make them an interesting option for families looking for ways to pay for care, especially as medicare does not cover these kinds of expenses.
Selling one’s home can be the most surefire way to find money necessary for care, particularly if the home is in an area where real estate is in demand and a seller’s market is in full swing. Sellers are more likely to command a higher price for their home, which can be parlayed into more comfortable accommodations or more money for an extended period of care.
Bridge loans can offer anywhere from $5,000 to $500,000 depending on the borrower’s credit score, credit history, and annual income. These loans can be helpful when the sale of a home is pending, a family member needs to move into assisted living quickly, when rental and care payments are due before benefits kick in, or when assisted living and nursing home facilities require steep move-in fees.
At Worthright, we’re dedicated to helping care managers better aid the families they care for. Our financial tool helps care managers walk families through their entire financial landscape, demystifying the challenging task of finding money to pay for care options. Visit our site to sign up or learn more. You can always drop us a line with any questions as well.