Many seniors do not have enough assets saved up for their retirement years in order to ensure they will be able to afford the type of care their loved one or themselves will need. Most will need to sell their home, cash out on life insurance policies.
Cash Assets, IRA’s, Stocks, Bonds, Home Sale
Medicaid can financially assist those needing physical & financial assistance in their home or a community setting. Some Assisted Living and Skilled Care settings have a contract with Medicaid. Medicaid is the United States health program for people with low incomes and resources. To qualify a caseworker will review your financial need and physical need.
To begin the application process go to http://www.medicaid.gov.
Veterans Aid & Attendance
Aid and Attendance is an amount awarded in addition to the basic pension. This benefit takes into account a person’s unreimbursed (out-of-pocket) medical expenses. These medical expenses are subtracted from a person’s gross income to determine eligibility.
- A Veteran is eligible for up to $1,732 per month
- Surviving spouse is eligible for up to $1,113 per month
- Veteran with a Spouse is eligible for up to $2,054 per month
- Veteran with a Sick Spouse is eligible for up to $1,360 per month
A veteran is eligible for Aid and Attendance when he or she:
1. Requires the regular aid of another person to perform everyday functions (bathing, eating, dressing, etc.)
2. Is bedridden
3. Is a patient in a nursing home
4. Is blind or nearly blind
A veteran is eligible for Housebound benefits when he or she
1. Has a single permanent disability that results in the veteran’s confinement to his or her immediate premises
2. Has a single permanent disability rated as 100% disabling and a secondary disability rated as 60% disabling
For more information on Veterans Aid & Attendance visit:
Financial assistance for seniors and their families when financing home care or exploring the many types of senior living communities and home care providers.
To learn more visit http://www.elderlifefinancial.com/
A reverse mortgage is a form of equity release (or lifetime mortgage). It is a loan available to home owners or home buyers, enabling them to access a portion of the subject home’s equity. The home owners can draw the mortgage principal in a lump sum, by receiving monthly payments over a specified term or over their (joint) lifetimes, as a revolving line of credit, or some combination thereof.
To learn more visit http://www.reversemortgage.org
Life Insurance Policy Cash Out
In tough economic times, people are sometimes left scrambling for cash to meet everyday expenses and lifestyle demands. Your life insurance policy is a possible source of funds – but should you tap into it?
There are certainly some drawbacks to using life insurance to meet immediate cash needs, especially if you’re compromising your long-term goals or your family’s financial future. Nevertheless, if other options are not available, life insurance, especially cash-value life insurance, can be a source of needed income.
For more information visit http://www.investopedia.com/articles/pf/08/life-insurance-cash-in.asp