Care Payment Options

Paying for care can be challenging, especially if no previous plans were put into place.  However, more and more, options are coming available that can help ease this challenge.  Prior to making any decision, it's best to know what choices are available!  Below are a few of the solutions we frequently see which are gathering a good deal of attention...

1) Life insurance buyout programs.  This option involves the sale of a life insurance policy to a third party for a cash settlement.  The money recieved can be utilized in any way one may need.  For instance: in home care, assisted living, nursing home, medical bills, etc.  There are several ways to leverage a buyout program, but the bottom line before taking this option is that one should compare the value of the payment versus the policy value, as well as opposed to other programs.
2)  Life insurance conversion.  Some insurance companies are now offering to convert a life policy into a long term care policy.  This would allow payments to be made from the policy that would be based on the policy value.  Not all companies offer this, and one should consider the trade off in policy value versus the cash payout.
3)  VA benefits.  If the person needing care is a military veteran, it pays to research if they would qualify for any sort of pension benefit from the Veterans Administration.  Since this can be a complex task due to the various offerings and qualification requirements, it's highly recommended that you seek guidance before submitting any sort of application.  There are numerous ways to do this, none of them requiring any up front fees. 
4)  Reverse mortgage.  The Reverse Mortgage can be an excellent option when properly executed.  As with VA benefits, it can be tricky and you will want to be comfortable that it's properly executed.  Again, seek consultation.

The above options are all good possibilities when properly executed.  The important thing to remember is to compare them all, and determine what the best selection would be that will maximize available finances for the longest period of time.  Our office works with clients on these challenges all the time, and we have partnered with resources that can help make the selection as simple as possible.  Feel free to call us to learn more at 704-909-7958.

Bringing useful news to educate our clients is one more way that Home Helpers has been making life easier for over a decade.  Call us today at 704-909-7958.  And as always, you can find us on our website,  Facebook and Google+!