Welcome back to our Manor Lake Ellijay assisted living and memory care blog, where we strive to pass along our love and professional knowledge to all of you caring for special needs loved ones at home, whether you provide senior assisted living services or memory care services to your loved one.
First, a caveat. When it comes to financing managed care for you or your loved one, we are not your subject matter experts. A professional financial advisor is the one for you to take all accounts into consideration and to build a plan that is right for you. Yes, we are versed in the various ways that our cherished residents manage their managed care fiscal affairs, but the variety of ways that it is accomplished is precisely why we feel comfortable only providing general knowledge and ideas that you can get educated upon and take forward to your trusted financial advisors.
There are short-term financing options available for your long-term plan. If you are waiting for a house to sell, benefits to arrive, or simply want to explore additional funding options to pay for your care and service. You may want to consider:
- Bridge Loan
- Real Estate
- Long Term Care Insurance
- Life Insurance
- Assisted Living Coordination Fee or buy-in
Bridge Loans
Are you challenged with paying for senior living while waiting for your home to sell, Veterans or insurance benefits to begin or another financial event to occur? Or maybe the timing isn’t right to sell an investment, or for tax purposes, it’s better to borrow. A Bridge Loan may provide peace of mind by “bridging your family’s funding gap”:
- Interest-only payments
- Competitive rates, origination fee, and terms
- No upfront out-of-pocket expenses
- Loan fills the gap while waiting for Veterans and other benefits to become available, generally up to 12 months
Real Estate Program
We understand life changes, and a time comes when you may be looking to downsize, move into a retirement community, assisted living community, or in with a family or a friend. Where do you start, and how do you assist a family member who is three blocks or three states away?
You may want to consider working with a realtor who is certified with an expertise in working with seniors, a Senior Real Estate Specialist or SRES. Their knowledge of your local market can assist you every step of the way. Other services that may be available to you include:
- Potential discounts on packing, moving, and staging
- Local agents who know the market
- Tag sales, auctions, junk removal
- Home loans are available if one owner is staying home
- Funding available for repairs or moving costs
Insurance
You have paid premiums over the years to provide protection and security for yourself and your family. Now that you are considering senior living, you may decide to access your policies to pay for care.
Long-Term Care Insurance Claims Assistance
Many families are unaware of the complexities and time involved in preparing and filing long-term care insurance claims. Additionally, most owners of Long-Term Care policies do not realize the ongoing tasks required to properly manage an ongoing claim process. Often, policies have an elimination period or waiting period that ranges from 90 to 180 days, during which no insurance funds are paid. You may want to consider speaking with a specialist for help in reviewing your current policy. If you need access to funds during this elimination period, a Bridge Loan could assist in paying for care until your policy kicks in.
Life Insurance
In many cases, if you own a life insurance policy, there may be an alternative way to use your policy. Depending on your situation and policy, you may be able to sell or borrow against a life insurance policy to pay for senior housing and/or care expenses. With some programs, you can potentially preserve a portion of the insurance benefit for your designated beneficiaries and still obtain proceeds today.
Community Entrance Fee
Perhaps you need help moving to an assisted living Life Care Retirement Community (LCRC) before your home has sold, without being required to liquidate assets. A personal consultation with a CCRC Sales Specialist might help in determining the most appropriate options available to you.
Wealth Preservation
For families that have assets or equity in a home, you may want to consider speaking with a specialist to arrange a consultation with a partner who offers a monthly income product that may cover ongoing expenses. This product may help cover the costs of private pay care without spending all of one’s wealth. This income can be used for anything, including paying for living, medical, or care expenses.
Please know that we stand ready to help you navigate this critically important research. Please contact us anytime here at Manor Lake Ellijay Assisted Living and Memory Care in Ellijay, GA.
