Preparing for Long Term Care
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As seniors get older, making sure their affairs are in order and preparing for long term care are key. The life settlement industry is ripe with ways to help those preparing for long term care, but many of these options are not well known to seniors. According to the Atlanta Journal-Constitution, seven out of ten people will need long-term care sometime after age 65. It’s important for aging individuals to at some point think about assisted living costs, home care, and other situations that may require a substantial amount of money over time.
What is long-term care?
Long-term care can be considered services that allow an aging senior to continue their basic needs and activities that surpass ninety days. Most of the time, long-term care is associated with a nursing home, assisted living facility or home care scenario.
Home care, assisted living facilities and nursing homes are very expensive. Unfortunately, health insurance does not cover these options for long-term care. Without qualifying for Medicaid, or having long-term care insurance in place, things can be financially stressful. The life span of individuals over 65 is getting longer, which means more care and more money. According to the CDC, women are generally outliving men by about five years. Because of this, women especially need to think about these costs. Six in ten women admit to not having a plan for how they would pay for care if they were to need it. Being financially prepared is an important aspect to consider, now more than ever. Where will these funds come from?
What are some viable homecare finance options for aging seniors?
A Life Settlement, or selling your life insurance policy for cash, can help in preparing for long term care.
Many seniors have life insurance policies that can assist in getting the capital needed to pay these costs. The cash value is based on a number of criteria that equals an estimated value of the policy. Another term widely used for this type transaction is a reverse life insurance policy. Reverse life insurance can provide all the details on this type of transaction when a life insurance policy is no longer needed, or has become too costly can save time, effort and money.
Being educated is the key to carefully preparing for the future and knowing what options you have. Getting this information early can ensure you are in a good position and can utilize this solution when needed to continue your standard of living as you age and need long-term care services.