
Wondering how to pay for assisted living? Here are some ideas…

#SeniorLiving
When a senior reaches the point of needing more help than adult children are at liberty to offer, assisted living communities can step in with a 24/7 care team to lend support.
As health conditions edge in, finances naturally enter the discussion. Seniors and their families must consider how they will cover the cost of retirement and related health care. Here are some ideas:
Long-term Care Insurance can cover a variety of costs, including services that aren’t covered through Medicare or Medicaid. With many reputable providers offering different packages, seniors can shop for the plan suited to them. Some LTC plans offer benefits that cover 50% to 100% of daily costs for a specified period. Other policies offer cash benefits, enabling seniors to pay a smaller fixed amount per month in exchange for a large sum put toward care. Some plans offer immediate coverage with no initial waiting period.
Life insurance policies work by accumulating a cash reserve that can provide immediate cash. These funds can be accessed through conversion actions such as cash surrender, life settlements or through selling the policy on the open market. Once funds are received, the policyholder stops paying premiums and can focus on enjoying residency in a retirement community.
Home equity: When it’s time for retirement funding, many turn to their largest asset: home equity. You can minimize the challenges and maximize the profit by working with an agent who specializes in representing senior clients. Seniors Real Estate Specialists have vast experience, bringing to bear local resources each step of the way.
Federal tax deductions: A senior can recoup some of the cost of retirement living through certain federal tax deductions if they have a chronic illness or are unable to live without assistance. A physician must certify that the patient is unable to perform two activities of daily living without assistance.
VA Resources: Assisted living communities are proud to welcome Veterans and support them with resources provided by the VA. If a senior has been in military service (or is the surviving spouse of a veteran), they could be eligible for Aid and Attendance which provides a tax-free monthly income paid directly to the recipient. This well-earned reward helps to cover retirement costs. For assistance, reach out to an accredited VA agent.
This story is sponsored by MorningStar of Beaverton at 14475 SW Barrows Road; 503.714.7363.
Overlooking natural wetlands, MorningStar of Beaverton offers 66 suites for assisted living and 38 devoted to memory care, with studio, one- and two-bedroom floor plans as large as 974 sqft.