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230. Replay: How to Pay for Senior Living
Manage episode 466749762 series 3363502
Lori Williams Senior Services에서 제공하는 콘텐츠입니다. 에피소드, 그래픽, 팟캐스트 설명을 포함한 모든 팟캐스트 콘텐츠는 Lori Williams Senior Services 또는 해당 팟캐스트 플랫폼 파트너가 직접 업로드하고 제공합니다. 누군가가 귀하의 허락 없이 귀하의 저작물을 사용하고 있다고 생각되는 경우 여기에 설명된 절차를 따르실 수 있습니다 https://ko.player.fm/legal.
Different ways to pay for senior living:
So you’ve decided you or your loved one needs senior living - how much is it going to cost? A 2020 study by Genworth determined that the U.S. average for assisted living is $4,429 a month, though it could be less (or even more) depending on where you live! Budget is a huge factor in determining what’s available to you. Unfortunately, there’s also a huge misconception that Medicare will cover the cost. That is simply not the case.
With that in mind, as a Senior Living Expert, I'll be sharing 10 ways to pay for senior living. Depending on how you’ve prepared over the years, there may be different options available that you never considered. Most people tap into social security, and if you have a pension plan, add that to your monthly income.
Savings are another way to pay, and you can consider savings in your 401(k) or other retirement funds as well.
Other means of payment: Do you own a house? Speak to a realtor - you may be able to sell without renovating your home. Are you a military veteran? VA benefits, like Aid & Attendance for war era veterans and spouses, can pay great rates. If you have Long term care insurance and qualify for care, it will cover Assisted Living & Memory Care. Family may also chip in to help, and there are life insurance policies to cash in, as well as bridge loans and reverse mortgages.
Nothing brings you back to reality like discussions about budget. However, there are many options. It’s also important to discuss finances with your loved ones, even if it’s an uncomfortable conversation, just so you’re prepared when the time comes.
Topics discussed:
-Senior living
-Paying for senior living
-Asset management
-Long-term care
-Medicare
-Insurance policies
-Selling your home
Takeaways from this episode:
-Medicare does not cover senior living. However, Medicare does pay for doctor’s visits, hospitalizations, rehab, hospice, and home health.
-Speak to a realtor to get a market analysis and discuss potential earnings if you were to sell your house.
-To prevent potential rejection, seek an elder law attorney’s help when completing the veteran’s benefits application.
-Purchase a long-term care policy when you’re younger. They can become cost-prohibitive if you wait until you’re older with health issues.
- It’s important to discuss your loved ones’ assets and preferences. That way, you can help respect their wishes if they need a new living arrangement.
Resources mentioned in this episode:
Get my new book, 'Surrounded by Love: One's Family Journey Through Stroke Recovery': https://loriwilliams-seniorservices.com/book
To suggest a topic, be a guest or support the podcast, please email [email protected]
For more senior resources and to sign up for the newsletter, please visit:
https://www.facebook.com/LoriWilliamsSeniorServices/
https://www.instagram.com/theloriwilliams/
https://www.linkedin.com/in/theloriwilliams/
https://loriwilliams-seniorservices.com/aging-in-style-podcast/
Listen to this episode before upgrading your house:
Senior Living 101:
5 benefits to moving to senior living community:
https://www.loriwilliams-seniorservices.com/post/5-benefits-of-moving-to-a-senior-living-community
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