Maintaining the health, wellness, and safety of our residents is our number one priority. Due to the COVID-19 situation, effective immediately we are restricting visitors to our community. This is in cooperation with federal mandates regarding this situation. Letters regarding specific details are being sent to the responsible parties for our residents to provide them with more detailed information. In addition to restricting visits, our staff will be screened prior to the starting of their shifts and have been trained on the symptoms of COVID-19 as well as infection prevention techniques. This is a fluid situation and we will keep you informed as the situation changes. We appreciate your cooperation and patience. If you have any questions, please don’t hesitate to contact us.
We are warmed by your feedback and appreciation for the fact that our blog contributors here at Bethlehem’s Gateway Gardens Assisted Living and Memory Care provide meaningful and educational material. As you might imagine, a frequently discussed topic with phone callers and walk-in visitors centers upon how those on fixed income can cover the expense of senior assisted living professional care and/or professional memory care services. Today’s blog covers three of the financial avenues that are often tapped to cover or assist in covering the cost of professional care.
Many people don’t realize a senior’s life insurance policy — or that of a family member — can be used to pay for assisted living. You can sell a policy to a third party for market value and use the proceeds to fund a long-term care benefit plan while retaining some death benefits. Another option is “surrendering” a life insurance policy to the life insurance company for cash value. In this case, you give up ownership and won’t receive any benefits upon death.
If your loved one owns a home or other property, they may be able to cover assisted living costs with home equity. Some ways to leverage home ownership to pay for assisted living include:
If your loved one served in the military, worked for the government, or was a railroad employee, they may be eligible for a stipend to cover some assisted living costs.
Wartime veterans or spouses may qualify for a pension program through the Department of Veterans Affairs (VA) to offset the cost of senior care. Federal and Postal employees and annuitants, as well as qualified relatives, can apply for Federal Long Term Care Insurance (FLTCI), which helps pay for future long term care expenses. Employees have to apply for FLTCI before retirement, and certain medical conditions may prevent approval.
There are multiple other avenues that we are ready and eagerly welcome the opportunity to discuss with you. When we serve to increase your knowledge of how to best research your options, we are all warmed by so doing. Contact us here at Bethlehem’s Gateway Gardens Assisted Living and Memory Care to learn more!
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