Long-term care can get expensive quickly. Here are some ideas that Forbes suggests to consider in case you need help to cover the costs:
Pick the right long-term care option for you!
Assisted living may be more affordable than a nursing home for many individuals. It all comes down to medical needs and the level of care that you require.
Use cash from an IRA.
Long-term care costs may qualify as a medical expense, meaning that you will receive a tax deduction on the money you receive from the IRA.
Look into the Veterans Aid and Attendance program
If you or your spouse served during a time of war, you might be eligible to receive up to $1,830 per month ($1,176 for a surviving spouse). There are income as well as asset maximums, but the program can be a huge help for those who qualify.
Activate a life insurance policy’s chronic illness rider
If you need long-term care, you may qualify for the chronic illness rider. Approval is usually based on the inability to do at least two daily living activities without assistance.
Get a reverse mortgage or sell the house
If you are moving into long-term care, selling the house may be a feasible option for financing it. If the house is still needed, a reverse mortgage is an option that many people consider.
Consider Medicaid as an option
If you are low income with limited assets, look into applying for Medicaid. The rules vary between states, so seek local advice and assistance when applying.
Use social security payments
The guaranteed income of social security payments makes them a good option for paying regular monthly long-term care bills. However, it is unlikely that social security alone will cover everything.
Use your pension
A pension also provides a guaranteed monthly income and can bring stable payments to help cover some or all of the expenses of long-term care.
Use life insurance policies and savings bonds
Take your old savings bonds to the bank and consider cashing in on any whole life policies that you may have purchased in earlier years. You may be surprised at what they are worth.
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