Elder Care Expert Advice » financial help for seniors

Paying For Elder Care Just Got Easier

carlottakatra — Fri, 23 Jul 2010 22:27:51 +0000

By: Chuck Bongiovanni

Published: June 22, 2007

It’s not a surprise that thousands of families across the nation are facing the challlenges of an aging population. The “sandwich” generation, those who are caring for their children as well as their parents, have been feeling the financial pinch of caring for loved ones. Paying the high cost of Elder Care can cost a family thousands of dollars a month. Too many families are unaware of how utilizing a loved one’s life insurance policy can not only pay for Assisted Living and Nursing Home care, but can maintain the standards of living for the remaining spouse.

Not too many financial specialist inform their clients who have purchased life insurance policies with a death benefit over $250,000 that they can utilize a somewhat unknown option on their life insurance to pay for the high cost of Elder Care. It is called a Life Settlement and it can fully take the financial burden off of families who struggle to keep their loved one in a quality facility.

A policy owner has the right to sell his or her life insurance policy to an institution for signifantly more than the cash value of the policy. For example, a life insurance policy with a $500,000 death benefit and a $75,000 cash value can be purchased for $250,000 and up. This money can be used now to pay for assisted living, nursing homes as well as in home services also. The procedure is relatively quick with minimal paperwork. It is senseless to struggle financially to pay for the needs of elderly loved ones when they can utilize their life insurance policy to pay for care. Many, many times life insurance policies lapse when a loved one goes into assisted living or a nursing home just out of financial neccessity as well as through medicaid planning.

Instead of letting a policy lapse or into surrendership, smart families are looking into life settlements as a funding source for the high expense of Elder Care.

Chuck Bongiovanni, M.S.W. has been helping seniors and their fanmilies for over 20 years in the assisted living industry. Chuck can help your family investigate your options for paying for Elder Care through a Life Settlement. You can go to his website at http://www.LifeTransitionsOnline.com or call him directly at 480-703-7005.

Making Senior Health Insurance Options Understandable

carlottakatra — Tue, 02 Mar 2010 21:45:25 +0000

With the rising cost of healthcare and the current economic crisis, choosing the right senior health insurance plan is more important now than ever. Picking an affordable senior health plan that fits your unique needs can help you enjoy your golden years by providing financial stability and peace-of-mind. However, the array of choices for senior health insurance plans – such as Medi-gap, Medicare Advantage and Prescription Drug Plans, just to name a few – can be overwhelming. The amount of information is vast, and even finding that information can be a daunting task. Fortunately, there are steps you can take to choose the right senior health plan with confidence.

Tips for Choosing the Right Senior Health Insurance Plan

If you follow a few simple steps, understanding your senior health insurance options – and selecting the best one for your needs – can be relatively uncomplicated.

Understand the basics.

Know what your options are. There are numerous insurance choices for seniors, including original Medicare, Medicare Supplement, Medicare Part D (for prescriptions) Medicare Advantage plans and Special Needs Plans for persons with disabilities and low income. Each option has its own benefits and drawbacks, so being aware of all your alternatives allows you to select the best one. Also, keep in mind that you can combine multiple plans to provide the coverage you need.

Keep the big picture in mind.

Instead of feeling overwhelmed in the decision-making process, keep in mind what your ultimate goals are in purchasing a senior health insurance plan. For example, know your

deadlines and when you would be able to switch from the plan in the future. Keeping your big-picture goals in mind will keep you from becoming bogged down in irrelevant options and leave you feeling good about having made a decision on a health insurance plan.

Enlist the help of a qualified expert.

Finding an experienced senior health insurance specialist is one of the best ways to obtain comprehensive information on your senior health plan choices. Having an expert that will guide you through the process of choosing a plan is essential. They provide you with easy-to-understand information and clarify any confusion you may have. Moreover, some brokers offer in-person or on-the-phone consultations, which save clients the hassle of navigating the Internet.

Selecting senior health insurance doesn’t have to be an exhausting task. Just keep the basics in mind, get help if you need it, and prioritize your long-term goals. When you select the best senior health plan for your unique needs, you can rest assured that your health care is covered.

http://www.articlesbase.com/insurance-articles/simplifying-the-complicated-making-senior-health-insurance-options-understandable-670943.html

Stimulus Package Helps Seniors

carlottakatra — Thu, 12 Mar 2009 14:17:00 +0000

Everyone wants to know what the “stimulus bill” has in it for them. Well, thanks to that bill, there is at least one good thing for anyone considering a reverse mortgage. The maximum loan amount for a reverse mortgage has been increased from $417,000 to $625,500. While this may not thrill everyone, there are many seniors who have enjoyed more expense homes but were kept out of the reverse mortgage option due to low loan limits. I speak to seniors every week and many of them were pretty well off in their retirement, however, with the stock market plummeting and their CD rates down around 2%, they find themselves looking for options to finance their retirement. On top of that, with the possibility of GM and Chrysler going into bankruptcy, retired auto workers are looking at a possible reduction in their incomes or benefits. If you would have asked these folks a year ago, no one ever dreamed there might be an issue with their retirement.

Let’s look at an example: A couple who are 75 and 73 respectively who live in a home valued at $550,000. Under the old rules, that couple could have received $275,000 in tax free reverse mortgage proceeds (after all expenses were paid). Now, with the new limit, they can receive $360,872 in benefits. This is an increase of over $85,000.

Maybe it’s time to contact your Reverse Mortgage Specialist and get a free-no obligation quote to see what you might be eligible to receive. Everyone’s situation is different so it’s best to get the facts based on your scenario. Reverse Mortgages are available to any senior over 62 who has sufficient equity and who lives in their own home. There is no income or credit score requirement to qualify. It’s your money – make it work for you !

Brenda Wheeler, Reverse Mortgage Specialist, M & I Bank Indianapolis