Aging Parents and Elder Care | Senior Elder Care

Paying For Elder Care Just Got Easier

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.

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Choosing Elder Care Facilities
Many older people are very set in their ways and expect to have a say in choosing elder care facilities that will be used when they need medical care and those that will be used when they are no longer able to care for themselves. The elder care facilities could be covered under their social security benefits and other facilities will only be available if the elder has the insurance coverage to pay for it.

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Our senior citizens deserve to enjoy their elder years peacefully and with dignity. A lifetime of hard work has earned them monetary savings and excellent credit ratings. This should serve them well, but actually leaves them as common targets for fraud and scams. In addition to their buying power, they are trusting, unlikely to report fraud, and sometimes have compromised memory due to their age. This furthers their likelihood of being manipulated by scams. Individuals, their family members, and elder care services companions should be aware of ways to protect aging adults from scams.

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