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Funding Sources as Loved Ones Need More Care

Many older adults, as well as their families, experience stress and anxiety regarding the cost of medical and long-term care. A nagging question is often, “If additional care is needed, […]

Funding Sources as Loved Ones Need More Care

Many older adults, as well as their families, experience stress and anxiety regarding the cost of medical and long-term care. A nagging question is often, “If additional care is needed, either because of illness, accident, or decline, and lengthy hospitalization, in-home care, and/or long-term care in a residential facility are needed, how do we pay for it?” Although many individuals and families designate funds for such a purpose, the cost of care often consumes a more significant portion of monthly income than anticipated.

This ACAP program is aimed at helping participants become aware of sources of funding to help offset medical and long-term care expenses, including private individual/family resources, long-term care insurance, federal and state programs, VA benefits, life insurance policies, reverse mortgages, and other vehicles for realizing needed funds.

Some possibilities of funding for significant healthcare and long-term care you will learn about include:

  • Private funds (savings, pension or other retirement sources, stocks, and bonds) and other personal
    property (home, car, etc.)
  • Long-term care insurance
  • Government programs (Medicare, Medicaid, Social Security)
  • Veteran’s benefits
  • Life settlements
  • Reverse mortgages

Program Presenter: Ritika Kapoor, Chief Operating Officer of Elderlife Financial Services

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