Money can be one of the most difficult things to discuss in life, but the availability of funds to pay for things governs so many of our decisions. Take, for example, paying for the cost of Assisted Living and long term care.
Regency wants to educate seniors about their options so they can become empowered and make confident choices about their futures.
Some of those options include Long-Term Care Insurance (LTCI), Veterans Benefits, Medicare, Life Insurance, a Reverse Mortgage, Lines of Credit, Social Security Benefits, Annuities, Private Funds and Personal Assets, Trusts, and Disability Benefits.
Trust can be useful estate-planning tools if someone has a sizeable amount of assets in something like real estate or a business. Annuities promise a steady stream of payments, no matter how long someone lives, assuming they can hand over a large amount of money to an insurance company that won’t be needed for emergencies or inheritances. Social Security has become a vital source of income for more than half of seniors, but it likely won’t cover all of the costs of long-term care.
Tennessee seniors are fortunate to have access, in some cases, to the TennCare CHOICES program to help pay for expenses for those who need help with daily tasks and can’t live alone for this reason. Medicare, the federal health insurance program, enables residents to remain in assisted living facilities by augmenting care, which leads to a better quality of life. Medicare enrollees are expected to pay for long-term care services entirely from their income and savings while the program covers costs associated with their healthcare, NOT the ongoing monthly cost of residency in an assisted living community.
Seniors who served in the military during a time of conflict may also want to apply for “Aid and Attendance” benefits that aren’t dependent on service-related injuries. It is specifically intended for those Veterans and surviving spouses who need the help of another person to bathe, eat, dress, take medication, or use the bathroom. A Veteran can qualify for up to $1,732 per month, while a surviving spouse is eligible for up to $1,113 per month. Getting qualified requires filing paperwork with the Veterans Administration.
People in their late 50s or early 60s may see some benefit in acquiring Long-Term Care Insurance, which is designed to pay for costs not covered by health insurance, Medicare or Medicaid. An alternative to a LTCI policy is a savings account in which a large sum of money is deposited to cover such expenses.
Other sources of possible assistance include using home equity, getting a Reverse Mortgage, or selling or renting a home for the money that generates. Companion living can reduce the price of an apartment at Regency, provided a resident is willing to share the space with a roommate.
A Line of Credit in the form of a bridge loan can allow a senior to move to a community like Regency right away while paperwork makes its way through the VA or other income is held in process.
To schedule a tour of Regency Retirement Community of Morristown and speak to one of our community consultants about the steps involved in moving to one of our apartments, call (423) 581-7075.