How to Finance Nursing Home Care
Consider in-home care., Negotiate long-term care costs., Relocate your loved one., Qualify for a Reverse Mortgage.
Step-by-Step Guide
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Step 1: Consider in-home care.
Long-term nursing home care costs between $6,000 and 9,000 a month and many people cannot afford this option.
To save money, you may want to consider in-home care, which costs approximately $21 an hour for a care assistant.
This option is not only less expensive but it allows your elderly or disabled family member to reside in his or her home for as long as possible., If you are paying out-of-pocket for long-term nursing care, you should negotiate the overall cost with the nursing home.
While some nursing homes may refuse to negotiate, others would prefer to take a lower private care rate because it still pays more than state-sponsored Medicaid programs. , The cost of nursing home care varies greatly from state to state and even from locality to locality.
If your loved one has family members who live in different states, you should determine which state has the lowest cost for nursing home care.
Nursing home care in Texas, Utah and Alabama can cost less than half of nursing home care in states in the Northeast., A reverse mortgage is a loan that a homeowner gets from a bank against the value of their home.
The loan converts the home's equity into cash and the homeowner receives either a cash sum, regular payments, or a line of credit equal to the equity in the home.
After the owner's death, the bank may foreclose on the home (get ownership without further liability to the home owner) or members of the estate may sell the home and pay off the loan.In order to qualify for a reverse mortgage, each homeowner must be at least 62 years old and live in the home where the reverse mortgage was taken.A reverse mortgage may be a good solution if you are in good health.
You can use the proceeds from the reverse mortgage to pay for long-term care insurance or to make your home more accessible so that you can remain in the house as long as possible.
If you are in need of care but do not require nursing home care yet, you can use a reverse mortgage to pay for in-home caregiver services.
This provides seniors with the ability to stay in their home for a fraction of the cost of a nursing home.
If you are a married couple and one of you need nursing home care, a reverse mortgage can pay for nursing home care and allow the healthy spouse to remain in the family home.
If the spouse needing care dies, the surviving spouse can stay in the home so long as they can continue to pay for property taxes and insurance. -
Step 2: Negotiate long-term care costs.
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Step 3: Relocate your loved one.
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Step 4: Qualify for a Reverse Mortgage.
Detailed Guide
Long-term nursing home care costs between $6,000 and 9,000 a month and many people cannot afford this option.
To save money, you may want to consider in-home care, which costs approximately $21 an hour for a care assistant.
This option is not only less expensive but it allows your elderly or disabled family member to reside in his or her home for as long as possible., If you are paying out-of-pocket for long-term nursing care, you should negotiate the overall cost with the nursing home.
While some nursing homes may refuse to negotiate, others would prefer to take a lower private care rate because it still pays more than state-sponsored Medicaid programs. , The cost of nursing home care varies greatly from state to state and even from locality to locality.
If your loved one has family members who live in different states, you should determine which state has the lowest cost for nursing home care.
Nursing home care in Texas, Utah and Alabama can cost less than half of nursing home care in states in the Northeast., A reverse mortgage is a loan that a homeowner gets from a bank against the value of their home.
The loan converts the home's equity into cash and the homeowner receives either a cash sum, regular payments, or a line of credit equal to the equity in the home.
After the owner's death, the bank may foreclose on the home (get ownership without further liability to the home owner) or members of the estate may sell the home and pay off the loan.In order to qualify for a reverse mortgage, each homeowner must be at least 62 years old and live in the home where the reverse mortgage was taken.A reverse mortgage may be a good solution if you are in good health.
You can use the proceeds from the reverse mortgage to pay for long-term care insurance or to make your home more accessible so that you can remain in the house as long as possible.
If you are in need of care but do not require nursing home care yet, you can use a reverse mortgage to pay for in-home caregiver services.
This provides seniors with the ability to stay in their home for a fraction of the cost of a nursing home.
If you are a married couple and one of you need nursing home care, a reverse mortgage can pay for nursing home care and allow the healthy spouse to remain in the family home.
If the spouse needing care dies, the surviving spouse can stay in the home so long as they can continue to pay for property taxes and insurance.
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