Who pays for your loved one's care?
If you're caring for a loved one, who pays for their care? Is the majority paid for by insurance, savings, contributions from you or other relatives or government sponsored assistance programs?
Who pays for your loved one's care?
If you're caring for a loved one, who pays for their care? Is the majority paid for by insurance, savings, contributions from you or other relatives or government sponsored assistance programs?
There are many resources that you can utilize depending on the senior's situation. Do they have long term care? are they a vet, these are all factors that can help relinquish personal costs. In addition, caring for a loved one can take a major toll on yourself if you have a family or children. Perhaps home care can also be an option.
There are many resources that you can utilize depending on the senior's situation. Do they have long term care? are they a vet, these are all factors that can help relinquish personal costs. In addition, caring for a loved one can take a major toll on yourself if you have a family or children. Perhaps home care can also be an option.
After my father died in 1989, my mother (56 years old at the time) paid their home off and put all the remaining assets in annuities (guided by advisors at her bank).
What an incredibly wise move! Last year, she sold her home and moved to a CCRC retirement community. If it were not for the annuities and that guaranteed lifelong income, she could not have afforded it.
Also, regardless of level of care she will need in the future, her monthly payments at the CCRC are locked in (except for increase due to inflation). Gives her and us peace of mind.
After my father died in 1989, my mother (56 years old at the time) paid their home off and put all the remaining assets in annuities (guided by advisors at her bank).
What an incredibly wise move! Last year, she sold her home and moved to a CCRC retirement community. If it were not for the annuities and that guaranteed lifelong income, she could not have afforded it.
Also, regardless of level of care she will need in the future, her monthly payments at the CCRC are locked in (except for increase due to inflation). Gives her and us peace of mind.
I am the sole caregiver for my ex-husband who has terminal cancer. He receives Social Security disability ad is on Medicare due to his disability/cancer. He lost his house to foreclosure and used up his savings paying for medical care before qualifying for Medicare. He does not qualify for Medicaid due to the cash value of his life insurance policy ($2000). If he cashes it in in order to qualify, there will be no money left for funeral costs. He also hit the "donut hole" for prescription coverage and it's been a struggle to pay for his meds. I help as much as I can, but I find it hard to accept that someone who has worked hard and paid taxes all his life can suddenly lose everything due to illness. There must be thousands upon thousands of people facing similar circumstances. What do they do without financial and physical support from friends and family? I'm sure that anyone with loved ones in these circumstances sees the need for health care reform to protect people from losing everything due to catastrophic illness. We need to make our/their voices heard in the public debate.
I am the sole caregiver for my ex-husband who has terminal cancer. He receives Social Security disability ad is on Medicare due to his disability/cancer. He lost his house to foreclosure and used up his savings paying for medical care before qualifying for Medicare. He does not qualify for Medicaid due to the cash value of his life insurance policy ($2000). If he cashes it in in order to qualify, there will be no money left for funeral costs. He also hit the "donut hole" for prescription coverage and it's been a struggle to pay for his meds. I help as much as I can, but I find it hard to accept that someone who has worked hard and paid taxes all his life can suddenly lose everything due to illness. There must be thousands upon thousands of people facing similar circumstances. What do they do without financial and physical support from friends and family? I'm sure that anyone with loved ones in these circumstances sees the need for health care reform to protect people from losing everything due to catastrophic illness. We need to make our/their voices heard in the public debate.
My grandmother was in a similar position as your ex-husband. The cash value on her life insurance was too high to qualify for Medicaid. She took a loan out against the cash value and pre-paid her funeral expenses. Apparently you are allowed a certain value of pre-paid funeral expenses that are exempt from the Medicaid $2000 cap. She now has Medicaid.
My grandmother was in a similar position as your ex-husband. The cash value on her life insurance was too high to qualify for Medicaid. She took a loan out against the cash value and pre-paid her funeral expenses. Apparently you are allowed a certain value of pre-paid funeral expenses that are exempt from the Medicaid $2000 cap. She now has Medicaid.
Hi there Missy!
This may seem silly, but I simply don't understand your question! Am I dense? I care for my mother with the help of my husband here in our home. I don't completely understand what you mean - what aspect of her care do you refer to? Please save me from my obvious stupidity... And help me understand what I am missing ... Embarrassed, to say the least...
Thanks so much!
Galowa
: )
©suzannemcable.2009
Hi there Missy!
This may seem silly, but I simply don't understand your question! Am I dense? I care for my mother with the help of my husband here in our home. I don't completely understand what you mean - what aspect of her care do you refer to? Please save me from my obvious stupidity... And help me understand what I am missing ... Embarrassed, to say the least...
Thanks so much!
Galowa
: )
©suzannemcable.2009
It's good to know there is a provision for keeping life insurance yet still qualifying for Medicaid. I'll look into this. Thanks!
It's good to know there is a provision for keeping life insurance yet still qualifying for Medicaid. I'll look into this. Thanks!
I looked into the provision for borrowing the cash value of life insurance and applying it toward pre-paid funeral expenses in order to qualify for Medicaid. It worked! Thanks!
I looked into the provision for borrowing the cash value of life insurance and applying it toward pre-paid funeral expenses in order to qualify for Medicaid. It worked! Thanks!