Quality care is an investment—let’s explore the many ways you can make it possible for yourself or your loved one. It’s more attainable than you think.
Ways to Pay for Care
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Your loved one may have investments, savings, or supplementary income available that can help pay for home care. Family members may also choose to contribute to the cost of care for their loved one.
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Your loved one may have purchased an LTC policy in the past to subsidize home care or assisted living costs. At An Agency Next Door, we can review the policy to determine if they may begin taking advantage of the benefits.
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Some policies, like Whole Life, build up cash value. Many companies allow policyholders to borrow against their policy while keeping the insurance in effect. Some may even allow for a Life Insurance Conversion, so you may take the cash to pay for health care. Contact your insurance agent to discuss your needs and review your options.
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Homeowners aged 62 and older with a reasonable amount of equity in their primary residence may find this an appealing option. Evaluate this option with a respectable reverse mortgage company.
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This is another option for homeowners with equity in their home. No age minimums or restrictions on residential dwelling (i.e., primary, vacation home, etc.). Consult your local home mortgage lender to find the best options for your situation.
Not Sure Which Option is Right for You?
We understand that every situation is different. We’re here to help you explore your options and find the best fit for your needs.