Life Insurance Policies For Long
Some life insurance policies can help pay for long-term care. Some policies offer a combination product of both life insurance and long-term care insurance.
Policies with an “accelerated death benefit” provide tax-free cash advances while you are still alive. The advance is subtracted from the amount your beneficiaries will receive when you die.
You can get an accelerated death benefit if you live permanently in a nursing home, need long-term care for an extended time, are terminally ill, or have a life-threatening diagnosis such as AIDS. Check your life insurance policy to see exactly what it covers.
You may be able to raise cash by selling your life insurance policy for its current value. This option, known as a “life settlement,” is usually available only to people age 70 and older. The proceeds are taxable and can be used for any reason, including paying for long-term care.
A similar arrangement, called a “viatical settlement,” allows a terminally ill person to sell his or her life insurance policy to an insurance company for a percentage of the death benefit on the policy. This option is typically used by people who are expected to live 2 years or less. A viatical settlement provides immediate cash, but it can be hard to get.
Home Health Care Agencies
People that need skilled nursing care often get it from a home health agency. Home health agencies recruit, supervise, and pay the person and assume responsibility for the care provided. Home health care through an agency must be authorized by a doctor. Home health care agencies are licensed by Washington State.
Use The National Association of Home Care and Hospice locator to find a home health agency in your area or contact your local Senior Information and Assistance office.
You can also hire a nurse or therapist directly. In this case, you are responsible for finding, hiring, supervising, and paying the person. Learn more from the Family Caregiver Alliances fact sheet hiring in-home help .
Adults receiving state-funds to pay for long term care services may also be eligible for the Nurse Delegation Program. With Nurse Delegation, a caregiver may be trained to help with certain nursing type care tasks in your home or a boarding or adult family home. Learn more about Nurse Delegation.
To find a home health agency in your area:
- Use Medicares Home Health Care website run by Medicare. This on-line tool provides you with information on how well the home health agencies in your area care for their patients.
- Use The National Association of Home Care and Hospice locator to find a home health agency in your area.
who to contact to find out more about these services.
Legal Help For Seniors
It’s critical for seniors to be able to access legal guidance. Many older Americans require professional help with issues like estate planning, power of attorney directives, foreclosures or evictions, identity theft, and age discrimination. But the costs involved can be prohibitive to many seniors living on fixed incomes. Fortunately, there are a number of ways to get affordable legal assistance.
The Legal Services Corporation distributes federal grants to legal aid organizations that provide civil legal services to low-income Americans of any age. Legal aid practices typically focus on cases involving housing, discrimination, and denial of government benefits. Income limits vary among different communities be sure to check the details in your area.
Seniors who run into legal issues with their pensions or retirement savings plans can get no-charge assistance from the Pension Counseling and Information Program offered by the U.S. Administration on Aging. Counselors can explain pension laws, track down and claim benefits that have been denied, and provide referrals to other professionals as needed. Services are available to anyone, regardless of age or income.
In many states, free legal services are available through various non-profit organizations. They can help those in the 60-plus population and handle many types of cases, from guardianship and elder abuse to Medicaid issues and debt collections.
Don’t Miss: Government Programs To Stop Foreclosure
How Home Care Services To Help You Age In Place
While it may be hard to accept, most of us will require some type of care assistance after the age of 65. You may be used to handling everything yourself, dividing up duties with your spouse, or relying on family members for minor help around the home. But as you get older and your circumstances change, getting around and taking care of yourself can become more and more difficult. If the idea of moving to a retirement community, assisted living facility, or nursing home doesnt appeal, home care services may be able to help keep you living in your own home for longer.
Home care services include:
Household maintenance. Keeping a household running smoothly takes a lot of work. If youre finding it hard to keep up, you can look into laundry, shopping, gardening, housekeeping, and handyman services. If youre having trouble staying on top of bills and appointments, financial and healthcare management may also be helpful.
Transportation. Transportation is a key issue for older adults. Maybe youre finding it hard to drive or dont like to drive at night. Having access to trains, buses, rideshare apps, reduced fare taxis, and senior transportation services can help prolong your independence and maintain your social network.
Life Insurance Policy Conversions
Life insurance holders have a variety of ways of converting their policy into cash or home care services prior to the policyholders passing. There are three options that allow individuals to stop making premium payments and receive immediate payouts on their policies without passing. Viatical settlements are designed for individuals with less than a 2-year life expectancy. Life settlements are intended for persons with longer life expectancies. Life insurance conversions give consumers the greatest value for their life insurance policy. However, the benefit comes in the form of care services instead of cash. Pros, cons, and eligibility information is available for viaticals, life settlements, and conversion programs.
Life insurance policies can be converted into home care services, preserving the policyholders eligibility for Medicaid. Learn more.
Accelerated death benefits and death benefit loans are two other ways individuals can receive cash for life insurance in advance of their death. However, with these two options, the policyholder must continue to make their monthly premium payments.
You May Like: Rtc Bus Driver Salary Las Vegas
Downsizing Help For Seniors
Moving can be a stressful experience at any time, but when you’re an older adult who is moving into a smaller residence, it can be especially daunting. Many seniors haven’t moved in 40 or 50 years sorting through decades of accumulated possessions and deciding what to do with each and every item can be both a major challenge and an emotional ordeal.
Older adults and their families can get help with the process from downsizing experts known as senior move managers or senior relocation specialists. Services vary, but they typically include measuring the new space and developing a floor plan, sorting and organizing belongings, arranging for the sale or donation of unwanted items, scheduling movers, and unpacking in the new home. Some will help with downsizing the clutter in a home even if the senior isn’t actually moving.
Some of these service providers offer packages at a fixed price, but most charge by the hour. Fees range from $40 to $125 per hour depending on the specific services and the geographic location. Always ask for a written estimate and be sure you understand exactly what you are paying for.
The National Association of Senior Move Managers is a non-profit organization that requires its members to carry liability insurance and abide by a professional code of ethics. You can search for a NASMM member in your area and even get a list of questions to ask a possible service provider.
Seniors Care Grant Open For Applications
The Province recently announced that it is following through on its commitment to help seniors stay in their homes longer by investing up to $32 million each year in the grant.
The grant provides up to $500 in funding for eligible seniors who need help around their homes. Covered expenses include snow removal, small household repairs, lawn care, grocery delivery and other needs.
We know many Nova Scotia seniors face challenges staying in their homes, and often they just need a helping hand with small jobs here and there, said Barbara Adams, Minister of Seniors and Long-Term Care. This investment makes it easier for older Nova Scotians to maintain and afford their homes with the dignity they deserve.
To qualify, older Nova Scotians must live independently in a home they own or rent and have an annual household income of $37,500 or less.
Applications can be submitted online, by mail or by fax. The application is available online at: . Print applications will be available at Access Nova Scotia Centres and MLA offices, or by calling 1-800-670-4357 to request that one be mailed. The deadline for applications is May 31, 2022, and funds can be used through November 30, 2022.
The government also offers support programs to help seniors with the costs of heating and property tax.
Recommended Reading: Possible Careers For History Majors
How To Get Government Assistance For Elderly
wikiHow is a wiki, similar to Wikipedia, which means that many of our articles are co-written by multiple authors. To create this article, 20 people, some anonymous, worked to edit and improve it over time.There are 12 references cited in this article, which can be found at the bottom of the page. This article has been viewed 165,224 times.Learn more…
Whether you are taking care of an aging parent, or acting as an advocate and caregiver for an elderly person who needs extra support, there are government assistance programs available. Several government agencies at the federal, state, and local levels provide funding and other resources to senior citizens who need help with finances, healthcare, retirement and other issues. Obtain government assistance for elderly people by determining what they need and contacting the proper government agency.
Veterans Directed Home And Community Based Services
This program is often abbreviated as VD-HCBS or referred to informally as Veterans Directed Care. The program is open to any veteran who is currently enrolled in the VA health care system whose care requirements are such that nursing home level care is required. Under Veterans Directed Care, veterans are able to select from whom they receive care services. Veterans with a certain level of care needs, require personal care or personal care attendants. This program gives veterans the option to hire whoever they choose, including family members, such as their adult children to provide them with personal care services.
Adult children caregivers are paid an hourly rate. This rate is determined annually by Veterans Health Administration and modified for regional differences in home care costs. It is difficult to accurately project what caregivers will receive, as each veteran is assessed for a different amount of home care assistance. That said, caregivers might expect to be compensated between $8.44 $20.00 per hour for their efforts.
The program is run at the local level through participating VA Medical Centers. See a list of participating VAMCs here.
Read Also: Semper Fi Auto Repair Las Vegas
Reverse Mortgages & Helocs
Families can self-pay for care by using their home as a financial resource. Two options include reverse mortgages and home equity lines of credit. However, depending on ones marital status, their severity of need and the projected length of need, these options might not make economic sense. For example, if the person in need of care is single and may need to move into residential care within a two-year period, then a reverse mortgage is probably not the best option. Read more about when it is best to use each of these options and their pros & cons at the following links: Reverse Mortgages & Home Equity Lines of Credit
Grants For Elderly Care Program
Eldercare Initiative Long-Term Care Grant Program
This is a program provided by the US Department of Health and Human Services, available for Indian tribes, Indian health programs, and Indian tribe organizations. There are two categories available, including Assessment and Planning and Implementation .
The Nutrition Services Incentive Program
This grant program is available for Indian Tribal Organizations and also State Agencies on aging to assist the supplemental nutrition from the USDA. The purchased foods and nutrition will be used for home-delivery meals program for the elderly.
Capital Assistance Program for Elderly Persons and Persons with Disabilities
Again, this is a federal grant that is available for organizations that plan to provide transportation assistance for the elderly in areas where public transportation is not available.
State Grants
Should you want to have a personal grant from the government, your best chance is to seek for state grants for the elderly. Personal elderly grant from the federal government is not available. All of their funds are transmitted to state agencies or nonprofit organizations that have programs that support seniors.
Don’t Miss: Dental Implant Grants For Low Income
Our Mission Is To Enable Seniors To Live Healthily And With Dignity In Their Chosen Place Of Residence
Our mission and vision will be achieved through the application of our core values, which include:
Comfort keeping our clients health, safety, quality of life and well-being are central in the design and delivery of services.Affection- treating and interacting our clients with love, dignity, compassion and empathy.Respect- showing respect for all cultures, religions, ethnicities, sexual orientation, ages, gender and disabilities.Integrity- treating our clients with honesty and integrity while recognizing and maintaining confidentiality of client information.Nurture- nurturing our clients for their optimum independence, security and privacy.Generosity- providing our clients an unselfish good hearted staff who are generous with their care and compassion.
Help For Seniors With Home Repairs Improvements And Modifications
The vast majority of seniors want to stay in their own homes as long as possible. But every home needs regular maintenance and upkeep, and as people age they may require adaptations in their homes to accommodate their changing needs. Finding the money for changes and repairs can be challenging, but there are many different senior assistance programs that can help.
Also Check: Congress Mortgage Stimulus Program For Middle Class 2021
Medicaid Personal Care Services
State Medicaid programs often cover personal care under their regular Medicaid program, sometimes referred to as their Medicaid State Plan. Unlike Waivers, regular Medicaid is an entitlement program if an applicant meets the eligibility requirements, then they can receive benefits. Waiting lists do not exist. Please note that some states elect to offer personal care services in the home and community through their state plan via an option called Community First Choice .
Similar to how Waivers offer consumer direction of services, State Plan Personal Care often allows the beneficiary to choose their care provider. Family members, including adult children can be chosen to provide care for their mothers and fathers. Again, like Waivers, the adult children caregivers are paid the Medicaid approved hourly rate for their efforts. During the initial enrollment process, the elderly individual is assessed, and it is determined how many hours per week they require care services. A list of state Medicaid programs that offer the choice of provider in their personal care benefit is available . Readers should be aware of the various names these programs use, which include Personal Assistance Services , Personal Care Assistance , Attendare Care, and Personal Attendants. Sometimes, states dont make a point to distinguish this option as a separate program, they just call it the personal care benefit under their regular Medicaid program.
Eldershield And Careshield Life Supplement
Existing ElderShield and CareShield Life policyholders who would like to have a higher coverage may purchase supplements from any of the ElderShield insurers. Premiums will vary depending on the type of benefits offered and can be paid using your or your family members MediSave, up to $600 per calendar year per person insured.
Learn more about ElderShield and CareShield Life Supplement here.
Also Check: Governmentjobs Com Las Vegas
A Guide To Government Aid For Aging Seniors
Caring for an aging parent can not only become mentally exhausting but financially challenging as well. Many families are ill-prepared for a senior loved one’s evolving needs, especially when budgets are already tight. However, there are many valuable programs available through state, local and federal government avenues. Caregiving takes a village, and caregivers can build stronger ones by weaving these programs into their existing family and social support networks.
Here, well outline the five main areas these aid programs cover, with detailed information about each one.
Heating And Energy Assistance
The federal government makes funds available to the states to help low income seniors pay for a portion of their winter heating and summer cooling costs. Although this is a federal program, it is supervised at the state level, and usually administered at the county or local level.The income limit for receiving energy assistance varies from state to state, based on state median income and the federal poverty level,and also depends upon your family size.
Contact your state agency on aging listed below for information about how to apply for this program.
Don’t Miss: Government Help For Legally Blind
Get Paid As A Caregiver For A Family Member
A caregiver helps a person with special medical needs in performing daily activities. Tasks include shopping for food and cooking, cleaning the house, and giving medicine. Many government programs allow family members of veterans and people with disabilities to get paid for caring for them.
-
The Medicaid Self-Directed Care program lets qualified people manage their own health services. It also lets them hire family members as caregivers in some states.
-
The Veteran-Directed Home and Community Based Services program offers veterans a flexible budget. This allows them to choose goods and services they find most useful, including hiring a family member or neighbor as a personal care aide.
-
Aid and Attendance benefits for veterans work in conjunction with a VA pension. These benefits help cover the costs of a caregiver, who may be a family member. Contact the VA pension management center in your area for rules and conditions.
-
Long-Term Care Insurance allows family members to be paid as caregivers. But some policies wont pay family members who live with the person theyre caring for. Contact your family member’s insurance agent for more information. You can also ask the agent for a written confirmation of benefits.
