-- A common and costly misconception is that Medicare covers the long-term costs of assisted living. This misunderstanding arises because Medicare is designed for skilled medical treatment, not the non-medical custodial support typical of assisted living. Data indicates that a significant percentage of adults aged 65 and older incorrectly assume coverage, creating a planning gap that exposes seniors to financial risk.
More information is available at https://sageseniorsupport.com/free-book where a free copy of 'Paying For Long-Term Care' can be downloaded.
The financial impact of this gap is substantial, with the estimated median annual cost for care now over $73,000. This equates to a monthly expense of more than $6,000, underscoring the urgency for families to find reliable funding solutions. These high costs require a clear strategy beyond reliance on federal health insurance programs.
Sage Senior Support guides seniors and their families through this financial landscape. The company helps families make informed decisions about paying for long-term care as well as the overwhelming journey with aging parents.
Alternative payment methods include needs-based government programs like Medicaid and VA benefits. While Medicaid may assist with services through state-specific waiver programs, the VA's Aid & Attendance benefit can provide a tax-free income stream. For an eligible veteran with a dependent, this benefit can provide over $38,400 annually to help cover care costs.
For private funding, Long-Term Care Insurance (LTCi) is a key option. These policies are specifically designed to cover the custodial care that Medicare excludes. By providing a dedicated benefit for these services, LTCi helps protect a family's assets from being depleted by the high costs of ongoing support.
Another strategy uses the equity from a family's home. Sage Senior Support facilitates this by purchasing homes directly from families, which removes the need for repairs, showings, and months of uncertainty. This service provides a fast and fair sale, allowing families to quickly access the equity needed for care expenses.
A fifth reliable funding source is the conversion of existing life insurance policies. Through life settlements or direct conversions, a dormant policy can be transformed into immediate cash. This process provides an active source of funding to cover care costs as they arise, turning a static asset into a liquid resource.
Sage Senior Support also provides guidance through the senior transition process. The company assists families with care options, financial strategies, and the logistics of moving a loved one.
To learn more about the services offered by Sage Senior Support, please visit https://SageSeniorSupport.com.
Contact Info:
Name: Logan Hassinger
Email: Send Email
Organization: Sage Senior Support
Address: 1452 Hughes Rd Suite 200, Grapevine, Texas 76051, United States
Website: https://SageSeniorSupport.com
Release ID: 89171704