Here are several financial options we would like to share with you on
ways to fund your retreat at Vivid Life Residential Care.
1. Income & Savings
Using personal income or savings is the simplest route to pay for an assisted living.
2. Selling a Life Insurance Policy
Known as life settlement, this practice involves selling your policy to another person or a company who pays the premium from then on, but collect the benefit when you die. This may not be the best option for some people but it is good to be aware of this strategy.
3. Long-Term Care Insurance
Long-term care insurance, in most cases, covers assisted living. Long-term care insurance is only affordable when purchased during your middle-age or younger years. So if your loved one is covered, it could be very valuable.
4. Home Equity
This may not a preferred option but many seniors sell their home to pay for their care.
5. Renting the Home
Renting allows your family to maintain ownership of the home while creating income for the family to use to pay for an assisted living.
6. Using a Reverse Mortgage
A reverse mortgage is a type of loan that's secured against a residential property, that can give retirees added income, by giving you access to the unencumbered value of your property.
7. Pooling Family Support
Seniors who cannot afford assisted living often rely on their children or family members for some financial support.
8. Veteran Benefits
The Department of Veterans Affairs (VA) has assistance programs that can help pay for care. Assistance is also available to spouses of wartime veterans.