Senior Housing Funding Options
There are many options available for anyone who needs to pay for senior housing and/or healthcare. Although these options differ based on the kind of care needed and the public services available in your state, most payment options can be categorized as either Private Pay or Public Pay.
Private Pay Options
efs:Access Loan
Elderlife Financial Services (
www.elderlifefinancial.com) provides access loans to pay for senior living. An efs:Access loan may solve your financial need by allowing a senior or their family members to:
- Pay for rent while waiting for a home to sell
- Pay for rent while waiting for a life insurance policy settlement or the VA Benefit to arrive
- Finance move-in fees or supplement monthly rent
An efs:Access loan is available for anyone who needs funds for senior housing, whether it’s the senior themselves or a non-senior family member looking to help financially. The funds you receive from an efs:Access loan are given directly to a participating community that provides assistance with activities of daily living.
To learn more about what funding options are right for you, click here: www.seniorcarefunding.com
Life Settlement
A Life Settlement transaction is the sale of a life insurance policy which can act as a “funding bridge” to cover the costs of retirement. If a policy owner has outlived the purpose of a life insurance policy, has decided that it has become an under-performing asset, or has had a life event that requires liquidity-- then selling a life insurance policy through a Life Settlement transaction should be considered.
Life Care Funding Group (www.lifecarefunding.com) helps seniors raise funds to pay for their senior housing and long term care through the Life Settlement Market. A Life Settlement can provide seniors and their families with peace of mind during a time of transition or financial crisis.
Eligibility-
- Age 65 or older (ages as young as 55 can be considered).
- Any type of life insurance policy with a combined death benefit value of $50,000 or greater.
- Has no restrictions on use of money or requirements to be secured or paid back.
- The policy owner will receive a lump sum payment and is no longer responsible for paying premiums once a Life Settlement is complete.
- There are no upfront fees or obligations to do a Life Settlement.
To learn more about what funding options are right for you, click here: www.seniorcarefunding.com
Public Pay Options
The types of public funding available for senior care is dependent upon the kind of care needed.
Nursing Care
Medicare
Under certain limited conditions, Medicare will pay some nursing home costs for Medicare beneficiaries who require skilled nursing or rehabilitation services. To be covered, you must receive the services from a Medicare-certified skilled nursing home after a qualifying hospital stay. A qualifying hospital stay is the amount of time spent in a hospital just prior to entering a nursing home. This is at least three days.
Medicaid
Medicaid is a State and Federal program that will pay most nursing home costs for people with limited income and assets. Eligibility varies by State. Check your State's requirements to learn if you are eligible. Medicaid will pay only for nursing home care provided in a facility certified by the government to provide service to Medicaid recipients. You can go to benefitscheckup.org and fill out this decision support tool to help determine if you might be eligible for Medicaid.
Managed Care Plans
A managed care plan typically will not pay for care in part or full unless the nursing home has a participating provider contract with the plan and the care has been ordered by an in-network physician. If the home is approved by your plan, learn if the plan also monitors the home for quality of nursing care.
Medicare Supplemental Insurance
This is private insurance otherwise known as Medigap because it helps pay for gaps in Medicare coverage such as deductibles and co-insurances. Most Medigap plans will help pay for skilled nursing care, but only when that care is covered by Medicare.
Long-Term Care Insurance
This is a private policy. The benefits and costs of these plans vary widely. For more information on these plans, contact the National Association of Insurance Commissioners (NAIC). It represents state health insurance regulators and has a free publication called "A Shopper's Guide to Long-Term Care Insurance." You can also get a copy of the Guide to Health Insurance for People with Medicare: by calling 1-800-MEDICARE.
Veterans Administration Benefits (Aid & Attendance)
Veterans (or their widows (ers)) that have served during wartime may be eligible for benefits through the Veteran’s Administration. To qualify, you must either have a low income and few assets or have disproportionately high medical-related expenses in relation to their income.
Non-Nursing Care
Subsidies
Seniors with below average financial means may qualify for housing subsidies and low income housing. To find out what options are available, please contact your local Area Agency on Aging (AAA) or visit www.n4a.org to find the Area Agency closest to you.
Government Assistance
The U.S. Department of Housing and Urban Development (HUD) offers a Public Housing Program to provide options for low-income residents. You can visit the HUD website to find a list of properties in your area. Some programs available are:
- Section 8 or Housing Choice Vouchers
- Income qualified housing
- Public housing