how to pay for care Articles

Should You Sell Your Life Insurance Policy?

Should You Sell Your Life Insurance Policy-

Should You Sell Your Life Insurance Policy-If you can’t afford life insurance premiums into retirement and you’re considering surrendering your policy, don’t throw in the towel just yet. Instead of getting little to nothing for your policy, you can work with a life settlement company to secure a solid chunk of your benefit—without paying further premiums.

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#ElderCareChat Recap 3/18/15: Solving the Financial Conundrums of Caregiving

shutterstock_143469946During Wednesday’s live discussion, 69 new and returning participants brainstormed solutions for solving the financial conundrums of caregiving, from making home modifications an affordable, viable option to practical tools for managing an ever-changing and often burgeoning caregiving budget. (more…)

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Senior Care: How to Figure Out the Finances

If you’ve been looking into senior care, you already know it’s expensive. What you may not have figured out yet is how to pay for it.

The Wall Street Journal covered the financial challenges recently and offered some tips on how to sort through things.

To start, a family member should have power of attorney to help handle an older adult’s finances, among other needs. …

Consider hiring an elder-law attorney. While not cheap, it’s better to …Read more ›

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Nurses Giving Elderly People Free Respite Care, Guidance

Nurses are giving free help to elderly people across the country, reports The New Old Age. In what’s called the  faith-community nurse movement, help is not based on financial need. The nurses trust that if you ask for it, you need it.

The blog reports:

While they do not offer prolonged, direct nursing care, the list of things they do provide is a long one, including finding volunteers to help with driving, providing respite care for …Read more ›

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Seniors Moving in Together to Save Money

Maintaining your home is expensive. Remodeling for aging in place is expensive. In-home care is expensive.

But what if you had a roommate … or a few? What if you rented out a room, or you pooled your resources with other seniors and you all got a place together? Then aging in place would be, well, less expensive. And less lonely.

That’s what a few seniors are doing, The New Old Age blog reports. In Minnesota’s …Read more ›

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Buying Your Aging Parents’ Home: A Financial Solution?

Here’s another idea to help your aging parents afford elder care: When they move to assisted living or a nursing home, buy their house. You can move in and make it your own. Of course, The New York Times warns, that latter part may be more important—and challenging—than you expect.

It’s “fairly unusual” for adult children to take over their parents’ home, says the New York Times article. “But some family therapists and elder-law lawyers …Read more ›

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Senior Financial Aid: A One-Stop Source to Help Find It

Are your aging parents getting all the financial help they can? The National Council on Aging wants to help them make sure, with their online service BenefitsCheckUp.

Sharon O’Brien wrote recently about it at her blog, Sharon’s Senior Living Blog.

BenefitsCheckUp is a free, comprehensive Web-based service that helps to match older adults who have limited income and resources with more than 2,000 federal, state and local senior benefits programs where they can get help with …Read more ›

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Paying for Senior Care: Where to Ask for Help

When Jane Ositkowski’s mother had a series of strokes, she found that she didn’t have to pay for care alone. Her local Area Agency on Aging gave her $2,000 worth of respite care, “not based on need,” she told Cleveland and Akron, Ohio’s, WKYC news. And she found help from a national organization:

… Jane received 200 dollars a month from the Alzheimer’s association. “The adult day care center brought mom …Read more ›

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Charities Grant Wishes to Underprivileged Seniors

Getting older doesn’t mean dreaming goes out the window. Though dreams may change. When your mom was 15, she probably didn’t wish for a home safety device. But now, she may well dream of staying in her home a little longer. And something as simple as a new shower may help her do that more safely. If only the money were there.

The New Old Age, a blog from The New York Times, reports on …Read more ›

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Finding Care for Aging Parents: Tips From People Who Have Been There

Nestled in the middle of an article about elder care in Northern Michigan sits a tips list that’s helpful for people in any part of the country.

The Petoskey News-Review relates the story of the Rellinger siblings, who navigated the home-care system and then the nursing home one when caring for their aging parents. Scroll down to the second section in the article to see one of the siblings’ tips for finding care. They include:

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