Long-Term Care Alternatives. Financial Alternatives Set up a savings account dedicated to long-term care expenses. Use a home equity loan or reverse mortgage.

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Presentation transcript:

Long-Term Care Alternatives

Financial Alternatives Set up a savings account dedicated to long-term care expenses. Use a home equity loan or reverse mortgage Reserve the principle of your retirement savings for long-term care and live off of the interest. If terminally ill, sell life insurance policy to 3 rd party (Viatical Settlement) Veterans Administration Health Facility

Retirement Communities Offer special amenities- swimming pool or golf courses Retail outlets Health care facilities Usually are age restricted to only those over 55 Usually pretty expensive

Mixed Generation Communities People of similar interests live together Shared responsibilities and activities May agree to take care of each other in certain ways These communities include people of all ages

Shared Housing Good option for those without family willing ot able to help. The elderly in need offers space in their home to someone younger who can help with:  Housekeeping  Shopping  Other services Tenant usually lives with the elderly for free or reduced rent It is wise to use an agency that will screen applicants

Accessory Housing Building onto or near a relatives home. MED cottage- “granny pods” Come to be known as affordable alternatives to nursing homes

Home Remodeling Many seniors desire to stay in their own homes For those who are limited in mobility, often remodeling the structure of their homes to provide more access can be beneficial. A variety of fixtures are available to help achieve better access and safety.