If you are excited about the idea of moving to our Regency community but apprehensive about how you might go about paying for it, this month’s blog is for you. You see, there are options for financing the move to senior living communities, particularly if you are a veteran, homeowner, have long-term care or life insurance policies, and/or have good credit.
Regency partners with Elder Resource Benefits Consulting, which conducts a preliminary cash flow analysis checking to see if a referral is eligible for one or more state or federal benefits, a significant value to those considering assisted living. The firm helps people decide whether to pursue the VA’s Aid and Attendance benefit, then refers them to a VA accredited agent, VA accredited attorney or Veterans Services Organization that can coach them through the entire process of filling out VA forms and giving insight on how to navigate the intricacies of the VA system.
Another company that Regency works closely with is Elderlife Financial Services. This firm helps families to finance their senior housing needs. There are no fees to apply and funds are available in 24 hours or less with an unsecured line of credit with no collateral necessary for qualified borrowers. They ask a few simple questions and try to help people qualify for a line of credit for between $5,000-$500,000.
Up to six family members or support persons can be put on a single Elderlife Line of Credit. By including family members and friends on the application, the responsibilities are shared and the process of putting a loved one into care becomes a common goal. Anyone (including non-relative friends or neighbors) can join an application and help place a loved one into a safe and supportive environment.
Elderlife Advisors assist in calculating what the financial need might be so that people borrow only what they need as they need it. The line of credit is not exclusive to seniors but for anyone seeking the services of a senior living community. In most cases, monthly payments are very affordable and can fit in just about any budget. An Elderlife Line of Credit Calculator helps to determine the amount. Funds are sent directly to the senior living community, quickly and easily.
The Elderlife Line of Credit can also be useful to those seniors who want to start using their Long-Term Care Insurance, which can have a lengthy elimination period during which families may need to pay for Assisted Living care. Elderlife’s agents, versed in the complexities of preparing and filing long term care insurance claims, work to expedite those claims while the seniors live off the line of credit.
Some choose to pay for Assisted Living by converting a life insurance policy that they feel they no longer need or wish to receive the money from now. Policyholders may be able to sell or borrow against a life insurance policy to pay for senior housing. Elderlife agents work with Regency residents to help them understand their policy and determine their options.
To learn more about moving to Regency Retirement Community of Jackson, call (731) 661-9888.