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Financial Solutions
Financial Solutions
When faced with the realities of today's economy, it helps to know that you have options to support paying for care. The Lodge is here to help guide you to a financial solution. Some options you may consider are:
Long Term care Insurance
Long-term care insurance (LTC or LTCI), an insurance product sold in the United States, United Kingdom and Canada, helps provide for the cost of long-term care beyond a predetermined period. Long-term care insurance covers care generally not covered by health insurance, Medicare, or Medicaid. Individuals who require long-term care are generally not sick in the traditional sense, but instead, are unable to perform the basic activities of daily living (ADLs) such as dressing, bathing, eating, toileting, continence, transferring (getting in and out of a bed or chair), and walking. Age is not a determining factor in needing long-term care. About 60 percent of individuals over age 65 will require at least some type of long-term care services during their lifetime. About 40% of those receiving long-term care today are between 18 and 64. Once a change of health occurs long-term care insurance may not be available. The Lodge at Rocky Hollow accepts ALL Long Term Care Insurance's.
Veterans Benefits
United States veterans and their surviving spouses may be eligible for a monthly federal benefit payment of up to $1950 per month to help pay for care, including assisted living and at-home care. Your Lodge at Rocky Hollow representative can guide you through the application process.
Secured Lines of Credit
A secured line of credit is similar to a bank account; but instead of depositing money into the account, you borrow money against the account. A line of credit can be secured by CD's, equities (stocks), properties and cash that you may have. You can borrow from it over and over again without having to renegotiate terms. If you can't qualify for a secured line of credit, consider a reverse mortgage.
Reverse Mortgages
A reverse mortgage is a loan available to seniors age 62 and above. It's used to release the home equity in the property as one lump sum or in multiple payments. The homeowner's obligation to repay the loan is deferred until the owner passes away, the home is sold or the owner moves out. In the case of couples, as long as one person is still living in the home, the funds remain available.
Life Insurance
Did you know you can liquidate a life insurance policy to create a bridge to fund the costs of assisted living and other services while you wait to sell your home in a difficult market or for your stock portfolio to regain its strength? There are many excellent resources for this kind of financing solution.
Gift Tax Exemption
Family members can help with the costs of a loved one's memory-care by taking advantage of the IRS gift tax exemption. Individuals can provide gifts of up to $13,000 per person, per year without paying gift tax.
Before making any kind of financial decision, we advise that you contact your personal financial advisor or tax professional.
When faced with the realities of today's economy, it helps to know that you have options to support paying for care. The Lodge is here to help guide you to a financial solution. Some options you may consider are:
Long Term care Insurance
Long-term care insurance (LTC or LTCI), an insurance product sold in the United States, United Kingdom and Canada, helps provide for the cost of long-term care beyond a predetermined period. Long-term care insurance covers care generally not covered by health insurance, Medicare, or Medicaid. Individuals who require long-term care are generally not sick in the traditional sense, but instead, are unable to perform the basic activities of daily living (ADLs) such as dressing, bathing, eating, toileting, continence, transferring (getting in and out of a bed or chair), and walking. Age is not a determining factor in needing long-term care. About 60 percent of individuals over age 65 will require at least some type of long-term care services during their lifetime. About 40% of those receiving long-term care today are between 18 and 64. Once a change of health occurs long-term care insurance may not be available. The Lodge at Rocky Hollow accepts ALL Long Term Care Insurance's.
Veterans Benefits
United States veterans and their surviving spouses may be eligible for a monthly federal benefit payment of up to $1950 per month to help pay for care, including assisted living and at-home care. Your Lodge at Rocky Hollow representative can guide you through the application process.
Secured Lines of Credit
A secured line of credit is similar to a bank account; but instead of depositing money into the account, you borrow money against the account. A line of credit can be secured by CD's, equities (stocks), properties and cash that you may have. You can borrow from it over and over again without having to renegotiate terms. If you can't qualify for a secured line of credit, consider a reverse mortgage.
Reverse Mortgages
A reverse mortgage is a loan available to seniors age 62 and above. It's used to release the home equity in the property as one lump sum or in multiple payments. The homeowner's obligation to repay the loan is deferred until the owner passes away, the home is sold or the owner moves out. In the case of couples, as long as one person is still living in the home, the funds remain available.
Life Insurance
Did you know you can liquidate a life insurance policy to create a bridge to fund the costs of assisted living and other services while you wait to sell your home in a difficult market or for your stock portfolio to regain its strength? There are many excellent resources for this kind of financing solution.
Gift Tax Exemption
Family members can help with the costs of a loved one's memory-care by taking advantage of the IRS gift tax exemption. Individuals can provide gifts of up to $13,000 per person, per year without paying gift tax.
Before making any kind of financial decision, we advise that you contact your personal financial advisor or tax professional.
| 1650 County Road 245, Georgetown, TX 78633 254-793-2311 | 254-793-2554 Fax | info@thelodgeatrockyhollow.com Content copyright . The Lodge At Rocky Hollow. All rights reserved. |
