One popular method of paying for senior care that is being discussed with more frequency than usual on the web these days is using a life insurance policy to help offset costs. This does not work with all types of insurance, but with whole life policies (and those that have a similar structure) it is possible to use the cash balance from an insurance policy before the policyholder passes away and use it for approved purposes. When done correctly, this does not have a major negative impact on death benefits.
Planning ahead for care is important, especially because other insurance policies, like long term care insurance, have become too expensive to be a realistic choice for people. Relying on standard public insurance policies, like Medicare and Medi-Cal, will often leave necessary expenses uncovered. Even with these insurance policies, you are likely to have large expenses. Looking at a life insurance policy can relieve some of these worries. But it’s not always going to be the right choice. Most of the time, this wasn’t why insurance was purchased, and that means that it has the potential to be a harmful choice, no matter how well intended it might be.
Ultimately, this is something that needs to be discussed with a financial professional. Life insurance policies can often be used for purposes other than their original intent, but this can be a risky move in some cases. Only a qualified professional can help you with this decision. The important thing to know is that there are alternative methods of paying for care out there if they are absolutely needed. Care can be expensive, and having multiple options to cover these expenses will be to your benefit. Even if there are resources that are not tapped into, knowing that there are choices ahead of you can make paying for care that much easier.
Senior care is always better when you have the freedom to choose the best option for your particular situation. No two people are the same, and the needs from care and the ways to pay for it will be different depending on the situation that you find yourself in.
Give us a call if you have questions about how to find the best care for your family. We provide in-home care in the Bay Area, but we’re very much aware that this is not going to be the best choice for everyone, even if you are located in the heart of the San Francisco region. Again, what works for one person isn’t going to be the best for another. You deserve to have multiple options in front of you so that you can be assured that you’ve chosen the method that will be of the most help to your loved ones.
Sometimes this decision making process needs some professional guidance. That’s okay. We’re here to help. We offer a free consultation service that can get you started in the right direction. But it’s up to you to make the first move. Just get in touch with us at your convenience to get the process started.