Veterans life insurance

Five common questions about paying for a retirement home

Maybe you or someone close to you has questions about how to cover senior living costs, from selling your home to life insurance payments and bridging loans, there are many options available. .

Keep reading to learn about some of the most common questions people have about paying for a seniors’ residence in a seniors’ community like Echo Lake in Tredyffrin Township, Chester County.

How do most people pay for moving to a seniors’ residence?

You may be able to pay for elder care by selling your home, building an annuity, or investing in the stock market.

Renting out your home and using the money to cover elderly care costs is also an option.

If you have long-term care insurance, that might also cover some costs.

Does my life insurance cover the cost of living for seniors?

If you’re over 65, you might be able to cash out your life insurance policy. Depending on the type of life insurance coverage, surrendering the policy before your death could earn you its face value plus any cash value in other accounts associated with the plan.

Another option is to convert your life insurance policy to a deferred annuity that includes a long term care rider. A monthly payment will be sent to your senior community tax-free and penalty-free, with no IRS penalty.

I’m waiting for my house to be sold. How can I pay for a residence for the elderly while waiting?

Various lenders provide bridging loans to seniors transitioning into a seniors’ residence.

Elderly living expenses can be paid with these loans as they depend on the equity in a home until it sells. With the proceeds from the eventual sale of the house, you can repay the loan. A bridge loan can facilitate a faster transition to a retirement home by giving you money for the first months’ rent.

Do health insurance benefits cover the life of the elderly?

If you’re over age 65 and have recently been hospitalized, Medicare can pay for skilled nursing care and doctor-ordered rehabilitation for up to 100 days.

However, these benefits do not apply to assisted living or independent living. Any physical or occupational therapy you receive while living in a senior living community would be covered, as usual, by Medicare.

I am an American veteran. Can I get help to pay for a residence for the elderly?

Veterans and their surviving spouses may be eligible to receive the VA’s Aid and Attendance Benefit. Assisted living or nursing care may be covered by this benefit, in addition to the regular veteran’s pension. Echo Lake also offers a discount for veterans.

We offer an independent lifestyle without the need for an expensive buy-in. Residency in our rental seniors residence gives you access to the culture of the Malvern area, as well as all the conveniences, conveniences and activities of our vibrant community. This includes:

• Concierge, security and maintenance 24/7

• Multiple dining options prepared by an amazing professionally trained chef

• weekly cleaning service, with change of bed linen

• A well-equipped fitness center

• Advanced technology and powerful connectivity

• Air-conditioned underground car park

• Personal and regular local transportation

• Coordinated concerts, movies, games, talks, celebrations and more

For more information on the next step, visit www.sagelife.com/echo-lake or call 484-276-1516

Kathy Ardekani is the Executive Director of Echo Lake.