Most families are unprepared for the costs of aging and didn’t have the foresight to purchase Long Term Care insurance and are totally unprepared to handle all of the medical costs they will experience as a parent ages and needs additional medical care.
Along with the stress of possibly being a caregiver, is the additional stress of dealing with the Doctors and all of the associated costs they charge and possibly enormous hospital charges as well.
Funds from a Reverse loan can certainly help them, especially if they don’t currently have a mortgage on the property or if they do, it’s quite small.
Medi-Cal might be a solution for them if they live in California but they have to locate an Elder Law attorney who specializes in this particular area, who can help a family navigate the intricate process of applying for the insurance. I am going to provide a copy of an article by Richard M. Seff who provides this specialized service for families.
“Is a loved one in a nursing home? Are you contemplating financial assistance but afraid of potentially losing what you worked so hard to gain? Do you sometimes struggle, feel overwhelmed, frustrated and confused? There’s hope…
You May Be Able to Obtain Medi-Cal to Cover the Growing Costs of Caring for Aging Loved One.
We know the little-known strategies that may save you from needless heartaches, protect your family’s financial security and prevent the potential loss of any hard-earned assets…including your lifesavings.
The decision to move a family member or loved one into a nursing home is one of the toughest and most difficult decisions you can ever make. Over time, caring for an aging or disabled loved one can seriously deplete your energy, your time and, of course, your bank account. ( I see it all too often in my elder-law practice!)
If you don’t know your rights and the different steps you can take right now, that difficulty can expand drastically. For example…
• Your nursing home bills can snowball out of control;
• Your entire lifesavings can be drained if left unprotected;
• Your income and standard of living can be seriously threatened
• And in some cases your family home and other hard-earned assets can be lost.”
Estate Planning Lawyer
I will share the remainder of his article in the next post.