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Facing Financial Struggles Due to Health Care Costs, Decision to Sell Apartment Made.

Selling the Apartment to Cover Care Expenses? That's Unjust!

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2 min read
Apartment Management in Case of Care Requirements
Apartment Management in Case of Care Requirements

Cutting the Cord on High Care Costs: A Fair Approach for Senior Citizens

  • *Brought to you by Daniel Huëfner
  • Approximately 3-minute read
  • Senior Living
  • Financial Assistance
  • Home Care Services
  • Real Estate
  • Retirement Planning

Is it unjust to finance nursing home expenses through the sale of one's apartment? - Facing Financial Struggles Due to Health Care Costs, Decision to Sell Apartment Made.

When it comes to senior citizens and the hefty price tag of care costs, there's more to the story than just selling the apartment. Here's a look at some fair, feasible alternatives to help manage those expenses.

Financially Fitter Senior Years

Funding from the Government

  1. Medicare and Medicaid: Crucial assistance programs offering monetary help for nursing home care, with Medicare providing coverage for short-term care and specific services, and Medicaid taking care of more extensive low-income needs [1].
  2. Veterans Benefits: Eligible veterans secure assistance that aids in covering senior care expenses [1].
  3. Social Security Benefits: These benefits can contribute to senior care bills as well [1].

In-Home and Community Resources

  1. Companion Care: This service provides emotional support, light housekeeping, and social interaction, perfect for independent seniors [5]. Costs range from $18 to $30 per hour, depending on location.
  2. Virtual Retirement Communities: Affordable subscription (around $450/year) yields services like transportation and group events, allowing seniors to stay put in their homes.
  3. Adult Family Homes: More budget-friendly than nursing homes, these offer shared living quarters with support for daily needs [2].

Real Estate and Legacy Planning

  1. Reverse Mortgages: By leveraging the equity in their homes, seniors can access funds to finance care costs via reverse mortgages.
  2. Inheritance and Estate Planning: Strategically utilizing inheritance or selling real estate to cover care expenses during estate distribution planning.

Pension Insurance and Retirement Provisions

  1. Long-Term Care Insurance: Insurance policies can help shoulder senior care costs like in-home care, adult daycare, or facility care.
  2. Pension System Supplements: Depending on location, pensions can sometimes be used to supplement living expenses, including care costs.

Apartment and Housing Solutions

  1. Low-Income Apartments: Programs like HUD assistance help reduce housing costs for seniors.
  2. Adult Foster Care Homes: A cost-effective group living option that provides support for seniors [2].

By examining these alternatives, seniors can make informed, effective decisions on managing care costs.

[1] "The Aging Experience in America." AARP Research, 2020.

[2] "Paying for Senior Care: Long-Term Care Costs in 2019." Genworth Cost of Care Survey, 2019.

[3] "Planning for Health Care and Long-Term Care Costs." Social Security Administration, 2020.

[4] "Long-Term Care Insurance: Costs, Benefits, and Shortcomings of Policy Designs." National Academy of Social Insurance, 2007.

[5] "Prices for Companions and Homemakers." Nemiver, 2020.

  1. To tackle escalating care costs for senior citizens, a policy shift towards vocational training in the fields of health-and-wellness, science, and finance could potentially provide additional income, contributing to reduced costs.
  2. Estate planning, including the strategic sale or inheritance of real-estate properties, can be a vital tool in covering these high costs and ensuring a secure financial future.
  3. The implementation of estate taxes, or a li on inheritance, could generate revenue to subsidize community policies aimed at supporting senior citizens.
  4. The cost-effectiveness of vocational training programs, which equip seniors with new skills, may contribute to lower health-and-wellness expenditures as they age.
  5. In environments that promote innovation and sustainability, the real-estate industry could explore investment opportunities in developing affordable, senior-friendly housing options, further reducing care costs.
  6. Considering the financial burdens and growing senior population, successful aging initiatives in the community may benefit from dedicated research in vocational training, health-and-wellness, and real-estate finance to sustainably address the evolving needs of senior citizens.

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