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Financial Options

Relates to other financial options to help pay for senior care services. Options include: life settlement, reverse mortgage, VA benefits or low income options.
Relates to other financial options to help pay for senior care services. Options include: life settlement, reverse mortgage, VA benefits or low income options.
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Questions and Answers

Scot Cheben
Scot Cheben
Senior Advisor

There are a few ways of doing this. I'm not sure if you have friends or family nearby to help. If you do, I would recommend that they help you with a simple "garage sale". Have them separate the valuable from the not so valuable. Garage sales are not for big ticket items. Furniture, yes... more

We at Care Giving Answers strive to provide helpful and...  (more)We at Care Giving Answers strive to provide helpful and relevant information to senior citizens and their families and loved ones. The material provided through our site is made available for informational purposes only. In no way should users of our site rely or act upon any information provided herein without seeking appropriate professional advice (medical, legal or financial). Users should independently verify the accuracy, completeness and relevance for their specific purposes. The information provided through our site is not intended to constitute professional advice and in no way forms or constitutes a professional-client relationship of any kind.
Admond Fong
Admond Fong
Senior Specialist

Having to talk to our parents about various senior care issues is difficult and depressing. But it could also be a great bonding opportunity for parent and child. As our parents grow frail, roles reverse where the child now has to take charge to do what's best for mom or dad. Take this as an... more

We at Care Giving Answers strive to provide helpful and...  (more)We at Care Giving Answers strive to provide helpful and relevant information to senior citizens and their families and loved ones. The material provided through our site is made available for informational purposes only. In no way should users of our site rely or act upon any information provided herein without seeking appropriate professional advice (medical, legal or financial). Users should independently verify the accuracy, completeness and relevance for their specific purposes. The information provided through our site is not intended to constitute professional advice and in no way forms or constitutes a professional-client relationship of any kind.
Scot Cheben
Scot Cheben
Senior Advisor

To be eligible for the VA's Aid and Attendance Benefit program you must meet certain parameters. You must have served 90 days of active duty, 1 day beginning or ending during the following Wartime Periods...Under current law, VA recognizes the following wartime periods to determine eligibility for... more

We at Care Giving Answers strive to provide helpful and...  (more)We at Care Giving Answers strive to provide helpful and relevant information to senior citizens and their families and loved ones. The material provided through our site is made available for informational purposes only. In no way should users of our site rely or act upon any information provided herein without seeking appropriate professional advice (medical, legal or financial). Users should independently verify the accuracy, completeness and relevance for their specific purposes. The information provided through our site is not intended to constitute professional advice and in no way forms or constitutes a professional-client relationship of any kind.
Chris Cooper
Chris Cooper
Private Fiduciary, Trustee,Conservator, Financial Advisor

A board and care is a licensed facility in your state that can provide basic services including housing, meal service and limited assistance with basic activities of daily living. They are generally self pay, and less expensive than "assisted living" facilities. There can be state fund to help pay... more

We at Care Giving Answers strive to provide helpful and...  (more)We at Care Giving Answers strive to provide helpful and relevant information to senior citizens and their families and loved ones. The material provided through our site is made available for informational purposes only. In no way should users of our site rely or act upon any information provided herein without seeking appropriate professional advice (medical, legal or financial). Users should independently verify the accuracy, completeness and relevance for their specific purposes. The information provided through our site is not intended to constitute professional advice and in no way forms or constitutes a professional-client relationship of any kind.
Vanessa Terzian
Vanessa Terzian
Estate Planning Attorney

Medicare is a federal insurance program paid out of Social Security deductions. All persons 65 or older who have made Social Security contributions are entitled to the benefits, as well as persons under 65 with disabilities who have been eligible for Social Security disability benefits for... more

We at Care Giving Answers strive to provide helpful and...  (more)We at Care Giving Answers strive to provide helpful and relevant information to senior citizens and their families and loved ones. The material provided through our site is made available for informational purposes only. In no way should users of our site rely or act upon any information provided herein without seeking appropriate professional advice (medical, legal or financial). Users should independently verify the accuracy, completeness and relevance for their specific purposes. The information provided through our site is not intended to constitute professional advice and in no way forms or constitutes a professional-client relationship of any kind.
Chris Cooper
Chris Cooper
Private Fiduciary, Trustee,Conservator, Financial Advisor

In some states, you can be paid by Medicaid to provide home care services.  Also, you can be paid by Long Term Care insurance as long as you qualify as a Home Health Aide.  Check with your area agency on aging on Medicaid home care waiver programs.

We at Care Giving Answers strive to provide helpful and...  (more)We at Care Giving Answers strive to provide helpful and relevant information to senior citizens and their families and loved ones. The material provided through our site is made available for informational purposes only. In no way should users of our site rely or act upon any information provided herein without seeking appropriate professional advice (medical, legal or financial). Users should independently verify the accuracy, completeness and relevance for their specific purposes. The information provided through our site is not intended to constitute professional advice and in no way forms or constitutes a professional-client relationship of any kind.
Vanessa Terzian
Vanessa Terzian
Estate Planning Attorney

Typically Medicaid rules, which vary state to state, allow the well spouse to maintain an amount of what would otherwise be available assets for qualification purposes at the time you apply for Medicaid. Assets acquired after the spouse is institutionalized are not protected and will be counted at... more

We at Care Giving Answers strive to provide helpful and...  (more)We at Care Giving Answers strive to provide helpful and relevant information to senior citizens and their families and loved ones. The material provided through our site is made available for informational purposes only. In no way should users of our site rely or act upon any information provided herein without seeking appropriate professional advice (medical, legal or financial). Users should independently verify the accuracy, completeness and relevance for their specific purposes. The information provided through our site is not intended to constitute professional advice and in no way forms or constitutes a professional-client relationship of any kind.
Chris Cooper
Chris Cooper
Private Fiduciary, Trustee,Conservator, Financial Advisor

If you are legally married, then all money is both of yours as far as Medicaid is concerned. While the nursing home nor the government can "access" this account, if you refuse to pay the nursing home bills and your husband is not otherwise qualified for Medicaid, then he will be evicted and you... more

We at Care Giving Answers strive to provide helpful and...  (more)We at Care Giving Answers strive to provide helpful and relevant information to senior citizens and their families and loved ones. The material provided through our site is made available for informational purposes only. In no way should users of our site rely or act upon any information provided herein without seeking appropriate professional advice (medical, legal or financial). Users should independently verify the accuracy, completeness and relevance for their specific purposes. The information provided through our site is not intended to constitute professional advice and in no way forms or constitutes a professional-client relationship of any kind.
Vanessa Terzian
Vanessa Terzian
Estate Planning Attorney

This is a great opportunity to be proactive. There are a couple essential documents to start with. The first two deal with incapacity: the power of attorney and advance health care directive. Each nominates a person or persons to handle your parents' financial and medical decisions during periods on... more

We at Care Giving Answers strive to provide helpful and...  (more)We at Care Giving Answers strive to provide helpful and relevant information to senior citizens and their families and loved ones. The material provided through our site is made available for informational purposes only. In no way should users of our site rely or act upon any information provided herein without seeking appropriate professional advice (medical, legal or financial). Users should independently verify the accuracy, completeness and relevance for their specific purposes. The information provided through our site is not intended to constitute professional advice and in no way forms or constitutes a professional-client relationship of any kind.
Vanessa Terzian
Vanessa Terzian
Estate Planning Attorney

This would be a great idea! I find it helpful when speaking to parents to let them know you've just gone through the same process. So if you have done a budget for yourself, show it to your dad. If you have not done a budget for yourself, your should! Also it is important to put together an asset... more

We at Care Giving Answers strive to provide helpful and...  (more)We at Care Giving Answers strive to provide helpful and relevant information to senior citizens and their families and loved ones. The material provided through our site is made available for informational purposes only. In no way should users of our site rely or act upon any information provided herein without seeking appropriate professional advice (medical, legal or financial). Users should independently verify the accuracy, completeness and relevance for their specific purposes. The information provided through our site is not intended to constitute professional advice and in no way forms or constitutes a professional-client relationship of any kind.