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Find Financial PlanningFinancial planning is an important aspect to ensuring that all important financial decisions are reflected in the best interest of the senior and his/her care needs. Additionally, planning for your own financial future and security for senior care is the key to ensure that you have the best possible care and choices available to you when that time arrives.Frequently Asked Questions?
What are some of my options available to pay for care? Paying for home care or assisted living care in a facility is mostly private pay in California. The costs can range from $1,500 to $3,000+ a month. It depends on location, care needs, and in some cases income. Paying for paying for care may involve: Selling or Renting a home, Savings, Long-Term Care Insurance Policies, Reverse Mortgages, Family Cost Sharing, Veterans Benefits, and Medi-Cal/Medicaid for those that qualify through the assisted living waiver pilot project or skilled nursing care. My loved one receives only Social Security Income and has no assets, where do I go? Many families loved ones, friends who need care may not have the income to pay for private pay assisted living or home care. Please click the following link for more information about Low Income Resources. I need to sell a home, who do I contact? There are several ways to sell a home. We always recommend using a licensed real estate agent. Search above for a Real Estate Agent that specializes in working with families that are selling their loved one's home. Specifically, look for a realtor that are Certified Senior Real Estate Specialist (CRES) designation as they have been trained to work with families who are selling their parent or grandparents home. They can also be a great resource for finding local services. Does Long-Term Care (LTC) Insurance pay for Assisted Living? Yes. However, the amount the company pays and for what, whether it be in a California licensed assisted living facility or provided by a home care agency depends on the policy. We recommend contacting your insurance agent for clarification. For more information on annuities and long-term care insurance issues, please go to the following California Department of Insurance web site for Seniors. Consumer: Senior Issues What is a reverse mortgage? A reverse mortgage is where the bank provided you funds on the equity of your home. To qualify you need to be at least 62 and reside in your home. There generally are no income restrictions. Please check out the following Federal Trade Commission article, Reverse Mortgages: Get the Facts Before Cashing In On Your Home's Equity.
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