When faced with the realities of today's economy, it helps to know that you have options to support paying for care. Silverado is here to help guide you to a financial solution. Some options you may consider are:
Long-Term Care Insurance
Many residents with Long-Term Care insurance are able to utilize their existing policy to cover a portion of, or the full extent, of their stay. Because of the varying terms of these individual policies, coverage may differ. But, our Directors of Resident and Family Services along with the Director of Health Services can help identify what is required for coverage under your existing plan. They can also help fill out any necessary forms and work directly with your insurance provider, if authorized by the resident or responsible party.
United States veterans and their surviving spouses may be eligible for a monthly federal benefit payment of up to $1731 per month to help pay for care, including assisted living and at-home care. Your Silverado Family Ambassador or Home Care Consultant can help you with the application process.
A secured line of credit is similar to a bank account; but instead of depositing money into the account, you borrow money against the account. A line of credit can be secured by CD's, equities (stocks), properties and cash that you may have. You can borrow from it over and over again without having to renegotiate terms. If you can't qualify for a secured line of credit, consider a reverse mortgage.
A reverse mortgage is a loan available to seniors age 62 and above. It's used to release the home equity in the property as one lump sum or in multiple payments. The homeowner's obligation to repay the loan is deferred until the owner passes away, the home is sold or the owner moves out. In the case of couples, as long as one person is still living in the home, the funds remain available.
Did you know you can liquidate a life insurance policy to create a bridge to fund the costs of assisted living and other services while you wait to sell your home in a difficult market or for your stock portfolio to regain its strength? There are many excellent resources for this kind of financing solution.
Family members can help with the costs of a loved one's memory-care by taking advantage of the IRS gift tax exemption. Individuals can provide gifts of up to $14,000 per person, per year without paying gift tax.
Before making any kind of financial decision, we advise that you contact your personal financial advisor or tax professional. Please contact a representative at the Silverado location nearest you for additional information and a list of local financial resources available.