Personal Finance Options
November 1, 2018
When transitioning into a senior community, a variety of personal financial options may be considered.
For many, a home represents one of their largest emotional and financial investments. Homeowners have the option to sell their house to support initial and ongoing costs associated with a senior living community. For those with market investments – stocks, bonds, and mutual funds can provide ongoing income through interest and/or dividend payments or annual withdrawals. For many, Social Security also serves as a reliable and steady financial resource.
Seniors may also be eligible for additional benefits through long-term care insurance and/or the US Department of Veterans Affairs. Both of these options tend to require extensive research to navigate benefit eligibility. These programs can be difficult to understand and gaining access to the actual benefits can be a complicated process.
To help seniors navigate both of these complex options, Moving Station offers consulting services. We have vetted top-tier third-party consultants and negotiated discounts with them to offer value-based options. Veterans and long-term care insurance benefits may be a crucial piece of the financial puzzle, providing a senior with the financial means to move into the community of their choice.
4 Personal Finance Tips
- If you are receiving – or are eligible for – a veterans’ pension, you could also qualify for additional monetary benefits.
- ‘Benefit triggers’ are the criteria that an insurance company will use to determine if you are eligible for long-term care insurance benefits.
- If your late spouse served during wartime, you may qualify for the veterans’ survivors pension.
- Some long-term care insurance policies may specify that in order to satisfy an elimination period, you must receive paid care or pay for services during that time.