Making sure a loved one gets the right long-term care can be daunting, and navigating the funding options adds complexity to an already difficult process. At Park Wood, we work with financial experts to guide families through the process of exploring all financial options, including long term care, life insurance, and veterans programs; all of which are important to explore if you choose to speak with a financial adviser.
Long-Term Care Insurance:
This type of insurance provides varying levels of coverage for care that is typically not covered by other forms of insurance, such as memory care assisted living. Long-term care insurance is an anticipatory protection and will not apply for preexisting conditions.
The VA Pension Plan was designed to help Veterans and their surviving spouses receive the financial support necessary to ensure their continuing care in a memory care setting. The VA Pension Plan, when combined with the additional benefit of Aid and Attendance can provide up to $1,788.00 for a veteran, $1,149.00 per month to a surviving spouse, or $2,837.00 per month to a couple.
- Veteran must have served at least 90 days of active duty, with at least one day served during a time of war.
- Veteran must show limited net worth. (Assets do not include your personal residence, car).
- Financial need – in general, there must be less income yearly than the cost of care provided.
Services included but not limited to the following:
- Memory care
- Assisted living services
- Medication management
- Bathing, dressing, and personal care
- Mobility support
- Meal preparation
Some forms of life insurance can be used to fund the costs of assisted living and other care services.
Gift Tax Exemption
Family members can offset the costs of a loved one’s long term care by taking advantage of the IRS gift tax exemption. This allows individual family members to gift up to $14,000 per person, per year without paying gift tax.
At Park Wood Retirement Community we are committed to offering quality care and assistance to our aging population and you can rest assured that our family will take great care of yours.