Understanding Your Options: Paying for Senior Care

To learn more about our non-profit continuing care community on Skidaway Island, GA, please call us today at 800-889-6238 or request a brochure.

With the incredible advancements in medical treatments and the growing popularity of healthier living, Americans are living longer. And, while this is definitely a good thing, there is an underlying problem that needs to be talked about - paying for senior care.

Today, more and more young adults are being forced to help financially care for their aging loved ones because the cost of assisted living has depleted their loved one's retirement savings. If you're finding yourself in such a position, then having a better understanding of your options is important for helping your loved one enjoy the best quality of life at an affordable price. Here are some possible options for helping you pay for senior care.


Unlike Medicare, which doesn't pay for assisted living, long term care, or residential care homes, Medicaid may be an option if your loved one meets the qualifications of the program. In order to qualify, a senior needs to meet the following:

  • The senior must be putting almost all of his or her existing assets towards care
  • The senior must be considered low income, or have medical or care expenses that are higher than his or her income

Long-Term Care Insurance

Long-term care insurance (LTCI) is a type of insurance policy that is designed to pay for costs that aren't covered by private medical insurance. Long-term care insurance typically covers the cost of home care, assisted living, adult daycare, respite care, hospice care, nursing home, and Alzheimer's care facilities. But, keep in mind that most LTCI providers will not insure people with preexisting conditions, so it is important to buy the policy before your loved one develops a serious health condition.

Life Insurance Policy Conversion

Rather than allowing a life insurance policy to lapse or be surrendered, the policy's owner may be able to convert it into a Long-Term Care Benefit Plan. This option is available in most life insurance policies (Term, Universal, Whole, and Group) that carry a death benefit of $50,000 to $1,000,000. Once the plan is converted, it will immediately start covering your loved one's senior care costs. And, there are several benefits to choosing this option, including:

  • It pays for immediate care needs
  • All health conditions are accepted
  • There are no wait periods for coverage to begin
  • There are no care limitations
  • There are no costs or obligations to apply
  • There are no requirement to be terminally ill
  • There are no premium payments
  • Owners can direct tax-exempt payments to cover their senior housing and long-term care costs

Reverse Mortgages

A reverse mortgage is a type of loan that's designed specifically for homeowners over the age of 62 in which the equity that's saved in a home is turned into cash. The homeowner is able to use the money from their home equity for whatever purpose while still retaining ownership of and continuing to live in their home.

It is important to note that reverse mortgages tend to have very high closing costs. But, because the money can be used for any purpose, reverse mortgages are common among those needing to pay for senior care services.

Looking for Savannah Senior Living Housing? Visit The Marshes!

The Marshes of Skidaway Island is an all-inclusive Savannah senior living housing community that can help your loved one enjoy a high quality of life. Our beautiful resort-style campus has everything your loved one needs to feel energized, connected, and cared for.

If you're looking for a retirement community for a loved one, then schedule a visit to the Marshes of Skidaway Island and discover one of the best senior living communities in Savannah, GA. To learn more about The Marshes of Skidaway Island, or to schedule a visit to our luxurious Savannah senior living housing community, please call us today at 800-889-6238.