Viatical Life Insurance Settlement companies are willing to purchase life policy benefits before you make your life transition. All types of policies qualify including term, whole life, universal life, and corporate owned polices. The advantage is that you can get cash now to use for whatever you want, including home health expenses. The disadvantage is that you will not receive the full face value of your policy. The actual amount will depend upon an actuarial calculation. When you pass, the policy would then be paid to the viatical company rather than your family beneficiaries. Many families are very supportive of this concept. They are more interested in their loved one obtaining the best quality of life for the time they have left, rather than using the funds for themselves after the loved one is gone.

Many vets are unaware that they may be entitled to a benefit that can pay for a whole range of personal assistance to make it possible for them to remain at home. An individual vet is eligible for up to $16,955 per year (2005 rate) while two married vets can get $26,187. Even a surviving spouse is entitled up to $10,893 per year
To be eligible for this benefit a person must...

• Have served on active duty

  A. For 90 + days during a period of war - OR
  B. Have been discharged for a service connected disability
     during a time of war

• Was discharged under less than dishonorable conditions-AND
• Is 65 years old or permanently and totally disabled from non service connected disability-AND
• Meets the financial needs requirement

Just as the name suggests, there are companies that will pay you money in return for the equity in your house. These funds are tax-free. Unlike an equity loan, reverse mortgages do not ever have to be paid back. The best thing is that you can never be forced to leave your home! They will not affect your Social Security or Medicare benefits. The amount of money that you can get from a reverse mortgage depends upon several factors, including your age, type of reverse mortgage selected, value of home, current interest rate and where you live. The payment options are: all at once; fixed monthly payments (for up to life); a line of credit or a combination of these.

Statistics say that 60% of people will need some kind of long-term care within their lifetime. Most do not realize that Medicare pays for only 2% of the total long term care bills. That leaves a huge potential cost to individuals to pay for care privately. Policy costs vary according to age and features requested but you could likely find ranges between $900 to $3,000 per year. Nursing Home cost averages from $50,000 to $75,000 per year. It makes sense to insure against such a huge expense. We insure homes and cars but often we do not consider the financial impacts and the high probability of long term care needs.
Having a long term care policy gives you care options that you might not otherwise have had. The best care comes at a price. If you do not have the savings to finance long term care then you should at least consider insuring the risk. It's recommended that you seek out a broker that specializes in this type of insurance and represents several different insurance companies. Make sure you buy a policy that has substantial home care benefits, as that is where most people prefer to receive their care.

Formally called the Medicaid Waiver Program, it is designed to avoid premature nursing home placement. It is funded through a combination of State and Federal money. Persons must qualify under certain eligibility standards. Once done you may receive a whole range of service at low or no cost. Some of the services available are; in home care, adult day care, home delivered meals, emergency response systems, automatic medication dispensers, transportation and counseling.
The My Choice Program is managed by the Area Agencies on Aging. They also have a huge database on most any kind of questions that you may have regarding seniors.

Almost all major diseases have associations that help people affected with that particular illness. A great deal of informational support and even funds are available. Many of the major religious and fraternal organizations also have some funds available for its members.

The Family Independence Agency is another government program to provide personal care for basic activities of daily living help in the home. This program is designed to help very low-income families of any age. Medicaid or Non-Medicaid individuals may be eligible.
Some of their other services available are: information and referral, adult protection, employment and training, money and management.