Seniorly Conversations: Paying for Long-Term Care

Author: Jacqueline Hatch

| Published on: February,11 | Viewed: 2442 times



In Seniorly Conversations, Heritage Financial North President Lars Larson discusses several financial options for families paying for long-term care.

At Seniorly, we understand that senior housing can be expensive. That's why we aim to provide as much comprehensive information as possible on one easy-to-use platform, so families can make the most informed decision when it comes time to choosing a community. When it comes time to move into senior housing, Heritage Financial North can “assist in ensuring that [you] have a plan to be able to afford and maintain the care that is needed. If you are in a position where assisted living is not in the near horizon, but you (as most people) are concerned about the future financial burden of long term care needs, there are many options available to plan ahead.” You don't want to wait until a crisis arises to learn your financial options. It's wise to plan ahead and know your options so that you're prepared for the costs when it comes time to move. 


Options for planning ahead:

-Traditional LTC Insurance

-Hybrid Plans (offer long-term care protection and a variety of benefits)


Options that people overlook:

-Medically-related tax deductions

-Government benefits (state or federal)

-Life insurance policies


“With time, the need for assistance can very well increase, and so can the costs associated,” says Larsen. It’s important to plan ahead for any possible outcome, so that you are prepared for whatever life throws your way.

If you have a loved one in need of assisted living, Seniorly can help you discover the community that fits your budget and discuss your financial options for paying for long-term care. With a free account on our site, you will get access to pricing, community availability, inspection reports, and more. You can even message a community directly for more information on community fees, move-in fees, and pricing for various room sizes. 


Our Resource Center is also stocked with educational articles to provide you with more information on financial planning, and a free account on our site will help you narrow your care options by your particular budget. Visit today or call us at (415) 570-4370 to speak with one of our family coordinators. We're always happy to help!

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