Read these 6 Retirement Homes Tips tips to make your life smarter, better, faster and wiser. Each tip is approved by our Editors and created by expert writers so great we call them Gurus. LifeTips is the place to go when you need to know about Retirement tips and hundreds of other topics.
If you are shopping for insurance to help you pay for retirement homes, make sure the policy being considered for a retirement community home does not duplicate skilled nursing facility coverage provided by any coordinated care plan such as Medicare or Medicaid or other coverage already received. Check for any prerequisites required before the company will pay benefits.
Financing retirement homes with an insurance policy can help meet the expenses you'll encounter, you must be careful. If you are considering an insurance policy, make sure that it pays benefits immediately upon entry into a nursing care facility or senior retirement home. Many insurance policies, which are purchased prior to the need for nursing care, require a waiting period after entry into a nursing care facility before payments are made. It is highly unlikely that nursing care insurance can be purchased after a person has entered a nursing care facility.
Many people buy insurance to help financing a retirement home down the road. Some insurance companies offer private insurance policies specifically for long-term nursing home care. If you go this route, shop carefully. These policies vary widely in coverage and cost, and it is important to understand precisely what kind of policy you are purchasing, and whether it will support the sort of retirement homes you will need.
If you are considering buying insurance in order to finance retirement homes or a retirement community home, ask if the company requires that a patient have prior hospitalization before any benefits are paid out. Some diseases such as arthritis-related problems and Alzheimer's do not require hospitalization before the need for nursing care arises.
Many people mistakenly believe that Medicare, which is administered by the Health Care Financing Administration, covers the costs of most long-term care services such as in retirement homes. In reality, Medicare only covers short- term, acute care during a hospital stay. Don't look to Medicare for financing a retirement home; you'll need to work out other forms of financing if you haven't saved enough by the time you need to find a retirement home.
As with many other things in life, getting into retirement homes boils down to a question of money. Financing a retirement home is now a little easier if you are a homeowner; an increasing number of mortgage companies offer ways to convert the equity you've built up in your home into money for a retirement community home. Before you shop for a retirement home, talk to a mortgage specialist and find out if you can apply your equity to paying for a senior retirement home, and how much you would have to work with.