Financial Assistance

When transitioning to senior living, it’s not uncommon to have a short waiting period before long-term resources are available to pay for increased care. A few common examples of this period are waiting for the sale of a home, VA benefits to be awarded, the elimination period for a long-term care insurance policy to end or the liquidation of stocks or other assets. 

A delay before receiving these funds does not mean you need to delay your move into a community. The ElderLife Bridge Loan can help “bridge” the gap between your move-in and when the funds become available. They have helped tens of thousands of families in this situation for more than 22 years. With a single phone call to ElderLife Financial, you can complete your application within 10 minutes and get potential approval within an hour. ElderLife Financial funds many of its Bridge Loans within 24 hours – allowing you to move into your desired community within a day. 

Once your other resources are available, you pay back what you borrowed and use the remaining funds to pay for care long-term. If you have money tied up in other assets, but need care right away, ElderLife Financial can solve your cash flow issues.

A reverse mortgage is a type of loan that gives adult homeowners ages 62 and over financial options for using the equity in their home. There are a few kinds of reverse mortgages, and a Home Equity Conversion Mortgage (HECM) is the most common type. It is federally regulated to ensure the lender engages in fair practices. 

People who want to access an HECM also go through a required counseling session to learn if and how this loan is right for them. If at least one homeowner plans to remain living in the home, a reverse mortgage or HECM could allow you to leverage the equity in your home to pay for care. If you think an HECM reverse mortgage may be a financial solution for you, consult with a federally approved lender in your state.

Medicare is federal insurance that can cover the cost of healthcare services. It is available to certain populations of people, including individuals age 65 and over, certain younger people with disabilities and people with end-stage renal disease. 

While Medicare typically does not cover certain senior care services, it may under certain circumstances. You may be able to use your Medicare healthcare plan to help cover some costs of senior living, depending on your unique situation. Consult with your Medicare plan provider to determine if and which costs Medicare can cover.

Medicaid is a health insurance program that is jointly regulated at the federal and state levels available to certain people with low incomes. This means that the U.S. government creates certain rules that apply to all state Medicaid programs while allowing each state to make individual choices about the programs they provide to their residents. 

Certain senior living communities accept Medicaid as payment, while others do not. If you have Medicaid, or want to learn if you’re eligible, you can contact your state’s Medicaid office to learn more. You should also consult with your senior living community to learn if they accept Medicaid as payment.