Cantissimo Senior Living Blog

Cantissimo Senior Living blog - an educational resource for older adults in lifestyle, wellness, and more.

Posts about Housing:

Life Insurance and Annuities: Alternatives to Pay for Long-Term Care

Life Insurance and Annuities: Alternatives to Pay for Long-Term Care

Among the many ways of paying for long-term care, life insurance and annuities have been growing in popularity.

Life Insurance

In its original form, life insurance was intended only to pay beneficiaries upon the death of the insured. Since its inception, however, life insurance has evolved to include many additional options. Some of these options can help pay for long-term care.

How to Sell Your Home and Move into a Senior Living Community

How to Sell Your Home and Move into a Senior Living Community

Selling your home is a big step to transitioning to a new lifestyle. If you're like many of the people considering downsizing or moving to a senior living community, it could have been 30 years since you have last dealt with a real estate agent. For some, this may be the first time you are personally selling your home.

If you have limited experience selling a home, or it has been years since you sold a home, you may have dozens of questions swimming around in your head. "How much is your home worth?" "Where do you find a real estate agent?" "Do I have to make any repairs to my home?" "How will I complete repairs?"

To help answer these questions, we've created this four-step process for selling your home.

The Safety Net – Paying for Long-Term Care with Medicaid

The Safety Net – Paying for Long-Term Care with Medicaid

Planning for long-term care expenses seems to involve a lot of wishful thinking for many. In a survey by The Associated Press-NORC Center for Public Affairs Research, only about a third said they were confident they would be able to pay long-term care expenses. Despite this, 54% of respondents said they had done little or no planning for these needs.

One example of wishful thinking is that government programs like Medicare or Medicaid will pay long-term care expenses.

How Your Home Can Help Pay for Long-Term Care

How Your Home Can Help Pay for Long-Term Care

The majority (76%) of those over 50 say they would prefer to continue living in their own home as long as they can. However, this is not always possible, and other senior living options like assisted living may need to be considered. Yet, such long-term care options can be costly. For instance, one year of assisted living can cost over $50,000 per year. If memory care or skilled nursing is required, the annual cost can be up to twice as much.

Unless one has long-term care insurance or can qualify for Medicaid, most people will need to tap all their assets, including equity in one's home, to pay for long-term care.

There are four ways to leverage home equity to finance long term care:

Using a Health Savings Account to Pay for Long-Term Care

Using a Health Savings Account to Pay for Long-Term Care

Most of us have heard of a Health Savings Account (HSA), but many don't understand the important details about these accounts.

HSAs were intended to provide a way for Americans to save money for out-of-pocket healthcare expenses before meeting the deductible of a high deductible health plan (HDHP). In fact, an individual or family must have an HDHP to open an HSA.

While HSAs were primarily intended to soften the financial burden of paying for healthcare expenses for HDHP account holders of all age groups, HSAs can be particularly advantageous in paying for long-term care expenses at age 65 or over.

Risking the Nest Egg: Using Retirement Savings for Long-Term Care

Risking the Nest Egg: Using Retirement Savings for Long-Term Care

As noted in a previous Cantissimo Senor Living blog post, the U.S. Department of Health and Human Services estimated that 70% of those now turning 65 will eventually need some level of long-term care.

Yet, few people include a long-term care component in their retirement planning. It seems like more plan for their children's college education than for the very costly and highly probable reality of long-term care. Assumptions that typically drive this lack of planning are:

Not Your Typical Pre-Retirement Checklist [Video]

Not Your Typical Pre-Retirement Checklist [Video]

 

Retirement checklists abound across the internet. Most provide wisdom on planning for a secure financial future. Saving enough, choosing appropriate investments, and eliminating debt are common recommendations. However, there is more to retirement than pure pocketbook considerations. Listed below are some retirement planning ideas that most checklists don't mention.

Your Long-Term Care Insurance Roadmap

Your Long-Term Care Insurance Roadmap

When it comes to preparing for retirement, most consumers have only a vague idea about planning for potential long-term care expenses. Yet, as noted in another Cantissimo Senior Living blog post, well over half of Americans 65 or older will eventually require some form of long-term care.

Depending on the level of care needed, annual costs can range from around $19,000 for adult day care to over $100,000 per year for a private room in a skilled nursing facility. Medicare will pay for limited transitional care after a hospital stay, and older adults who meet specific low-income requirements can qualify for Medicaid. However, for most people, some or all these costs will be paid for from sources like retirement savings, a reverse mortgage, or selling a primary residence. Another option is long-term care insurance (LTCI).

Three Options for Short-Stay Assisted Living

Three Options for Short-Stay Assisted Living

A common perception of senior living is that it is an irreversible step in one's life journey. However, many don't realize there are short-stay options available for various situations, including assisted living.

Assisted living is for people who need some help with daily activities but are otherwise independent. Housing is typically home-like, apartment-style units with private bathrooms and some kitchen amenities. Dining is generally communal, and social activities are available for residents.

Downsizing: What Can I Do With My Old Stuff?

Downsizing: What Can I Do With My Old Stuff?

"I am moving, and I need to downsize. Where can I sell or donate my old stuff?" This is a common question for people who are downsizing their homes. The process of downsizing a home can be overwhelming for anyone. The best way to do it is to take your time and plan ahead so that you don't make any mistakes or regret decisions later on. When downsizing, you will need to address what to do with all the "stuff" in your house - from clothes, books, furniture, kitchenware, collectibles, and everything else! If you have been looking on the internet, you might have found that there are many places where you can find help with your move.