Creative Ways to Pay for Care

Savings, Medicaid, insurance — and then there’s the money families forget they have.

Beyond the big three, families fund care in ways worth knowing about. A life insurance policy can sometimes be converted or sold to fund care instead of quietly lapsing. Some annuities carry long-term care riders. Homeowners sometimes tap a reverse mortgage or home equity — carefully, and with independent advice, because the home is usually the family’s largest asset and Medicaid rules can be affected. Siblings can share costs through a written family agreement, which prevents resentment later. And a personal care agreement can even compensate a family caregiver legally, keeping the arrangement fair and documented.

Every one of these has fine print, and some carry real risk. But knowing the full menu before the pressure hits is how families avoid desperate decisions.

This has been Care Without Crisis Explains, presented by Vanguard Care Solutions.

For more free videos and family resources — or when you’re ready to talk about care at home — visit vanguardcaresolutions.com or call 301-327-1444.