Four Effective Ways of Paying for Senior Housing

In most cases, Medicare doesn't usually cover Calgary seniors' housing costs. And this causes concern for both the older adult and their loved ones.

But thankfully, there are several other effective ways that make paying for senior housing a little streamlined.


Try resources like:

1- provincial programs

Check whether or not the province you live in offers any type of community or home-based waivers to assist low-income residents. If yes, use it for your benefit.

2- Life insurance

You can also use a life insurance policy to pay for Calgary seniors' housing charges. As per the policyholder's health and age, and premium, the lending firm can buy the policy back for 50 to 70%.

You can check with your insurance company for added information.

3- Long-term care insurance

If your loved one has long-term care insurance in his/her name, it should come in handy in paying for seniors' housing in Calgary.

Keep in mind for this resource to work, the policy needs to be purchased beforehand. Choosing this policy when the person is ready to move may not help you obtain the coverage required.

4- Renting the home

If you own a home and know that no one will be staying in it once you leave for senior housing, consider renting the place. This way, you will have a secure income.

To be concluded

While paying for seniors housing in Calgary isn't easy, it is not impossible. Thinking out of the box might help you determine what all reliable sources can be used to pay the costs effectively.

We hope this blog was able to assist you with the senior living charges.

To know about Benefits of senior housing please visit our website: lakeshoremanor.ca

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