The Resource Locator Tool is unique in that it searches across public and private programs as well as insurance and home equity options. Results go well beyond Medicare and Medicaid; included are many lesser known and regional options such as obscure Veterans’ benefits and regional home equity alternatives. Persons conducting a search also receive a separate list of programs for which they are not eligible. Understanding why they are not eligible can save caregivers much time in planning for their loved ones.
Home values are down 30% from just a few years ago according to a Bank of America (NYSE: BAC) report and a new study from the Spectrem Group shows retirement plan assets fell 24% in 2008. Reverse mortgages as a means of paying for long term care have become less attractive to homeowners. A MetLife (NYSE: MET) survey finds the cost of nursing home care now exceeds $75,000 per year. Many families are shocked to discover they do not qualify for Medicaid and that Medicare does not pay for assisted living or Alzheimer’s care. Now more than ever families need to take advantage of the eldercare resources that are available to them.
Assisted living facilities, skilled nursing homes and Alzheimer’s care homes can link to the Eldercare Resource Locator Tool to help their residents and families find alternative means of payment at the following URL: http://www.payingforseniorcare.com/
