Payment solutions can encourage the move to senior living or commitment to senior care, especially during challenging economic times. Today, there are a number of payment options available to both seniors and their families to help them access senior living option, even if their house hasn’t sold or benefits have yet to arrive.
Families and seniors, however, often do not know that these options even exist. This is why as providers of senior housing and care, as advocates whose job is to serve as a resource of available options, it is important we are well aware of the options and providers who can help a family obtain the help they need as quickly and simply as possible. Serving as a resource for such information to seniors and their families brings relief and gratitude that can have long lasting effects, not to mention, a move-in &/or longer stay in your community, or a satisfied client if you run a home care agency!
Some options include:
1. Senior Living Line of Credit – for seniors and their families who seek a move into communities that charge rent on a monthly basis;
2. Financial Concierge Programs – for independent seniors who need to fund their entry fees while they work on selling their home or stock. Such programs can help seniors leverage their “trapped” equity in order to lock in a move to a CCRC;
3. Veterans Aid and Attendance benefits – wartime veterans and surviving spouses can receive between $900 and $1,800 in monthly benefits for senior housing and care;
4. Life Assurance Benefits and Life Settlements – there are options for families to convert one’s life insurance into a paying benefit;
5. Credit and Debit Card acceptance – one more payment option for seniors & their families. Is a small fee worth a move in?
Providers have done the math and realize that providing payment solutions to a senior and their family can have a noticeable impact on move-ins and decrease in Lost Revenue Days. Many providers today cover interest for families and seniors who take out financing; helping ensure little cost to the senior and family on the VA Benefit, or have recognized the decrease in lost revenue days associated with accepting credit cards at least for the initial deposit and first month’s move-in and related fees.
Join us for a webinar on Wed., 9/14, led by Elias Papasavvas CEO and Bridgette Duber Ph.D, Vice President of Education and Outreach for Elderlife Financial Services, who will discuss each of these options, the pros and cons, and the math related to the bottom line benefits of senior housing and care providers who are contemplating not only how to offer such solutions, but how to ensure their teams within the communities, are comfortable letting seniors and their families know that a move to a quality senior lifestyle is possible thanks to a variety of payment solutions.
Click here to register – seating is limited!
