If your parents or guardians are around the age of 65, senior care is, definitely, on your mind. Depending on the condition of your senior, your options range from assisted living, home care, nursing care, adult care, or even hospice.

Senior care does not come cheap. For instance, adult daycare in a Medicare-certified nursing facility goes for an average of $1,500 monthly. Home health care could be up to $4,000, while private nursing will set you back some $8,000 or thereabout every month.

The level of care that is adequate today may be inadequate tomorrow, all at an added expense. Here are some resources that could be available to you:

Retirement Funds

Pensions are no longer that common, although some companies still offer them as an incentive. There have been cases though where companies were unable to pay out pensions due to financial constraints. In the short-term, you can consider payday loans for veterans, as you explore additional long term options. As such, the workers who have lived with the hope of a pension in their sunset years get disappointed. They end up having their hopes dashed in their hour of need.

If your senior was formally employed anytime from the 1970s, chances are they have a retirement account. 401k, 403b, 457b, IRA, and Thrift Saving Plan are some of the most prevalent retirement accounts in the US. They mostly depend on the type of institution your senior worked for. To access these accounts, you will need to present documents detailing the employment history, as well as the account number.

Government-Sponsored Initiatives

Social security, though no longer comprehensive, was initiated to provide retirees with a living wage. Today, you cannot rely on social security alone. The fund is overstretched by the many in need and falls short of providing a living wage. If available, let it be a supplement for other financial sources.

Retirement social security benefits can be accessed from the age of 62. If your senior worked till the full retirement age, which is between 65 and 67, depending on the time of birth, they’re entitled to a higher monthly payout.

We then have government-sponsored insurance: Medicare and Medicaid. Every senior above 65 is covered by the national social insurance program – Medicare. Those with disabilities that keep them from working can receive this cover before they turn 65. Medicaid comes in for seniors who need long term care but are not in a position to pay for private health care. Take advantage of these government resources whenever you can.


Private health insurance is the most common in this category. Government-backed coverage is often inadequate, especially where intensive care is required. A comprehensive package of such insurance will cover most, if not all, medical conditions. You can also have Long Term Care (LTC) insurance to cover costs related to nursing home care or adult daycare. Such services are often not included in the conventional health cover. If your senior has life insurance, you can convert it to fund eldercare in what is referred to as a viatical settlement. This one is received in a lump sum, and you can allocate it appropriately to give your senior comfortable sunset years.

Personal Finance

If your senior invested during their working years, then you have more options to fund their senior care. If they own a home, you can take out a reverse mortgage where the Federal Housing Administration pays you a residual income with the house as the guarantee. The surviving heirs then repay the loan once the owner passes on.

Real estate investments also come in handy as they provide a residual income that can go towards senior care. Other investments include mutual funds, shares, bonds, stocks, and so on.

The key to senior care is planning beforehand. After taking care of you for all those years, you want to return the favor and give your senior a relaxed and stress-free retirement. And you don’t want to be left penniless in the process. Payday loans for veterans can come in handy once in a while, but ultimately you should have a sustainable plan that is favorable for all.


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