How to Finance Hospice Care

by May 20, 2021

Moving a loved one into hospice care services can bring you up against financial challenges: how will you pay for it? How long can their savings (or yours) cover the expenses? Thankfully, several financial support options are available, including short-term loans, long-term insurance, or Veteran’s Aid.

Those in need of hospice services in and around Tysons, VA, should reach out to Tysons Woods Assisted Living. We are a small assisted living community with two residences in Vienna, VA. Our mission is to create a fulfilling living environment for seniors in need of personal care. Along with comprehensive services, we create an inviting space that recognizes each individual as a valuable community member. You can read more about our residences and living amenities on our website.

Below, we describe some common sources of financial assistance for hospice care:

Funding Your Loved One’s Hospice Care

  1. Veteran’s Aid and Attendance Benefit
    Every assisted living community offers a distinct variety of benefits and living options. Thus, you may not find the life-enrichment amenities at Tysons Woods elsewhere. Nevertheless, these financial aid sources operate the same way regardless of your assisted living home’s options.Let’s begin with the Veteran’s Aid and Attendance Benefit. This program offers military veterans (and their spouses) monthly allocations from the US Department of Veterans Affairs. These amounts can be significant and go a long way towards offsetting assisted living and hospice care.
  2. Short-term bridge loan
    Are you unsure whether your loved one requires daily care? Watch them for signs that they need assistance, including erratic behavior and struggling with everyday care. Meanwhile, if they don’t have access to Veteran’s Aid, consider taking out a short-term bridge loan.This kind of loan provides temporary funds until the recipient party receives permanent financing. For instance, your loved one may want to finance their assisted living services by selling their house or land. However, what if they need immediate care and the sale will take months to complete?A bridge loan can fill the gap between their moving and the sale so that your loved one gets the care they need.
  3. Long-term care insurance
    Given our range of amenities, we hear a lot of questions about Tysons Woods assisted living. Nevertheless, we’re happy to work with you and establish a treatment plan. We aim to provide sensitive and comprehensive hospice care to ease your family through its difficult time.If you’d rather avoid taking out a loan for your loved one’s assisted living, examine their long-term insurance policy. Many programs offer services beyond nursing home care, which may ease your financial burden. You should also speak to the insurance company to clarify all the policy details.
  4. Life settlement funding
    Finally, you might also consider selling your loved one’s life insurance policy to a life settlement company. Although the sale won’t provide the policy’s full face value, it will produce more than its surrender value. The sum can help to pay your senior’s care costs.

All-Inclusive Daily & Hospice Care – Available to Seniors in Tysons, VA

The shift into assisted living can include emotional and mental hurdles – you don’t need financial ones on top of those. Consider the options listed above to fund your loved one’s assisted or hospice care services at Tysons Woods. We provide elder care and support to folks through Tysons, VA, and the surrounding community. Our residents enjoy personal attention and a welcoming environment. Now let us help you: call today at (703) 846-0395 or fill out our online form to learn more!