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Costs of Care, Part 3: How to pay for Care

Costs of Care, Part 3: How to pay for Care

How to Pay for care This is the third post in a three-part series on the costs of senior care. In the first post, we looked at the various options available to seniors: retirement homes, assisted living, long term care (LTC) homes, and in-home caregiving. In the second post, we took a more in-depth look at how much these different options cost. In this third post, we discuss the ways in which elderly care can be funded. Savings and Investments Of course, the logical answer to how to pay the costs of long term care for our parents, spouses and ourselves is to use savings and liquidate our investments.  If you have them, or have any left after retirement while entering your ‘disability years’ (see the first post in this series), then that may be used up first to fund the cost of care. How to pay for care: The family home At the time of writing this post, the Canadian housing market is still strong, and house prices are favourable to consider using the equity in a home to fund the costs of long term care for elderly loved ones. If your parents own a home, the home can be sold and the money used to pay for your parents’ care. Parents can downsize into an apartment, or move to a retirement home or LTC facility. If staying in their own home is important to your parents, they can directly draw on the equity in their home to pay the costs of home care. The two most popular options used right now are the Home Equity Line of...
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