How Covid-19 Has Impacted Seniors In Assisted Living
The number of COVID-19 deaths in the U.S has been rising at an unprecedented rate. As of August 20, 2020, over 70,000 COVID-19 related resident and staff deaths have been reported in Nursing homes and Long-term Facilities.
(CDC) Since most assisted living centers are not federally regulated, this leaves the States to decide whether or not to disclose any further information regarding COVID.
Similarly, data from UsAgainstAlzheimer’s Survey on COVID-19 shows that nearly 40% of COVID-19 deaths in the US came from Assisted Living. With nearly half of the residents living with Alzheimer’s, this population grows uncertain about their financial future.
In addition, the increased risk of COVID with seniors in assisted living has made living providers come up with ways to protect their residents. For example, managing the spread within the assisted living homes comes with the stress of additional protective equipment, testing, and filling staffing shortages.
Also, increased staffing and supplies will impact the overall cost of care greatly. 52% of long-term care is paid out of pocket and with the rise of costs, the burden affects the families of residents.
Subsequently, assisted living companies are having trouble with meeting the escalated costs. It has caused them to put those expenses towards residents and even charge residents who have had the virus extra dollars.
In eight states there are complaints filed to their state attorney about unfair billing practices pertaining to COVID. This has led residents and their families burdened with the cost. What many don’t realize is that there are financing options that can assist them.
So what are their options?
Life Settlements is the sale of an unaffordable life insurance policy for higher cash value. This option has significantly helped seniors by giving them the resources to help pay for medical bills and rising COVID-19 costs.
Vice President of Abacus Life Settlements claims, “But unfortunately, most policies lapse or are surrendered without the owner benefiting”. The current awareness of this option is on the rise but not known to many seniors.
For instance, based on The Consumer’s Guide to Life Settlements, 90% of seniors would have considered this option if they knew this existed.
In addition, COVID-19 impacts include an immense amount of financial stress in regards to retirement accounts. “The pandemic’s impact on jobs and retirement accounts:
The recent COVID-19 pandemic has hit retirement accounts hard and caused millions to lose their jobs. Many of these workers are seniors who have had to continue working due to the senior retirement gap.
Life settlements can be a source of urgently needed funds.”
Read the full article from Forbes here.
Those familiar with Life Settlements usually believe that they must be in poor health to be able to sell their life insurance policy. However, this is no longer the case.
According to Ted Kilkuskie, “Life settlements are a practical, hassle-free way for healthy seniors to generate assets and income during retirement.”
In summary, money from a Life Settlement can be used for anything you want. Since it is a cash amount, most seniors will use the proceeds to pay for long-term care costs, retirement expenses, a new house, etc.
To find out if you qualify for a Life Settlement, check out our website here
Abacus Life Settlements has made the number 2 spot for best Life Settlement policies in the nation for 2020. They feature a one-step qualifier which provides you with an instant quote. The company completes a federal background check which only takes 14-21 days. Abacus Life is a proud member of the LISA and strictly adheres to HIPAA and privacy laws to maintain and protect the confidentiality of financial, health, and medical information. We pride ourselves on being able to understand the finer details of the cases that we take on.