A viatical settlement is the sale of a life insurance policy by the policy owner before the policy matures. Such a sale, at a price discounted from the face amount of the policy but usually in excess of the premiums paid or current cash surrender value, provides the seller an immediate cash settlement. Similar to reverse mortgages, viatical settlements involve insured individuals with a life expectancy of less than five years. In countries with high health care costs (such as the United States), this is a practical way to pay extremely high health insurance premiums and other senior care expenses that severely ill people face. Some people are also familiar with life settlements, which are similar transactions but involve insureds with longer life expectancies (two to fifteen years). - From Wikipedia and other sources 5/2007Retirement Communities or Nursing Homes - Post retirement planning beforehand
A proper, beforehand planning is necessary to safeguard self-dignity and to attain a secured after-retirement life. We all admit that.
Life is never the same after-retirement. Some people want to live close to the hard-earned friends or family whereas some people want to live unaided or in Nursing Homes, Retirement Communities, Home Health Care, Retirement Homes, Active Adult Communities, Senior Apartments. Whatever the reason be, some basic calculations are necessary for a better future.
Let us answer two simple and primary questions-
What is my primary consideration in the decision on where to reside?
It may be closeness to family, state retirement benefits, medical reasons, dream location, specific medical care or other reasons.
Which type of care am I searching?
It may be assisted living, nursing home, retirement community (Active Adult), Residential Care, Home Health Care, CCRC, hospice care or some other types.
Individuals must explain each little question to themselves to live a hustle-free post retirement life. At times, the simplest of the task turns out to be an epic one. For example, selecting the right nursing home is often a very hectic job as different nursing home specializes in different features.
Some minute details, in general, tend to be of high importance while selecting a nursing home for future, like the distance from a specific location. Apart from taking information on costs and fees, one must also note the types of care offered and types of aid accepted by that particular house. Even climbing stairs may be a bigger problem in future.
Budgeting is one of the most important aspects that need repeated critical assessment. The financial condition is not the same for everyone and one must sensibly figure out the budget on which he or she can comfortable sustain themselves for rest of life. Additional and hidden costs must be clarified beforehand.
One must take care of some seemingly insignificant issues that in future may become critical. It is always better if the home is in an easy-to-visit location for family and friends.
It is always recommended that the nursing homes should consult the family physician before consulting somebody else. The family members should make it sure that the nursing home uses or may use (if necessary) hospitals where the family physician practices.
Direct interactions with the present residents of the nursing home always provide a lot of information about the living standards and other characteristics.
The post retirement life should be self-planned to seize the most out of life, for which you have worked so hard so far.
The author is a freelance writer and founder of ?Revolutionary Visions?, Parent Corporation to the Retirement Care Guide, a user friendly directory (http://www.retirementcareguide.com ). He has spent years in researching and compiling data that retirement planners find hard to collect.