If you find yourself in need of emergency cash to pay for elder care, Max Cash® Title Loans may be able to assist you! We’re the premier loan referral service in America, and we can help you find a fantastic deal on an auto title loan. To find out how our financial services could work when you need cash to care of a loved one or yourself, apply for an online title loan straight away!
To find out more about title loans. And other emergency cash option to pay for elder care, and how they could help in an emergency, keep reading below.
Government Programs That Can Emergency Cash to Pay for Elder Care
Utilize government programs to bridge the gap between your expenditures and income. There are senior particular government programs available at state and national levels, as well as with local area agencies. Three of your significant expenses after retirement are home, food, and health care costs.
Here are just a few of the programs available to seniors nationally that could help cut those prices.
Social Security Income as Emergency Cash to Pay for Elder Care
Retirement benefits from social security will cover one-third of your independent living and medical expenses, but they can. According to the bureau of labor statistics, the average retiree over age 65 spends over $46,000 annually or nearly $4,000 per month. The average social security retirement benefit for 2019 is $1,461 per month or $17,532 annually.
A personal loan is generally an unsecured loan from your bank, which can be used for all kinds of emergency cash reasons, including retirement. However, these loans do not universally offer more affordable interest rates, and like all loans, you ought to apply and get accepted. In case you’ve got a poor credit score, you might risk getting diminished, or accepted with a high rate of interest.
Consider Retirement Accounts
If you have a 401(k) and are confronting significant debts, some companies give the option to take out a loan. These loans are tax-free but do have some limitations. You can just take out up to half of your vested account balance and not over $50,000, no matter how large your whole balance. All loans will need to be repaid within five years with interest.
You can also check to see if your plan allows hardship withdrawals. These are categorized as emergency financial situations that pose an immediate and substantial financial crisis of the employee. You’ll need to pay taxes on this money, taxed as ordinary income, and you may also have to pay the 10% early withdrawal penalty.
If you have a Roth IRA, you can withdraw any money you have invested at any time without penalties or taxes. After your account has been open for at least five years, you can withdraw any investment earnings without incurring the standard 10% penalty.
Naturally, this option only works if you’ve opened retirement savings and contributed to it. About 66% of millennials do not have any emergency funds spent, based on salary finance. Additionally, you want to take into account the opportunity cost to draining these funds. A $5,000 balance now could be worth $57,900 in 35 years, assuming a 7% annual rate of return.
Housing Assistance Programs
- The U.S. Department of Energy’s assistance program assessing the appliances in your house to make them more energy-efficient. The average household saves $283 annually on electricity. Preference for eligibility is given to individuals over the age of 60, and households with one or more members with a handicap. Utilities and general upkeep are things you are going to have to deal with, even when you’ve paid your mortgage off.
- If you are having trouble with a lease, research the housing choice vouchers program. Formerly called section 8, this program provides subsidies to low-income households and the elderly to help cover rent.
- You do not need to be a sage to know that older adults spend more on healthcare than any other age category. But just how much they invest frequently comes as a surprise. Approximately 40% of retirees report that their health care needs in retirement are more significant than they anticipated, according to the retirement confidence survey was done by the employee benefit research institute.
- Retirees over the age of 75 invest 15% of the budget on home health care costs. Here are a few programs designed to aid seniors with the cost of personal care services (i.e., respite care, nursing facilities, nursing home):
- Medicare is the primary health insurance for senior citizens, and it comes in three parts.
- Part A, which covers hospital stays, is free for those who have paid social security for at least ten years. Part B covers outpatient services, like doctor visits and rehabilitation. The premium for part b is $135 per month, with a deductible of $185 a year. After meeting the deductible, you will usually pay 20% of the Medicare-approved amount for most services. Part D covers the costs of your prescriptions. The monthly premium for Medicare part d in 2019 is $33.19.
- If you are struggling to pay your premiums, you may qualify for long-term care or Medicare savings programs. Approximately 20% of Medicare enrollees are also enrolled in a Medicaid program. Medicaid is a medical care program for older Americans with minimal financial resources. Eligibility requirements vary by state, but if you are eligible for SSI, you also need to qualify for a Medicaid waiver.
Use a Credit Card to get Emergency Cash to Pay for Elder Care
With credit cards, interest rates are sitting at about 17%. This can rack up a balance and quickly add to your monthly expenses. 38% of American employees wind up carrying that balance month to month. Almost half of the people who have credit card debt owe at least $3,000.
Nevertheless, if you can pay off your balance by the end of this month, a credit card provides an interest-free loan for 20 to 30 days, based upon your particular card. So, depending on your situation, you may want to consider them to get emergency cash for retirement.
Housing Grants for Disabled Veterans
The U.S. Department of Veterans Affairs (VA) provides several grant opportunities to former service-members and veterans with specific types of disabilities. This program assists them with buying or building homes. It may also cover payments to renovate their current home to accommodate their handicap.
- The supplemental nutrition assistance program, better known as snap, helps low-income seniors with markets by giving monthly stipends. To be eligible, you must show proof of limited resources and income. The maximum gross monthly income is 130% of the federal poverty level, which is $1,353.
- Another vital eldercare program to assist with food prices is the senior farmers market nutrition program (SFMNP). The SFMNP offers low-income seniors with coupon booklets to be used at participating farmer’s markets and food stands. These vouchers are to be used for fresh and organic produce. You can’t use them for dried or canned goods.
- However, if canned yams are more to your liking, the emergency food assistance program (TEFAP) can help. TEFAP provides many foods to low-income families, like fresh and canned vegetables and fruits, together with dairy and meat products.
- For retirees looking to re-enter the workforce, the Senior Community Service Program pays anybody over age 55 the minimum salary to work at community care or government agencies. SCSEP offers training for a variety of tasks from teacher’s aide to a computer technician. You can even use the skills you acquired during your work life to pursue other career opportunities.
Veteran Disability Compensation
Veterans disability compensation is a grant or financial aid package that offers cash compensation to individuals with prior service experience in the US military. If the handicap is the result of accidents, injuries, or diseases that happened while on active duty or was made considerably worse following their service, then these individuals may benefit from this type of emergency cash.
During the application process, the U.S. Social Security Administration (SSA) may also speed up the inspection and approval process of handicap applications from U.S. veterans and injured warriors. The expedited process will allow these individuals to receive their disability benefits and any cash reimbursement in significantly less time.
Heating or Cooling Bill Assistance
Disabled individuals can receive heating, cooling, and energy assistance through the Low Income Home Energy Assistance Program (LIHEAP). Although the federal government covers this program, applications receive approval at the local and state level of the individual applying. Community action agencies determine priority for this type of emergency cash for disabled individuals. Applicants with a disability or who might be at risk with no cooling or warmth services often receive first priority.
Direct Financial Assistance
Direct financial assistance is typically available to individuals who qualify for social security, as well as Supplemental Security Income (SSI) through the Supplemental Security Income Program. Emergency cash made available through this program covers all types of fees, whether they are medical conditions, medical treatments, home expenses, or other financial burdens.
The federal government administers this type of emergency cash program, in addition to the US Social Security Administration. Furthermore, there are several requirements in place. Financial assistance is only available to individuals who have a handicap that meet specific medical standards. The US Social Security Administration determines these standards.
Supplemental Security Income (SSI) As Emergency Cash for Disabled Individuals
Supplemental Security Income (SSI) is the second primary federal government application for disabled individuals behind SSDI. This program provides financial assistance to the blind, elderly, and disabled individuals. It may also cover their children that have extremely low or perhaps even no earnings. Supplemental Security Income also helps cover food, housing, and clothing necessities, among other items that the individual(s) need. Cash benefits are determined based on candidate requirements.
Emergency cash generated through this program is compensated for by general tax revenues as opposed to social security taxes. In contrast to other social security programs, SSI applicants do not need to attain guaranteed status to qualify for financial assistance. Should they choose to do so, states can supplement federal SSI benefits through State Supplementation Programs (SSP).
Apply for a Title Loan with Max Cash Title Loans to Get Emergency Cash to Pay for Elder Care
Auto title loans, also known as car title loans, are secured loans that put a lien on your vehicle title, making your vehicle function as a kind of collateral. To qualify for one of these loans, you’ll have to fulfill some requirements.
- Government-issued photo ID
- Proof of residence
- Proof of income
- Three references (private and/or professional, should be of no relation to you)
- Social Security card
- Free and clear vehicle title
- Car insurance policy
How to Apply with Max Cash Title Loans
At Max Cash Title Loans, we have a loan process designed to be quick, easy, and secure. You can also finish the process, including getting your money, from the comfort of your sofa!
Here’s what the process typically looks like:
Complete and submit our online application
To help determine your pre-approval, we’ll only ask a few basic questions about both you and your automobile. Soon after submitting your application, a Max Cash Title Loans loan broker will contact you and tell you when you’ve passed pre-approval. In case you have, we’ll go through the numerous title loan companies we work with and locate the ideal loan company for you.
When you have been approved for an auto title loan, your lender will go over loan conditions with you. Your loan provisions include your interest rates, monthly payment, loan length, and loan amount. Then, you simply have to sign a loan agreement with your lender.
Get your quick cash
Once you have signed your loan agreement, it’s time to get your money. You could have the funds deposited directly to your bank account if you’d rather stay in your own home. At Max Cash Title Loans, we seek to get you your cash assistance on the same day you apply or once the very next working day.
Start with Max Cash Title Loans and Get Emergency Cash to Pay for Elder Care
Max Cash Title Loans is here to help our wonderful customers find an incredible deal on an auto title loan. finding financing, mainly when it’s an emergency, can be complicated and overwhelming, let’s do the hard work for you, at no cost!
To start your new financial journey, go ahead fill out an application for an online title loan today!