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🔥 Refuel | Issue #20
A Newsletter from Faith + Gasoline
📅 Subject: “What If the House Doesn’t Sell?” – The Real Talk on Paying for Long-Term Care
🛠️ Welcome to Refuel
Hey fam,
We’ve all heard it—
“We’ll sell the house if something happens.”
But what if something already is happening?
What if the market crashes, interest rates spike, or the home needs $40,000 in repairs before it’s even livable? Be honest, you have been in and out of your parents home for years and noticed it needed work but you just didn’t think about it. But once they get sick - you HAVE to think about it.
What if that “asset” you’ve been counting on… doesn’t come through?
This issue is about real strategies, not wishful thinking.
How do you actually pay for care—when the house may not cover it?
🔥 This Week’s Theme: Hope Is Not a Financial Plan
📖 Verse of the Week:
“The wise store up choice food and olive oil, but fools gulp theirs down.” – Proverbs 21:20
Preparation isn’t fear—it’s faith in motion.
And financial clarity is part of your caregiving tool box.
🚗 Story from the Road: The House Wasn’t Enough
When my mom got sick, I wondered what we would do if she had to go into a facility. I thought about placing her somewhere many times, but I either couldn’t find the right place or the right price or both. And you see senior living facilities everywhere. But most of them are private pay. So you inquire about the price - and it’s all good until they need memory care. That starts around $4K a month minimum. And by the time the Alzheimer’s journey ends (or any condition where the person can’t walk) you’re looking at $10-15K a month.
But my parents bought a house in the 60’s in St. Louis. They got redlined into an area that didn’t increase in home values like some of the other neighborhoods. Even if we sold her home, it would have amounted to maybe one year of care. I made a deal with a friend to manage the property and quit-claim deeded it so it is now mine. But still, she took mortgages out on it when she should have been selling it. So I still don’t have a super valuable asset. I don’t blame her for anything and please don’t judge her. She did what many in her generation thought was best.
That’s when I realized: most of us are not financially prepared for long-term care.
So here’s what I wish I knew sooner.
🏡 The Hard Truth About Paying for Care with Real Estate
🔴 The average cost of assisted living is $4,500–$6,500/month.
🔴 Nursing home care? $8,000–$12,000/month. If it’s skilled nursing expect to pay at least 15K
🔴 Most homes, after agent fees + taxes + repairs, leave far less than expected.
🔴 And if the market crashes, the timeline is no longer in your control.
📌 Bottom Line: A home sale might help—but it’s rarely enough on its own. You need a plan B (and probably C).
💸 Real Ways to Pay for Long-Term Care (Beyond the House)
✅ 1. Medicaid (not Medicare)
Medicare ≠ long-term care coverage
Medicaid does cover nursing homes, if you qualify based on income/assets
Tip: Talk to an elder law attorney about Medicaid asset protection—don’t spend down blindly. Get help on this and each state varies.
✅ 2. Veterans Benefits (Aid & Attendance)
Up to $2,600/month for wartime veterans and surviving spouses
Covers in-home care, assisted living, and some nursing facilities
Tip: Check VA.gov or local VA offices for help applying
✅ 3. Long-Term Care Insurance (if you already have it)
Kicks in for home care, assisted living, and skilled nursing
Many people let these lapse—check old policies
Tip: Review for inflation protection, benefit period, and daily payout amount
✅ 4. Life Insurance Conversion / Living Benefits
Some policies allow you to “cash out” early for care expenses
Tip: Ask the insurer about accelerated death benefits or life settlements
✅ 5. Reverse Mortgages (Carefully)
Allows homeowners 62+ to borrow against home equity without selling
Must be primary residence
Tip: Works best for home care, not facility placement. Do your homework—fees are high.
Siblings/family pitch in based on income or schedule
Put it in writing. Avoid the “I thought you were paying” chaos.
Tip: Use tools like a shared care calendar or expense tracker to stay accountable
⛽ Quick Refuel: ✅ What You Can Do Right Now
✅ Start the conversation with your parent before crisis hits
✅ Get the paperwork in place: POA, will, deed, insurance policies
✅ Call an elder law attorney (even a consultation will help)
✅ Know what Medicaid actually requires—don’t guess
✅ Explore care options BEFORE the house is sold
📌 Takeaway: If you're counting on the house, make sure the math—and the timing—work in real life, not just in theory. This isn’t a “poor people” problem. Most people will not have an extra $40-120K a year to spend on healthcare for their parents!
📌 Next Steps
💬 Let’s Connect:
Have you had to sell a home to pay for care? Did it help or create more pressure?
Reply and share—your story could prepare someone else.
📢 Share this with someone making big decisions under pressure. This is the info we all wish we had sooner.
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💙💙 Community is the new currency 💙💙
Don’t build your plan on what might sell.
Build it on what definitely matters—clarity, care, and grace.
Go be great. 🚀💙
Love you.
With faith & fuel,
Judith A. Culp
Founder, Faith + Gasoline