In home care – how to pay for it. Most seniors wish to stay in their own home. However a lot of them will need some kind of assistance in order to do so. If you want to keep your loved one at home as they age, consider what resources are available to pay for senior care.
(Friends: The links in this post are affiliate links. The Aging Authority will be compensated when you make a purchase by clicking through the links.)
How To Pay for In Home Care
How to Keep your Loved one at Home
The majority of seniors wish to stay in their own home. There are a number of ways you can make their home environment safer. For example installing grab bars, using a programmable pill reminder box , removing throw rugs and other tripping hazards. You may also want to install a stove auto-shut off safety device.
To learn more about the best products for aging in place safely READ THIS ARTICLE.
What Resources are Available?
To keep your loved one at home as they age, they are going to expend resources. Think about what resources are available to pay for senior care.
- Does your loved one have a long term care insurance policy? If so many plans will cover both elder home care services and assisted living. One option may be covered more favorably than another. Call the insurance company a call to find out what benefits they have. You will also need to ask what the requirements are to qualify for them.
- If your loved one spent time in the military they may qualify for financial support from the Veterans Administration. Call your local VA benefits administration office.
- In absence of these other payor sources, your loved one’s private funds will need to be used to pay. Therefore it is necessary to make a budget for how long he or she can afford each type of service. How likely is that they may outlive their resources?
- If resources are limited, choosing a senior care service that can also be funded by public payor source may be the best option. This will help avoid service interruptions.
- For many seniors, their home is their largest asset and perhaps their only asset. The equity in their home may be tapped into through a line of credit to pay for in home care. Or, they can sell the home and use the profit for assisted living. It is a good idea to use a certified Seniors Real Estate Specialist. These are professionals who are trained in the unique needs of buying and selling as an older adult.
Medicare and Medicaid
It is a misconception that Medicare and/or Medicaid will pay for all of your long term care needs. In fact, long term care can be one of life’s most burdensome expenses. Good planning in advance can help avoid the stressors of paying for long term care. Be sure to use a qualified financial planning professional who is certified in long term care and senior living. They can help you set up your plan, and update it regularly as your needs change.
There are also many legal firms that offer Medicaid Planning. Medicaid planning is a process designed to protect all or a portion of an individual’s assets while still qualifying for Medicaid. This kind of strategic planning must be done well in advance of needing long term car services however, as the lookback for Medicaid applications is 5-7 years.
Knowing how much money you will need is a very tricky part of the planning. Your plan should include how you want to live, what type of care you may need, and what other resources are available. It is very important to consider potential for chronic illnesses that run in your family such as Alzheimer’s disease when making your plan.
Caring For Your Aging Parents A Nightmare? READ MORE….
Free assistance and resources for the Elderly READ MORE…