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In Home Care – How To Pay For It

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.

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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.

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.

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