For those who are looking for the best senior home care, you need to consider the costs associated with it. How do you go about paying for senior home care? And, are there financial assistance programs you can tap into? Additionally, how do you know you’re getting the best senior home care for the rates being charged? You have so many questions as a senior and family members who want the very best. Here we’ll cover how to go about getting help paying for senior home care for seniors.
Traditional Approach
You can pay with cash or with a checking account. If you have saved earlier in life, this is a great way to ensure you have the funds available when needed. There are also many home care facilities which will offer discounts for annual payments. If you pay for a full year of care rather than monthly, they’ll reduce rates. Plus, there are other home care facilities and home aides which offer discounts. So, it’s worth inquiring about your options to find the best rates possible. And, the earlier you begin saving, the easier it will be to have the funds set aside for senior home care needs.
Medicare
If you’re 65 or older, Medicare can help. Although they typically don’t cover long-term care, for short term care there is assistance. And, depending on gap coverage or supplemental coverage, there’s more assistance available as well. Whether it’s hospice care or skilled nursing in your home, there are ways in which Medicare benefits can help you in funding senior care costs. So, consider this alternative if you are looking for the best alternatives for paying for senior home care needs.
VA Benefits
If you are a veteran, you can tap into VA benefits to help pay for the cost of senior home care. Military veterans can use these funds, along with traditional health insurance, to cover the costs. Depending on how much you have in benefits, you might have to pay additional expenses out of pocket for care. However, it is a good way to fund at least a portion of your home care costs. And, you’ll have the financials in place with Medicare or Medicaid, to help cover the additional amount for care.
Insurance
You can purchase a private insurance policy that will cover your senior home care costs. Long-term care policies should be purchased in advance of choosing a home care aide to live with you. There are different forms of insurance coverage available through different insurance companies. Therefore, it is important to compare policies, what’s covered, and to what extent. This will make it easier for you to find the best policy to cover home care costs.
Medicaid
Medicaid can pay for home care in full or in part depending on your level of coverage and supplemental coverage. If you need help paying for senior home care, as long as it’s “medically necessary” you may qualify for coverage. Low-income families can apply for Medicaid assistance. A local office will help determine your eligibility and help you apply for the necessary assistance.
Life Insurance
Many life insurance policies have built-in policy options for senior care. You can add this level of coverage to your policy when getting quotes from insurance companies. If your policy has a cash value, you can use the funds from that policy to pay for care. A life settlement option is also available through certain life insurance carriers. Consider these routes if you do have a life insurance policy for funding your home care.
The cost of home care and home aides can add up quickly. And, if you don’t have the funds in place or family that can help you, how do you pay for care? These are a few of the many avenues you can turn to in order to fund your senior home care. In some cases, you might have enough funds from one resource like VA benefits or insurance. However, you might need to tap into more than one alternative to cover the costs completely for your senior home care. Regardless of the costs, these are some of the ways in which you can fund the payment of your senior home care. Know your options and ask for help!