Many families wonder how to pay for long-term care costs, and our experts have the answers.
Continuing to live at home for life is the objective of most people in America. Home is where we are most content. It is where memories have been and continue to be made. We’ve meticulously designed the atmosphere at home in accordance with our individual tastes and personality. And it’s where we have the freedom to make all of our own choices: from what and when to eat our meals, to which activities we participate in, to the visitors we spend time with.
If keeping up the house or attending to everyday needs becomes difficult later in life, in-home care is oftentimes an ideal remedy. In-home care enables independent living where an elderly individual or couple chooses to remain at home with an ideal measure of assistance.
At Hearts at Home In-Home Care, we receive messages each day from families who say, “What are my options to pay for long-term care costs?”
There are actually several different methods to cover home care costs. Our team is here to help you choose the best means for you.
Private Pay
Since home care services are non-medical in nature, the most popular method to pay for them is out-of-pocket. Consider these ideas:
- Seek advice from a financial advisor. Financial planners offer support on determining which investments you can and should use to finance home care services.
- Determine the value of personal assets, such as art, antiques, collectibles, etc. that you may elect to liquidate.
- Talk to a tax professional about figuring out how much revenue you could gain from selling a piece of real estate, or if you should explore an equity line of credit.
- Consult with other family members to go over splitting the cost for home care.
Veterans’ Aid & Attendance
The Veterans’ Aid and Attendance program helps wartime veterans and their spouses pay for the cost of care at home, if they meet the following criteria:
- An honorable or general discharge.
- Orders from a health care provider verifying the need for help to handle daily activities of living.
- Specific financial requirements.
- 1 day of service that took place during an active war, and at least 90 days of service total.
Housebound benefits are another consideration for some veterans. This is an amount that is paid over and above a veteran’s monthly pension. Requirements include:
- A single permanent disablement that’s been verified as 100% disabling, leaving the veteran permanently and substantially confined to the home; or
- A single permanent disablement that is established as 100% disabling, along with another disability (or disabilities) proven as 60% or more disabling.
Long-Term Care Insurance
Though Medicare and standard health insurance plans usually do not cover the price for non-medical senior care services, long-term care insurance policies often do. The criteria for using a long-term care plan involve a person’s inability to perform standard activities of day to day living, such as taking a bath or shower, getting dressed, eating, using the bathroom, walking, and transferring from a bed to chair.
Hearts at Home In-Home Care’s professionals are here to assist you with receiving any benefits to which you may be entitled. We will work with you to formulate an individualized plan of care that fits the senior’s specific needs and budget. Reach out to us at 913-440-4209 for a free in-home consultation and to learn more about our top-rated home care in Shawnee, KS and nearby areas.