ActiveCare Home Care

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In-home care can be a lifesaver for people who are aging, injured, or ill and can’t handle all of the tasks of daily living on their own. That’s not it; in-home care also serves to enhance the overall quality of life and offer medical assistance in the place where a person is most comfortable; their homes.

Many older adults prefer to stay in their homes in their later years. Therefore, the only way to support an aging parent or loved one is to consider hiring someone to help them with daily tasks at home instead of admitting them to a nursing home. That’s when in-home care services can be beneficial.

While in-home care is one of the most helpful types of care available, it can also be a great financial stressor. The prices may vary depending upon your location, the type of care you need, and the skill level of the person you’d like to hire. However, if you’re worried about paying for in-home care or struggling to make ends meet, here are five ways through which you can easily pay for home care services.

1) Apply for Reverse Mortgage:

A reverse mortgage is a type of loan for the elderly aged 62 and older and can help provide much-needed cash whose net worth is mainly associated with the value of their homes.  A reverse mortgage allows the elderly to stay in their home until they die, even if, by that time, the loan balance surpasses the home’s net worth. You don’t have to repay the loan, pay taxes, or make monthly mortgage payments. With the help of a reverse mortgage, you can easily pay for home care services.

2) Use Your Assets:

Many people or their families pay for home care services using their assets, investments, or savings. Sometimes, family members, including siblings, contribute to paying for their parent’s or loved one’s caregiver costs. In addition, you can also try liquidating possessions that are no longer in use, such as vacation homes, old vehicles, boats, land, farmhouse, etc., to cover the finances of home care. Apart from that, you can try retrieving equity in the loved one’s homes to pay for the home care services.

3) Apply for Medicaid:

Medicaid is a program that is specially designed to aid low-income seniors in order to cover their health needs. However, Medicaid coverage laws may vary depending on the state you live in, but many Medicaid plans are made to cover in-home care for at least a short period. In some cases, Medicaid may also cover continuing in-home care if the person applying for it would otherwise be in a nursing home. 

4) Use Long-term Care Insurance:

Long-term care insurance (LTC) is designed to cover the cost of things, including long-term nursing, ongoing medication, and much more. If your loved one has long-term care insurance, it may help cover some costs of in-home care services. Some long-term care policies may only pay home care benefits to a registered home care agency or other qualified providers. However, LTC can pay a significant amount to the insured person.

5) Consider Using Veteran’s Benefits:

If your loved one was an armed force member, you might be able to use military benefits to cover the finances of their in-home care. Veterans and their surviving spouses who need the regular aid and attendance of another person (for everyday activities such as bathing, dressing, medication monitoring, etc.) may qualify for Veterans Aid and Attendance (A&A) benefits, along with a monthly pension.

The Bottom Line:

In-home care can be an ideal way to improve the quality of life for seniors who need special care and assistance. Home care services may be a little expensive, but you can surely pay for them if you consider following the tips mentioned above. At ActiveCare Home Care, we strive to help, support, and assist the elderly with the most dependable home care services. Contact us today for more information!