There are many misconceptions that private home care services are too expensive for many families to afford. Finances are the biggest factors that can deter many clients to consider taking in home care services. What we try to do when helping clients decide if in home care is the best option for them, we also like to give them options of other ways to assist with paying for those services. Below are three great resources we have worked with and feel the best options for affording home care for your loved one!
If you were a senior or had a loved one that was a veteran then you can be eligible to receive some great benefits! We have worked with a lot of veterans over the years all whom have been eligible to receive benefits that helped pay for in home care services. “Veterans who need long-term help with the activities of daily living — or whose spouses need such help — may be entitled to monthly disability payments known as “aid and attendance” by the VA” ( caring.com). Although the process is very complex and can take much of your time, we have a great
Long- Term Care Insurance
If you have invested in some long-term care insurance years ago you can use them to pay for in home care. Most policies cover long term care on a per day basis, which can help alleviate the most of the cost for home care. Home care agencies will help assist with providing the information and billing details that is needed when using long term care insurance. Which in our experience has been another plus for many clients to use their LTC for in home care, much of the paperwork gets handles by the agency servicing you. It may be too late for your aging loved ones to purchase a long-term care insurance policy, but you might want to consider this option for yourself!
If you invested in a Life Insurance, this can also another resource to help you or a loved one afford in home care services. According to Haiken from caring.com “If your loved one has a life insurance policy that’s no longer needed to provide for others, you family may want to tap into that money now, using accelerated or living benefits.” (Caring.com) There are many great companies you can reach out to, help you convert your life insurance benefits into a long term care benefit plan. This of course may take time, but the plus with this option is majority of the cost for in home care would be taken care from your benefits.