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How to Pay for Senior In-Home Care with Careful Planning

It is common for families to become concerned about keeping a loved one at home when considering the cost of non-medical in-home senior care. While most people have heard that the annual cost of long-term care is expected to increase at an alarming rate during the next 30 years, many remain unaware of the several practical ways to start paying for in-home-care that exist at the current time. Below are five ways clients and families can pay for senior in-home care services.

It is important to know that Medicare and primary care insurance will only pay for skilled in-home medical care when prescribed by a doctor. If your loved one needs assistance with one or more activities of daily living it is necessary to investigate other financial resources.

If you or your loved one think that receiving personal and companion care in the comfort of your own home is worth investing in for the future, now is the time to begin the process.

1. Long-Term Care Insurance 

If you’ve had the foresight to invest in long-term care insurance (LTC), consider when the best time to use it is. In most cases, an LTC insurance policy can be used to fund necessary in-home care. Often, you need to show that assistance is needed for at least two activities of daily living. Right now may be the time, when you really need the help, to use your policy to help finance daily care. Added benefits include possible tax incentives and the ability to protect some of the assets that you normally would need to spend on care.

2. Converting Standard Life Insurance Into Long-Term Care Benefit Plan

New programs that allow cash value accrued throughout years of paying premiums to be converted into an immediate long-term care benefit account are emerging in the marketplace. Contact Arista Home Care Solutions for more information about this financial opportunity.

3. Reverse Mortgages

As federally regulated loans for seniors older than 62, reverse mortgages give homeowners the opportunity to convert home equity into liquid funds while paying zero monthly mortgage installments. Arista Home Care strongly recommends consulting with a trusted financial advisor before committing to a reverse loan and can put you in touch with the right person upon request.

4. VA Aid and Attendance

Veterans and their surviving spouses who are receiving, or expect to receive, home care may qualify for this benefit, which can pay up to $1,788 per month for a single veteran or their surviving spouse in addition to an increased amount if married to a veteran. As an approved VetAssist Program provider, Arista Home Care Solutions can provide services faster when you apply through VetAssist®.

5. Organization Grants 

Many organizations offer financial assistance for in-home care to qualified applicants. People who suffer from Alzheimer’s and other forms of dementia, TBI, MRDD, and MS, among other issues, may be able to get funds from groups or organizations they’ve been affiliated with during their lives. Jewish Family Service subsidies and MS Society Grants are two examples of organizations that offer such aid. Consider clubs, religious organizations, or service clubs. Do some research and ask around for organizations that offer grants and funding.

Don’t delay in putting these resources to use. Arista Home Care Solutions provides care for your loved one and respite care for you. Call us today at (419) 754-1897. We are here to help.

Contact us today and begin developing a proactive plan that will help make paying for senior in-home care a practical and affordable solution for your family.