The cost of at-home care can be funded in a number of ways.
Continuing to live at home for a lifetime is the goal of most seniors. Home is the place we are most comfortable. It’s where memories have been and continue to be made. We’ve meticulously crafted our surroundings at home according to our particular tastes and personality. Plus, it’s where we possess the freedom to make all of our own choices: from what and when to eat our meals, to which activities we engage in, to the loved ones we spend time with.
If keeping up the home or attending to daily needs becomes difficult later in life, in-home care is often the perfect remedy. Senior in-home care enables independent living where an elderly individual or couple chooses to remain at home with an ideal measure of help.
At Grace Home Care, a local provider of elder care in Topeka, KS, we receive calls daily from older adults and their loved ones who want to find out about our home care services, and one of the first questions is usually, “What are my options to pay for the cost of at-home care?”
There are a number of different approaches to cover senior care expenses. We’re here to help you determine the most effective solution for you.
Private Pay
Because home care services are non-medical in nature, the most common way to pay for them is out-of-pocket. Consider these ideas:
- Work with a financial advisor. Financial planners provide guidance on how to determine which investments you can and should use to pay for senior care services.
- Determine the value of any personal property, such as art, antiques, collectibles, etc. that you may decide to liquidate.
- Ask a tax professional for help with establishing how much revenue you can gain from selling a piece of property, or if you should explore an equity credit line.
- Talk with other members of the family to discuss sharing the cost for senior care.
Veterans’ Aid & Attendance
The Veterans’ Aid and Attendance program helps wartime veterans and their spouses cover the cost of care in the home, if they meet the following requirements:
- An honorable or general discharge.
- Orders from a health care provider verifying the need for support to manage daily activities of living.
- Specific financial requirements.
- 1 day of service that took place during an active war, as well as at least 90 days of service total.
Housebound benefits are another consideration for many veterans. This is an amount that’s paid over and above a veteran’s monthly pension plan. Requirements include:
- A single permanent impairment which has been verified as 100% disabling, making the veteran permanently and substantially restricted to the home; or
- A single permanent impairment that is established as 100% disabling, alongside another disability (or disabilities) verified as 60% or more disabling.
Long-Term Care Insurance
Even though Medicare and standard medical insurance plans typically do not cover the price for non-medical in-home care services, long-term care insurance plans often do. The specifications for using a long-term care plan involve a person’s inability to execute 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.
Grace Home Care’s experts in elder care in Topeka, KS and the surrounding areas are here to assist you with acquiring any benefits to which you may be entitled. We will work with you to establish a customized plan of care that fits the senior’s unique needs and budget. Give us a call at 785-286-2273 for a free in-home consultation to learn more.