- In-Home Care Helps Keep Seniors Strong
- Veterans No Cost Home Care Support Program
- Starting the Conversation
- Senior Care is a Family Issue
- 5 Ways to Ease The Challenges When Caring for Someone with Dementia
- How to Pay for Home Care
- In Home Support Services (IHSS)
- Benefits for Uranium Miners, Millers and Transporters
- Legal Considerations
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Finding Affordable Home Care: Finance Options
Planning and funding affordable home care services through private pay
Many seniors and their families are worried about the cost of senior care, uncertain how they can cover care expenses. Fortunately, there are many affordable home care solutions nowadays.
While the exact cost of senior in home care depends on a number of factors, including the type and level of care needed, it is in most cases cheaper than a nursing home. Still, seniors are rightfully concerned how home care will affect their budget.
Before your loved one starts developing a financial plan for paying for care, it is important to explore all the financing options available. At Comfort Keepers our friendly staff can help you find the most affordable home care solution, providing information on paying for services as well.
The most commonly used payment options for financing care include Medicaid, Medicare, veteran’s benefits, long-term care insurance, and paying out of pocket.
While many older adults think that Medicaid or Medicare can cover the cost of in home care, the truth is that these programs are quite restrictive. In order to receive financial assistance for care, your loved one has to qualify for the programs. Additionally, Medicare typically covers expenses associated with staying at a nursing home or rehabilitation facility. Similarly, Medicaid only provides financial help if a Medicaid-certified caregiver provides services.
If your loved one is eligible for veteran’s benefits, they can receive care through the Department of Veterans Affairs. The surviving spouses of veterans are also encouraged to apply for these benefits. Seniors who developed an illness within the last 60 years as a result of working as a uranium miner may qualify for the uranium worker’s benefits.
However, these options still leave many seniors without financial help for covering the costs of affordable home care. Long-term care insurance may solve this problem for some older adults, but it is important to keep in mind that this solution is rather expensive, especially for seniors with health problems. Some older adults use their life insurance policy to pay for care as well.
Finally, most seniors opt for paying out of pocket for home care. While this may not seem like an ideal solution, it is often the best way to finance care. By using savings and other personal assets, your loved one can receive the exact kind of care they need to maintain an independent lifestyle. Moreover, you can remain involved in your loved one’s care without having to balance your job and caregiving or reduce hours at work.
To find out more about the affordable home care options, please give us a call at (303) 309-2759. We are happy to help you reach the best possible decision!