How to Afford In-Home Senior Care …
If there is one thing you likely already know about In-Home Senior Care is that true quality care is not cheap. Luckily, you do have many options if you or someone you love needs In-Home Senior Care. There are insurance programs you might be able to go through such as Medi-Cal (Medicaid), Medicare, or some private health and long term care insurance providers. You also have several out of pocket options. Whichever options you decide to go with, you want to make sure that you have the flexibility necessary to get the In-Home Senior Care that will help you or your loved one the most. This is where your planning becomes so important as there are benefits and disadvantages to all of the choices you have with In-Home Senior Care. Planning ahead can help minimize these negative factors. Here, we will go over a brief description of what your In-Home Senior Care choices are, and how you can use them to your benefit. These options fall into three main categories: self pay, insurance based, and other options.
Self-Pay Options for In-Home Senior Care:
Paying Out of Pocket
Trusts
Reverse Mortgages
Annuities
Private Long Term Care Insurance
A Long Long Term Care insurance policy can save you a lot of money when it comes to In-Home Senior Care. It is true, you might spend several thousand dollars while you keep your policy up to date, but long term In-Home Senior Care can be quite expensive outside of insurance coverage. Paying a few thousand dollars spread out over 20 years is going to be much cheaper than paying for your In-Home Senior Care out of pocket.
Senior Health Insurance Options:
Medicare vs. Medi-Cal (Medicaid)
Public-based health insurances, such as Medicare and Medicaid can assist some but not all seeking care options. Unfortunately, Medicare will not cover In-Home Senior Care. Medi-Cal (California’s Medicaid program) will work for funding care within a nursing home. This may be the only solution for some people, but it is not always the best solution, especially for those individuals that only need some limited assistance. Instead, private long term care insurance tends to be much more flexible and you can even buy a policy that will pay solely for In-Home Senior Care if you wish.
Other Options …
Veterans Assistance – CLICK HERE
By going through the VA you may have many options. You may be able to go with In-Home Senior Care if the criteria are met, but you can also use the funds for an assisted living facility or an extended stay in a nursing home. This is a very useful tool if you are a veteran and definitely worth the effort of applying.
In-Home Supportive Services – CLICK HERE
In-Home Supportive Services (IHSS) is a California program designed to help reduce costs by providing non-medical care to elderly or disabled people within their homes. This is a great option for people with lower incomes as it can drastically offset your costs. Veterans Affairs benefits also fall into this category of assistance for those that have served our country and qualify for In-Home Senior Care services.
Ask us about Affordability Options In-Home Care for your loved one, we can help!
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