Not all families are fortunate enough to have financial stability that enables them to pay for home care out of pocket. Luckily, there are quite a few alternatives for seniors and families in need of financial assistance. The staff at Home Care Assistance, a leading provider of senior care in Philadelphia, suggests these options to help cover the costs of your senior loved one’s home care.
Consider Government Assistance Programs
Some insurance companies, including Medicare, may not provide financial assistance for home care that isn’t medically necessary. Additionally, you may have to prove your loved one isn’t able to leave his or her home. However, there are other government programs, such as the Veterans Administration, that may be able to provide monetary support for your loved one. In addition, if you are able to pay for the home care yourself, you may qualify for up to $3,000 in tax deductions.
Cash in a Life Insurance Policy
Many life insurance policies have an option for a long-term care payout. Recently, many plans have begun to combine the benefits of life insurance and long-term care insurance. This means when your loved one bought the policy he or she may not have opted for long-term care, but the company may now be providing it because of recent changes. Look into your loved one’s life insurance policy and inquire if this benefit is covered under his or her plan.
Take Out a Reverse Mortgage
With a reverse mortgage, your loved one can borrow money with a home equity loan against his or her house without having to sell it. This can be dispersed in a lump sum or monthly payment, which is then used to help finance home care. The money is then paid back to the bank or other entity that owns the home in monthly payments or by eventually selling the home.
Once you’ve got the financing secured for your loved one’s care, you’ll want to choose a home care provider that will keep him or her safe and comfortable. Turn to Home Care Assistance for live-in and hourly care Philadelphia families trust. Our senior care services are backed with a 100% satisfaction guarantee, there are no hidden fees, and no long-term contracts to sign. Call one of our Care Managers today at (215) 645.4663 or (484) 643.4663 to schedule a free in-home consultation.