4 Ways Seniors Can Pay for In-Home Care

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How to Finance Senior Home Care in Philadelphia, PA

If your senior loved one needs in-home care, it’s important to consider the costs of these services and how they will be paid for. Luckily, there are some resources that can help your loved one pay for the in-home care he or she needs.

1. Veterans Benefits

If your loved one is a military veteran, he or she may be eligible to use these benefits to pay for Philadelphia home care. The U.S. Department of Veterans Affairs refers to these monthly disability payments as “aid and attendance.” Your loved one is eligible if he or she served more than 90 days of active duty and at least one of those days was during wartime. He or she will also need to have an honorable discharge. These benefits can help finance your loved one’s long-term assistance with daily living and activities. Local Veterans Service Organizations can help your loved determine if he or she is qualified and assist with the application process.

2. Medicare Benefits

Using Medicare to pay for in-home care is not an easy task, but it is possible. Your loved one will need to qualify for skilled nursing care and therapy and, if approved, he or she will need to hire a caregiver from a Medicare-certified agency. A lawsuit against Medicare resulted in skilled nursing care no longer being limited. As a result, Medicare cannot deny treatment to seniors who do not show any positive changes in their health.

3. Life Insurance

If your loved one has a life insurance policy that no longer covers another person, he or she may be able to use the accelerated or living benefits of the policy to hire a Philadelphia live-in home caregiver. To receive these benefits, your loved one would need to sell the policy back to the issuing agency. However, he or she may only receive 50 to 75 percent of the policy’s face value. Be sure to verify your loved one’s policy does not have restrictions. For instance, some life insurance policies can only be cashed in if the policyholder is terminally ill. In this instance, your loved one may be able to sell the policy for a life settlement.

4. Reverse Mortgage

With a reverse mortgage, your loved one can get cash now to finance his or her in-home care services or opt to receive monthly payments. The federal government originally created reverse mortgages to help seniors pay for in-home care instead of moving into assisted living facilities. Rather than borrowing a specific amount of money, your loved one’s loan balance will increase over time. This option allows your loved to get the money he or she needs and continue living at home, even if the loan balance exceeds the worth of the home before he or she dies.

After seniors retire, finances can sometimes become challenging to manage. If your loved one needs tips for living on a fixed income, reach out to Home Care Assistance. We are a trusted provider of live-in and respite home care Philadelphia, and we also offer comprehensive Alzheimer’s, stroke, and Parkinson’s care. For more information and to request a free consultation, call (215) 645-4663 today.


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