One of the biggest roadblocks to hiring home care help is figuring out how to pay for it.
The good news? There are options when it comes to covering the cost of care.
First of all, it’s important to understand the difference between non-medical home care and home healthcare. How you pay for it depends on what type it is, and who’s ordering it.
In the case of home healthcare (which includes things like PT and OT) a doctor writes a script for this type of care, so it may be covered by health insurance, Medicaid, or Medicare.
If you are considering non-medical home care, or companion care, you may have to pay out of pocket. However, there are several ways to cover this cost:
- Reverse mortgage or HELOC
- Long term care insurance
- Collective sibling agreements
- Annuities
- Life insurance
- Veterans Benefits
- Program of All-Inclusive Care for the Elderly (PACE) programs
- Home & Community-Based Services (HCBS) Waiver programs
- Home Care loans
- Other state-based programs
- Medicare Advantage
- Other options (ways to reduce cost of living to pay for care, such as tax credits or programs like LIHEAP)
Paying for any kind of senior care, whether at home or in a nursing home, may feel like a difficult and overwhelming process — but it’s not impossible. And various kinds of financial assistance is available to all caregiving families, so don’t assume that you won’t qualify or that home care will never be an affordable option. There are a number of organizations, programs, and professionals focused specifically on the finances of care, and they’re ready and willing to help you find the arrangement that works best.
We’d love to talk about your care needs and ways to cover the cost. Reach out today to start a conversation.
Sources:
https://www.payingforseniorcare.com/homecare/paying-for-home-care
https://www.caring.com/senior-care/in-home-care/how-to-pay/