Paying for your senior loved one’s health care needs can be a challenge, but there are many options available to help with those costs. In-home care is one of the services many seniors will need, especially if they are living with chronic illnesses. Paying out ofpocket is not an option for some families, which is why many look for alternative payment methods. Below are 4 of the most common methods people use to finance elderly home care, brought to you by the Bloomfield senior care experts at Home Care Assistance.
1. Long-Term Insurance
Many families use long-term care insurance to finance elderly in-home healthcare costs. This type of insurance works similar to life insurance. The policy is purchased before your loved one needs it, and he or she will be required to pay premiums untilcollecting on the policy. Most long-term insurance policies pay out a specific amount per day to cover in-home care and other financial needs your loved one may have.
2. Medicare and Medicaid
Although Medicare does not pay for long-term care, this benefit can pay for short-term care if it is necessary after hospitalization for three or more days. If a doctor orders your loved one to receive in-home care, Medicare covers the costs for a short period of time, continuing the services your loved one received while in the hospital or at a rehabilitation facility.
Medicaid is a government-funded program that assists with the healthcare costs of low-income individuals and families. Unlike Medicare, Medicaid pays for the long-term care of seniors with financial need. To learn if your loved one is eligible for Medicaid, visit your local family services department or contact your local Social Security Administration.
3. Aid for Veterans
If your loved one is a veteran or the spouse of a veteran, he or she may be eligible to receive funds to help finance home healthcare. The Veteran Administration not only pays a monthly benefit to active duty veterans and their spouses, but it also pays out benefits for veterans who served during a foreign war. This includes those who served just one day during the foreign war period. A surviving spouse of a veteran may receive a little more than $1,000 per month, while a married veteran may receive over $2,000 per month to pay for his or her senior care, which includes:
• Nursing home care
• In-home attendants
• Funds to pay family members or friends for providing in-home care
4. Other Sources
There are other resources available to help finance elderly home care, but those funds often go unclaimed because families do not know they exist. The National Council on Aging gives you access to more than 2,000 programs designed to help finance the needs of the elderly. These programs cover a variety of senior costs such as:
• In-home care
• Long-term care
• Foreclosure prevention
• Subsidies for food
You want to make sure your loved one receives high-quality care from a home care provider that will put his or her needs first. For trusted hourly and live-in care in Bloomfield, turn to Home Care Assistance. Our caregivers are trained in the holistic Balanced Care Method, which helps promote senior wellness through nutrition, exercise, mental stimulation, and sociability. For more information, call one of our knowledgeable Care Managers at 248.283.0835 to schedule a free in-home consultation.