Once you have realized your elderly parents need help caring for themselves, decided which type of care is best, and what it’s going to cost - the next step is figuring out how to pay for it. For a lot of people that means dipping into their parents’, or their own savings. But, if that’s not an option for you here are a few other ways to get the money to pay for their care:
Long Term Care Insurance -- If your parents had the foresight to buy Long Term Care Insurance it may cover some, or even most, of the cost of assisted living, or home health care. Policies vary so it’s best to talk with their insurance agent about your parents’ specific policy and what it covers.
Veterans Benefits – If one of your parents served in the military for more than 90 days they (and his or her spouse) may be eligible for “aid and attending” benefits to assist with the cost of long-term care. Contact the Veterans Association to find out if they are eligible; if they have a lot of savings, they may not qualify.
Reverse Mortgages – If your parents are 62 or older and own their home outright they may qualify for a reverse mortgage. This allows them to borrow against the equity in the house and use the money for their care. After they die, the home must be sold to repay the loan. Contact a bank to find out more about reverse mortgages and if they are eligible.
Representatives from SYNERGY HomeCare can help you figure out the most affordable ways to meet the needs of your elderly parents, and make suggestions on the best ways to handle those costs. For more information, click here to find the nearest SYNERGY HomeCare agency.