You and your loved one are at the decision point as to if you or your loved one will stay in your house or find other accommodations. Staying home certainly has the advantages that everyone knows but if additional assistance is needed than Home Care can be the option you are looking for. One of the next steps in determining Home Care is how do you pay for it? This is a question that comes up consistently with seniors and their loved ones and you will be happy to know that funding sources are available and are listed below:
Private Pay: Just as it sounds this is the option of building your care plan and paying the Provider directly from your private funds. Most Providers require a refundable deposit before starting service and invoice weekly based on the hours used.
VA Benefits: Veterans have benefits available to them based on the length of service and financial need. This is a benefit available to the veteran and the spouse of a veteran. Contact your local veteran administration office or utilize one of the many veteran benefits administration companies to investigate your specific benefit for Home Care.
Long Term Care Insurance (LTC)- If you were wise enough to purchase one of these plans starting in your 40s or 50s and have paid in at a consistent rate, then you will have funds available to pay for Home Care. The daily rate available to you is based on the plan selected at the time and Providers have the option to work directly with the Insurance Company. Check your plan regularly since most LTC Insurance plans require a waiting period before funds can be drawn.
Life Insurance Plans- New to the market is the availability to convert your Life Insurance Plan to a Long Term Care Plan. This will allow you the funds to pay for Home Care utilizing the money invested in your Life Insurance Plan. Check with your plan provider for details.
County Waiver Programs- The State and County have funds available through the Medicaid Program to provide funds to seniors and persons with disabilities to pay for Home Care. These programs our managed by the specific county you reside in and offered through the Office of Aging. The programs have financial need criteria but do offer significant hours of care based on need. Contact your County Aging office for details.
