Paying for In-Home Care
Private Pay
Many clients and their families pay for home care from their own assets,
investments or savings. Liquidating possessions that a senior no longer uses,
such as vacation homes, vehicles, boats, land, livestock, etc., is another source
of finance for home health care.
Long-Term Care Insurance (In the works)
A long-term care insurance policy can be a great option to pay for home care, as
the policy can provide a set of dollar amounts available to fund care on a daily/
weekly/annual basis. If you’re not sure if your loved one has a long-term care
insurance policy, ask them or check records for a copy of the policy or a history of
payments to an insurance company.
Veterans Aid and Attendance (A&A) (In the works)
Veterans and their surviving spouses who require the regular aid and attendance
of another person for activities of daily living, such as bathing, dressing,
medication monitoring, etc., may qualify for a special Aid and Attendance benefit,
in addition to their monthly pension. This benefit is available to honorable
discharged veterans and their surviving spouses who meet eligible criteria.
Senior Living Loans
Loans can be secured specifically to pay for long -term care services foa period
of three years. These loans are unsecured by collateral and instead guaranteed
by family members. Interest rates are similar to a credit card.
Reverse Mortgage
A reverse mortgage is a loan that enables senior homeowners, age 62 and older,
to convert part of their home equity (primary residence only) into tax free income
without having to sell their home, give up title to it, or make monthly mortgage
payments.
You don’t need to pay the loan as long as you or another borrower permanently
leaves the home, at which time the reverse mortgage principal, interest charges,
closing costs and service fees are typically paid back from sale of the house.