Payment Options for In-Home Care?
Finding senior care for yourself or your loved ones can be challenging. Don’t let the cost of home care stand in the way of providing temporary, part-time or live-in assistance that he or she needs. We are happy to help you understand your payment options so you can select the best, most affordable care.
Overview of Payment Options
Private Payment: Private payment is often the only option initially available when it comes to covering the cost of essential in-home care. In addition to Social Security benefits and private pensions, drawing on savings is sometimes the most immediate means of covering the cost of in-home care. As resources like savings, pensions and other resources diminish, the amount of available care assistance options increases. Most assistance programs determine eligibility based on an individual’s resources, and the amount of monetary assistance available is often inversely proportionate to an individual’s resources. So initially, it may be necessary to ask family members to contribute to your loved one’s in-home care costs.
Long-Term Care Insurance: The first step in planning for your loved one’s home care needs is to determine if he or she has a long-term care insurance plan. Since individuals who require non-medical home care are not sick in the traditional sense, traditional health insurance, Medicare and Medicaid do not provide for their needs. Having a long-term care insurance policy in place prior to any major changes in the health and mobility of your loved one guarantees they will have complete home care coverage assistance available if and when they need it.
Veteran’s Benefits: A VA benefit specifically available to a veteran or their surviving spouse for home care is a program called Aid & Attendance (A&A). For information, call Toll Free 1-877-222-8387 or click here to go to the Aid & Attendance website. The A&A benefit provides monthly payments to be used to help cover the cost of a home health aide. It may be best to consult your trusted professional eldercare attorney or financial planner before beginning the application process. The Veteran’s discharge papers will be needed. There is no charge to complete an application and benefits are determined based on physical and financial need. Be sure to always make copies of any forms and correspondence sent to the Veterans Administration and have patience. If you are approved, the payments are made retroactively from when you applied. It can take several months until you hear back from the VA.