Paying for Senior Care

How Much Does In-Home Care Cost?

The exact cost of home care depends on the type of services, length of care, frequency of care, and more. Has your family thought about how you will pay for the care of your loved one? Once you’ve gotten a quote about care costs, it may seem overwhelming to pay for long-term care. But the price of care doesn’t have to be the price you pay. There are many viable options for home care financing, if your loved one qualifies and your care provider accepts various payment options.

Here is some information on the most common options for home care financing:

Medicare

Medicare will typically cover short-term home care, such as personal care assistance or physical therapy. With Medicare, you are usually covered for up to 100 days. Medicare will typically cover care for someone with a life expectancy of 6 months or less as well. Long-term home care is only covered by Medicare in certain circumstances.

Medicaid & Other State Programs

Medicaid and other state programs are usually the best options for long-term care financing. If you qualify for one of these programs, your plan may pay for assisted living care or in-home care services. Eligibility requirements do vary by state, but many with limited income and few financial assets will qualify. You may qualify for state programs, even if you don’t qualify for Medicaid.

Long-Term Care Insurance

Long-term care insurance may be a smart financial move if you think you’ll need care in the future. You may want to speak with a financial planner to understand the different policies and your options before deciding on the one for you.

Veterans Administration Aid & Attendance Pension Benefit

Veterans who served for at least 90 days on active duty may qualify for Veterans Administration coverage. Their spouses may qualify as well. These benefits can help offset some of the costs of in-home care.

Paying Out of Pocket

For those who do not qualify for any of the above financing options, paying out of pocket for care may be the only option. Many use their returns on investments or life savings to pay for long-term care. Families also tend to pool their resources to split up the costs of a loved one’s care.

Also be sure to check with your in-home care provider to find out which payment and insurance options they accept.

While home care costs can seem expensive at first, you can think of it as an investment in your family’s future peace of mind. You’ll know that your loved one is safe, comfortable, and taken care of. Contact us to learn more.

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