financing home care

Living at home for a lifetime is the aim of nearly all seniors. Home is where we’re most comfortable. It is where memories have been and continue to be made. We’ve carefully built our environment at home according to our individual tastes and personality. Also, it’s where we have the independence to make all of our personal choices: from what and when to eat our meals, to what hobbies we take part in, to the family and friends we spend time with.

If maintaining the home or taking care of daily needs becomes challenging later in life, in-home care is often an ideal solution. In-home care enables independent living wherever an older adult chooses to call home, with just the right amount of help.

At-Home Care Company receives inquires each day from older adults and their loved ones who want to learn more about our in-home care services, and one of the first questions is typically, “What are my options for financing home care?”

There are a number of different approaches to cover home care expenses. Our team is here to help you identify the best method for you.

Private Pay

Because home care services are non-medical in nature, the most common method to pay for them is out-of-pocket. Consider these ideas:

  • Seek advice from a financial planner. Financial planners offer guidance on how to determine which investments you can and should use to finance home care services.
  • Evaluate the value of personal assets, such as art, antiques, collectibles, etc. that you might choose to liquidate.
  • Ask a tax professional for help with identifying exactly how much revenue you can gain from selling a piece of property, or whether to explore an equity credit line.
  • Consult with other family members to go over sharing the cost for home care.

Veterans’ Aid & Attendance

The Veterans’ Aid and Attendance program helps wartime veterans and their spouses cover the cost of care at home, if they meet the following requirements:

  • An honorable or general discharge.
  • Orders from a health care provider confirming the need for help to manage activities of daily living.
  • Specific financial requirements.
  • 1 day of service that took place during an active war, as well as at least ninety days of service overall.

Housebound benefits are another consideration for many veterans. This is an amount that’s paid in addition to a veteran’s monthly pension plan. Qualifications include:

  • A single permanent disability that is confirmed as 100% debilitating, making the veteran permanently and substantially confined to the home; or
  • A single permanent disability that’s been verified as 100% debilitating, along with another disability (or disabilities) proven as 60% or more debilitating.

Long-Term Care Insurance

Although Medicare and standard health insurance plans generally don’t cover the costs for non-medical senior care services, long-term care insurance plans often do. The specifications for using a long-term care plan involve a person’s inability to manage basic activities of daily living, such as eating, bathing, getting dressed, using the bathroom, walking, and transferring from a bed to chair.

At-Home Care Company, a Des Moines dementia care and home care provider for the surrounding communities, is here to help you with obtaining any benefits to which you may be entitled. We will work with you to establish a customized plan of care that fits the senior’s unique needs and budget. Reach out to us at (515) 292-2650 for a no-cost in-home consultation at your convenience to find out more.