Financing the cost of home care

Living at home for a lifetime is the goal of most older adults. Home is where we’re most content. It’s where memories have been and continue to be created. We’ve carefully decorated our home environment according to our style preferences and personality. And it’s where we possess the liberty to make all of our personal choices: from what and when to eat our meals, to which activities we participate in, to the people we spend time with.

If maintaining your home or caring for day-to-day needs ends up being challenging later in life, in-home care is often the perfect solution. In-home care allows for independent living where a senior chooses to remain at home with an ideal amount of help.

At Absolute Companion Care, an expert provider of home care in Hunt Valley, MD and the surrounding areas, we receive calls daily from older adults and their family members who wish to find out about our in-home care solutions, and one of the first questions is generally, “What are my options for financing the cost of home care?”

There are in fact many different ways to cover home care expenses. We are here to help you choose the most effective method for you.

Private Pay

Since senior care services are non-medical in nature, the most popular option to pay for them is out-of-pocket. Consider these ideas:

  • Work with a financial advisor. Financial advisors provide support on deciding which investments you can and should use to pay for home care services.
  • Assess the value of personal assets, such as collectibles, art, antiques, etc. that you could choose to liquidate.
  • Ask a tax professional for help with determining how much revenue you could gain from selling a piece of property, or whether to explore an equity line of credit.
  • Consult with other members of the family to discuss splitting 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, when they meet the following specifications:

  • An honorable or general discharge.
  • Orders from a physician verifying the need for support to manage daily activities of living.
  • Specific financial requirements.
  • One day of service that took place during an active war, as well as at least 90 days of service overall.

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

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

Long-Term Care Insurance

Although Medicare and standard medical insurance plans generally do not cover the fee for non-medical aging care services, long-term care insurance plans often do. The specifications for utilizing a long-term care plan involve a person’s lack of ability to take care of fundamental activities of daily living, such as eating, bathing, getting dressed, using the bathroom, walking, and transferring from a bed to chair.

Absolute Companion Care’s experts in home care in Hunt Valley, MD and the nearby areas are here to help you with receiving any benefits to which you might be entitled. We will work with you to formulate an individualized plan of care that fits the senior’s specific needs and budget. Give us a call at 410-357-9640 for a free in-home assessment at your convenience to learn more.