Tips on How to Pay for in-home Care

By The Care Centers.

Having an elderly loved one can mean extra expenses for their care. If they are fairly independent, but they still need help with their daily activities, then in-home care could be a good option. While it isn’t as expensive as nursing homes, it can still be a big cost that will eat away at savings accounts and can be quite a burden on anyone who is responsible for the costs. Let’s look at a few different tips that can help cover the expenses and that will diminish the burden it may place on just one person. 

Split the Cost with Family

To begin with, if there are several children or grandchildren in the family, then splitting the cost could be an option. This way, no one person will be charged with paying the several thousands of dollars each month, and a smaller amount from several different individuals means less of a burden on everyone. 

Check into Medicare

Public help can assist in the cost of homecare in some situations. This will be something to look into as well. Medicare covers specific types of in-home care, including nursing services, therapy care, and medical social services. They have limits on how often the nurse or therapist will be able to visit, though, so keep this in mind if you pursue this route. 

Private Insurance

If the elderly individual has private insurance, then in-home care may be covered. Of course, this could be subject to deductibles and co-payments, but it can certainly help to defray the expenses. In this case, any help will definitley be better than nothing. 

Long Term Care Insurance

If your elderly loved one purchased and paid for long term care insurance, then this will often cover the full cost of in-home care. However, it may only be good for specific types and in specific situations. You will need to speak with your loved one’s insurance company beforehand to ensure the policy will cover the right services. 

Agencies for Aging

There are Area Agencies for Aging (AAA) that offer assistance in finding affordable homecare. They can often make referrals based on income  and put you in the right direction of finding a homecare service that will not put too much of a financial burden on you, your senior loved one, or anyone else who may be paying all or part of the expenses. You should be able to contact your local AAA and find out what help they will have to offer. 

In-home care can be expensive, but using these tips can make the cost more manageable. Learn more by reading this article on paying for in-home care with public benefits (How to Pay for in Home Care with Public Benefits). If that isn’t going to work for you and your loved one, then read this article that explains how you can use personal and family assets to pay for in-home care (Three Ways to Use Personal Assets to Pay for in Home Care).  This will give you even more advice on how to manage the expenses you already have right now, as well as in the long term future. 

Tags: Home care