It’s normal for a person to not know exactly how much senior care costs, and part of this is due to the fact that it obviously varies for everyone. Another component of being unsure is largely due to the fact that most people probably assume they can’t afford it, and therefore it’s much easier to think about it later. The truth is though there are options out there for financing home care for seniors, and at least understanding what they are can make the decision makers feel empowered about choosing the right type of financing. This can be especially smart to consider before there’s any need for it.
The Wide World of Insurance
It’s not worth the time or mental exhaustion trying to decipher every last clause in an insurance policy, although Long Term Care Insurance (LTCI) might be an excellent choice to look into due to the fact that medical insurance may only cover so much. Medicare and Medicaid do provide a lot of services for people and a good safety net for those needing health care services, however it unfortunately may not cover all expenses. If one does need high quality in home senior care, they can expect LTCI to cover most types of assisted living or respite care. This can be just the extra assurance a person needs in alleviating strain over any type of transition. For those in need of home care services who have built up a pension or had a variety of insurance benefits through their company, they may want to consider converting those policies into LTCI which may be easier than it sounds. Every company has their own restrictions, nevertheless as a growing percentage of the population is aging and needing senior home care, it increases the need to make it easier to have these options available to them. Therefore, even if one does qualify for Medicare, it may not be able to cover everything a person may need in order to get the senior home care they deserve.
Other Assets
There are other ways to finance home senior care, including a reversible mortgage, meaning the equity that’s built up in the elderly person’s home can be turned into cash. This is not the most ideal scenario, nevertheless it may go a long way in providing extra comfort and home care services at a difficult time. Additionally, there’s also tax-funded initiative programs for the elderly at the state, federal and local level. Veterans can check with the VA for additional help. The growing amount of those needing care services means that everyone needs to do their part to contribute to providing adequate healthcare across the board. Thankfully, more and more attention is thrown onto the issue every year from all angles, and Congress continues to approve more funding for specific issues. However, the biggest asset in financing home health services may just be knowledge. This allows a person looking for aged care services to look to all sources of help and even negotiate rates so the senior is getting what they need without paying for extra health home care services that won’t help them.
Select Home Care in Westlake Village is a leader in offering premier 24 hour care, hospice care, dementia home care, and companionship cares for seniors. Trusted by healthcare professionals, Select Home Care serves a vital role in helping people live more independent lives outside of institutions and keeping them closer to their families. For more information on tips on financing senior health care or about Select Home Care’s senior care services please call 800-993-1657 or visit selecthomecare.com.
