If you have elderly relatives, then they may reach a point where they are unable to live on their own in a safe manner. Seniors can have difficulties with minor things like keeping a tidy home or driving. Other times, elderly individuals will have trouble with essential tasks and activities of daily living. They may have a tough time maintaining personal hygiene, personal mobility, and preparing meals for themselves. If they cannot properly care for themselves, then their health and well-being will suffer.
In such a case, your elderly loved one likely requires senior care. Going to a nursing home or an assisted living facility are options, but they are not always the preferred choice for seniors. Oftentimes, elderly individuals want to remain in the comfort of their own homes, staying in the place they worked hard to earn. With in-home care services, seniors can receive essential care without leaving their homes and have this care covered by their long-term care insurance or Medicaid.
Sometimes, families don’t even need to hire a professional and will instead handle this by having a family caregiver. However, many families don’t have the time or resources for a family member to act as a caregiver, so they hire a professional caregiver to provide elderly care for their senior loved one. However, professional home care tends to be costly. As people get older, their care needs also tend to increase. With that being said, the care expenses often make it difficult for families to get their elderly loved ones the care they need. But this doesn’t mean it’s impossible to afford long-term care.
Continue reading to learn more about payment options for home care services such as Medicaid and long-term care insurance.
What Are Different Ways to Pay for Long-Term Care?
Get Insurance Coverage
You can get long-term care insurance that provides coverage for senior care, assisted living, or nursing home care. You must look into getting long-term care insurance as soon as possible because it will become more expensive as you get older. Not everyone qualifies for long-term care insurance, though, so you will have to check with your insurance provider to see what you or your loved ones do qualify for. In some cases, life insurance policies will also include benefits to cover any long-term care costs, too. If you are concerned about an elderly loved one, have their insurance coverage checked to see if it covers long-term care.
Open a Health Savings Account
A health savings account is a savings account that has a high deductible. It works in conjunction with a health plan. The money in an HSA account can only be used for certain health care expenses, including long-term care and long-term insurance coverage, but you don’t have to pay any taxes on the money withdrawn from an HSA.
Unlike Medicare, Medicaid can cover long-term care. That said, if you or an elderly loved one needs government assistance to cover any long-term care, seek help from Medicaid. This program is for individuals with low to moderate incomes and/or those who have physical or mental disabilities. However, the thing about Medicaid is that the individual in need must have very limited financial resources. While the criteria vary depending on what state you live in, a person is eligible for Medicaid when they have $2000 worth of liquid assets or less.
Although a simple suggestion, saving up money is a straightforward way to make sure you can afford necessities and even wants. That said, putting aside money to be saved for home health care costs is a good way to ensure that you can afford necessary care.
You may have elderly relatives who are veterans or are the spouse of a veteran, which comes with certain benefits. In such a situation, your loved one can seek assistance from the U.S. Department of Veteran Affairs. They can use Veterans Affairs Aid and Attendance to cover any necessary long-term care costs.
Where Can I Find Long-Term Care?
When you have figured out how to cover long-term care costs, your next step is to get the proper care services. If home health care is the preferred choice, then you must make sure that whatever services you get for yourself or an elderly relative properly cover essential care needs and are a good fit.
At Assisting Hands Palm Beach, we provide senior home care services for elderly individuals that allow them to safely and comfortable age within their own homes. We customize our services to meet your own unique care needs to ensure that our clients receive the necessary care. Our caregivers have the necessary training, licensing, and insurance to provide quality home care services, so you can trust that your elderly loved ones will be treated well and in a respectful, compassionate manner.