Are you or an aging loved one at the point in your life where you are beginning to consider the readily available alternatives for elder care or some form of home care services? Are you researching your options of how these forms of home care services will be obtained? Whether you need home care right now or in the future, recognizing what all your alternatives are will help you or an aging loved one be more confident knowing how these home care services will be taken care of.
Home care services may provide daily aide with feeding, dressing and undressing, bathing, light housekeeping and medication reminders.
Social Security and Medicare- Social Security is a retirement living fund and disability pension for disabled workers. The quantity each senior will receive is subject to the total paid into the fund during his or her employed years. If a husband/wife expires, the surviving husband/wife is entitled to widows or widowers pension. For nearly all of Americans, Social Security benefits will be their main supply of wages when they retire.
Medicare- Medicare is available to most people age 65 and older. Medicare purchases home care services that fall into the category of “home healthcare” or “skilled care”. This means that the treatment must be provided by a professional, must be ordered by a physician and the care receiver must be home bound in order to receive it. Medicare does not cover companion home care services. It won’t cover private duty home care services.
Private Income- For many men and women, net income from different sources such as income off an existent company may have a comfortable margin in their checking and savings account by which to cover home care services they may need now or down the road. Any CDs linked to these accounts are also an added advantage.
Retirement funds such as a 401(k), IRA, Keogh or other such categories are solutions to consider also when choosing how much and which level of care is needed for the senior loved one.
Pension plans provided to employees of some companies have provided respectable cash for the retirees to live on and complement other earnings they may have.
Stocks And Stock Mutual Funds- Some retirees are living off stocks or funds from the stock market. It is true that with the instability in the stock market of recent years, this is changing the way some individuals are looking at retirement income. There are still about 14 percent of retirees that have an income from this source.
Because of tax advantages for withholding stocks outside of retirement accounts and the income tax they must pay on withdrawals from the traditional 401(k)’s and IRA accounts, it is a good idea for seniors to have a good investment firm or certified financial planner helping them.
Home Equity- The equity earned on a home is another way of financing a retirement and any home care services needed in their advancing years. Sometimes the adult children are unable to provide all the care for their parents and must rely on some in-home care of their loved ones. This is just one more avenue that can be explored for possible means of financing home care for the family. There are more advertisements than ever about reverse mortgage as a way of having a retirement fund. Most financial planners will advice this as a last resort only.
Veterans Aid & Attendance Pension- This pension allows for veterans and the surviving spouseâ€™s financial support that is in need of home care services this includes individuals who are in nursing homes and assisted living facilities.
Medicaid or Medi-Cal- Medicaid or Medi-Cal is a state funded program for individuals that require home care services (IHSS), are in a skilled nursing or intermediate care home and do not have any other income other than Social Security benefits.
With just a little research and planning, home care services for seniors need not be a concern to the adult child. Whether the time is now or in the future, a seemingly difficult task is actually quite easy to navigate with proper planning.
Home Care Services in Altamonte Springs, FL at Partners in Healthcare are available to talk with you about your in-home care needs including how to reduce caregiver stress while providing better, affordable care. We are a senior care agency providing Elder Care in Altamonte Springs.