Coordinating long-term care for yourself or a loved one means taking many aspects, like home care, medical care, and necessary home modifications into consideration. But the most important aspect of care coordination is financial planning. Because many people have never had to consider the ins and outs of a long-term care plan, knowing what is covered by Medicare, Medicaid, or long-term insurance can be confusing. However, not planning your finances carefully can lead to having insufficient funds for your care needs.
Home care agencies, like Partners in Healthcare of Orlando,are valuable resources to use when planning your finances because they know what services are covered under different programs like Medicare and Medicaid. When discussing financial planning with a home care agency be sure to:
- Ask them to go over popular payment options. Many people dealing with long-term care for the first time are under the impression that Medicare or Medicaid will cover the costs of their care—which is not accurate in every circumstance. Partners in Healthcare can help you create a realistic financial plan.
- Ask about state programs. Many states have special programs that offer funding to those with special needs and require home care. Home care agencies know their state’s programs and should be able to identify if you or your loved one qualify for any special funding.
- Ask what can be covered by your insurance. Some insurance plans include long-term care policies, which can subsidize the policy holder’s home care costs.