Paying for Home Care

Paying for Home Care

Partners in Health Care Helps You Navigate Your Home Care Payment Options

“How will I pay for home care?” is one of the top questions from families who are researching care for a  loved one. In fact, there are several ways that home care services can be funded as detailed below.

One must first understand what type of service they are purchasing.  Is the service provided by a Home Health Agency with employees covered by Professional Liability Insurance, or is it a Nurse Registry with contractors or only a Companion/Homemaker company.  For more information about the types of providers in Florida click here – Types of home care.

What does Long Term Senior Care Cost

The Genworth Long Term Care (LTC) study for 2015 details options for LTC in the United States – Genworth 2015 Survey

Private Pay

Privately paying for long-term care means paying for home care out of your own income, investments and savings. One can also consider asset conversation programs such as life settlements, death benefit loans, life care assurance benefits, and viatical settlements. Need more ideas on how to afford home care via private pay? As your partners in health care, we can help. Contact us today for more ideas.

Long-Term Care Insurance

Long-term care insurance will pay for in-home care, assisted living, and nursing home care. This is the most appropriate and needed form of insurance protection available to us today.

VA Aid and Attendance Pension BenefitWWII Air Corp Veteran

The Veterans Administration has established a pension program whereby your purchase of personal care and attendant home services may be paid for through your acquired pension. If you are a veteran or the surviving spouse of a veteran who has served at least 90 days or more on active duty with one day during a period of war, and you are in need of home care assistance due to your disabilities, you may be eligible for VA’s non-service connected disability pension. Contact your county veterans’ assistance officers.  Click here for more information – Veterans pension benefits

Reverse Mortgages (Home Equity Conversion Mortgages)

Reverse mortgages have become one of the most popular and accepted ways of paying for many different expenses, including the cost of long-term care. Reverse mortgages are designed to keep seniors at home longer. A reverse mortgage can pay for in-home care, home repair, home modification, and any other need a senior may have. One might consider home appreciation agreements such as Rex agreements or Equity Key home price appreciation to help pay for in-home care services.

Government Assistance

Government assistance programs, including Medicaid, can pay for long-term care for seniors who cannot afford to pay for care themselves. Florida Long-Term Care programs for Nursing home and In-home care services are managed by Medicaid Choice Counselors. They can be reached at:

  1. On-line at www.flmedicaidmanagedcare.com
  2. Schedule a visit or speak to a Choice Councilor 1-877-711-3662

Cost of Care Reductions

Cost of care reductions are tax credits or taxable income reductions that can reduce your cost of home care. You may be eligible for the Federal Elderly Care Tax Credit, Medical expense tax deductions or the NFCSP Respite Care program.

At Partners in Health Care, our in-home care services offer an alternative to paying for Assisted Living Facilities, Nursing Homes, or other adult care facilities. Our experienced nurses, nurse’s aides, and homemakers provide up to 24-hour care, 7 days a week at some of the most affordable rates RN managed care offered in Central Florida. From one hour a day, up to 24 hours-per-day, seniors and other individuals can remain in their own homes knowing that a well trained home health aide or CNA will be there to assist you and only you any time of day or night.

Resources:

Gold Accredited Logo

http://www.achc.org/

Society of Certified Senior AdvisorsMember inquiry Denver, CO: (800) 653-1785

Certified Financial Planner Board of Standards, Inc.
Consumer Line Denver, CO: (888) 237-6275

National Association of Securities Dealers
Broker Check Hotline: (800) 289-9999

The Financial Planning Association
FPA Office Denver, CO: (800) 322-4237

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