As your elderly loved one ages, you may discoverhe or she requires more care and attention than you are personally able to provide. At that point, you may begin researching options for in-home assistance. Many families, however, are not able to afford the cost of such services out-of-pocket. Fortunately, there are several financing options for senior home care, and the staff at Home Care Assistance Anchorage has put together a list of some you may want to look into.
Reverse Mortgage
You may be able to use equity in your or your loved one’s home to help cover the cost of care services. This involves taking out a loan that doesn’t need to be paid back as long as the borrower still lives in the home the reverse mortgage applies to. The Home Equity Conversion Mortgage is the only type of reverse mortgage relevant to paying for senior care.
Veterans Administration
If your loved one is a veteran, there may be programs available through the VA to help pay for his or herin-home care. There are three levels of the VA’s Improved Pensions, two of which are geared toward helping with in-home care. Aid and Attendance is the most well known and is meant to help veterans who need assistance with daily living, and Housebound is for veterans who have a disability that prevents them from leaving home.
State and Local Programs
Some states and localities offer financial assistance programs to cover home care for seniors in need, especially those who cannot afford Medicaid. These programs can provide cash assistance, respite, and in-home support to help with tasks around the house. It may be worth looking into options with community resources organizations or with your state representative to see if your loved one qualifies for any of these programs.
Life Insurance Policy Conversion
If your loved one has a life insurance policy, it can be converted into a long-term benefit plan. This wouldtransfer ownership of the policy from your loved one to an entity that then acts as the benefits administrator. Your loved one can use funds immediately for any amount of health needs, there are no monthly premiums, and any kind of life insurance plan can be converted.
These are just a few options that may be available to help pay for your loved one’s care and ease your family’s financial burden. When choosing your loved one’s home care, you want peace of mind knowing your money is being spent on a trustworthy and reliable provider. For hourly and live-in care Anchorage families believe in, turn to Home Care Assistance. All of our care services come with a 100% satisfaction guarantee, and you’ll never be asked to sign a long-term contract. Call one of our knowledgeable Care Managers today at (907) 770-0907 to schedule a free in-home consultation.