Ways To Pay For Home Care Assistance

Long-term care insurance is designed to cover senior care, including in-home care, when the beneficiary needs assistance with at least two Activities of Daily Living (ADLs). Some policies require a doctor's note stating that the beneficiary cannot perform the said ADLs. Important to note; buy long-term insurance when you are young and able, NOT when you need it. It will have more cash value available for you to use.

For eligible seniors who meet both the medical and financial needs, Medicaid may pay for in-home care assistance if the senior is on a personal care waiver. Please discuss the details with your state case manager.

Eligible veterans and their spouses who receive a VA pension may receive an additional monthly payment to cover in-home care needs. Check with the VA.

Some hybrid life insurance policies have a cash-value component in them. The cash value can be withdrawn and used to pay for in-home care expenses. It is important to note that the cash value builds over time, so it's better to buy early in life to have enough cash value later.

In simple terms, a reverse mortgage is a loan or cash advance obtained against the home's equity. It is available to seniors 62yrs and older. Please remember, this loan will need to be paid back when the last surviving borrower dies or leaves the home. Still, it is an option for obtaining liquid cash to pay for in-home care expenses.

This means paying for in-home services out of pocket. Seniors who need only a few hours a day can afford this option, but it becomes more expensive than assisted living after a 50-hr per week mark.