There’s a famous Chinese proverb that states: “The best time to plant a tree was 20 years ago. The second best time is now.” When it comes to paying for home care for seniors, the same adage applies. If you’ve had time to plan ahead for home care for yourself, your parents, or another loved one, that’s terrific.
But even if you haven’t, there are still plenty of ways to get the financial help you need.
If it’s time to hire a caregiver for you or someone in your family, read on. In this post, we’ll discuss several options for paying for home care.
If You Have Time to Plan Ahead
In 2017, the national median cost of home care was $135/day. That adds up to a staggering $49,192 every year!
This is less than half the price of a private room in a nursing home, but it’s still a considerable expense for most families.
If you’re still in your 50s, you’re in a prime position to start planning for your future. This is the perfect time to invest some savings or purchase a long-term care insurance policy.
If you don’t already have a life insurance policy, now’s the time to get one. Look for a policy that includes in-home care benefits. You may be able to purchase this through your employer–it doesn’t hurt to ask!
Whatever policy you choose, be sure to read the fine print. Traditionally, long-term care policies only covered nursing home care. Many newer policies now include options for care at home and in other settings, such as assisted living communities.
If You Need Home Care Right Now
In a perfect world, we’d all be able to save plenty of money for paying for home care.
But the world isn’t perfect, and life doesn’t always go according to plan. If you find yourself or a loved one needing home care right now, what are your options?
Your first step should be to see if you qualify for any government assistance. Two great sites to check are benefits.gov and benefitscheckup.org. You might be surprised by what you’re able to qualify for.
Medicare will generally cover necessary health care at home, but not homemaker services or other domestic assistance. Be aware that most supplemental plans through Medicare and private health insurance do not cover home health care.
In some states, Medicaid can help with in-home care, assisted living, or nursing home care. Benefits and eligibility vary by state, so check to see what’s available in your area.
If you’re currently in the military or a veteran, another option to consider is a program through the Department of Veterans Affairs. They offer assistance for home care, house-bound individuals, and also several community-based services.
If You Need More Information
If you’re looking for more information to help you move ahead and get the home care that you or your loved one needs, we have a wealth of resources on our blog.
For more on this subject, read our blog “Be Careful When Hiring a Caregiver for a Senior Loved One!”
Seniors Helping Seniors is a unique care program that matches seniors to other seniors in need of assistance, to continue activities they enjoy and remain independent and safe in familiar surroundings.
If you’re looking for assistance for yourself, a loved one, or you are a senior interested in providing care, please contact us or call us at 800-481-2488 to learn more.