Financial Options
Affording home care is not always easy for some seniors. Luckily there are some financial options out there that could help.
1. Veterans Aid and Attendance Program - this program provides a monthly benefit to help pay for the cost of home care services, adult day programs, and/or assisted living facilities. One must be either a veteran or a surviving spouse, have less than $80,000 in liquid assets, have a medically documented reason to need assistance with the activities of daily living, the veteran or deceased veteran must have served during a period of war (not in active combat necessarily) and must have been discharged honorably.
2. Long Term Care Insurance - some LTC policies will provide coverage for home care services.
3. Reverse Mortgages - despite the myths, reverse mortgages are actually very beneficial for
some homeowners struggling to make ends meet. The popular myth is that you lose your home.
This is not true. A reverse mortgage will turn the equity in the home into cash and will not be due until the house is either sold or the last owner dies.
4. Grants - some not-for-profit organizations offer grants to help some individuals afford the care they need. It's always a good idea to ask your local organizations if any such grants exist.
Until the healthcare system is changed for the better, home care is not going to be affordable for everyone. It's important to understand what other benefits are out there to help.