Most families are not prepared when it comes to coordinating a caregiver in the home. Often times families do not know if services are covered by Medicare or secondary insurance. Private duty also known as custodial care is considered non medical home..
What to Expect When Considering In-Home Care
Understanding the best way to pay for senior care in the home doesn’t have to be challanging. Allow Accountable Home Care help you assess your needs for personalized care at home..
Paying for home care, assisted living and other forms of senior care is one of the biggest challenges for aging Americans and their families. Medicare, Medicaid and other employer-sponsored plans reimburse seniors for intermittent visits from a home care staff on a temporary basis or when patients have a qualifying medical diagnosis. Generally, these insurance plans don’t pay for ongoing services classified as “long-term home care”.
How much does home care cost?
That depends on your location. Generally, home care costs in urban areas are higher in comparison to rural communities, and East Coast and West Coast have higher costs than Central United States. Furthermore, costs depend on whether you need certain services like running errands, cooking, cleaning, and companionship, or home health aide services like personal care services that include dressing, bathing and so on. According to Genworth’s data analysis from 2012, the average rate for home care services is $18 an hour and this rate doesn’t seem to be changing over time; studies have shown the costs are rising by 115% every five years. The costs add up, but that’s not a reason for you to panic because many families have managed to find a way to cover the costs.
Long Term Care Insurance Policy Paying for In-Home Care
At Accountable Home Care, Inc., we accept ALL Long Term Insurance policies, including but not limited to:
AF&L · American Pioneer · MetLife · American Heritage · Genworth
Conseco · SHIP · CNA · John Hancock · Bankers Life · Kanawha
Penn Treaty · Washington National · BCBS LTC · TransAmerica RiverSource AF&L · Mutual of Omaha · State Farm LTC
A reverse mortgage is a loan that the elderly take against the equality of their home. The lending bank needs to make payments in a single lump sum as a credit line or in monthly installments. There are different types of reverse mortgages, but one type is relevant to the seniors as a way to pay for their home care – the Home Equity Conversion Mortgage.
If your loved one was a veteran who served at least 90 days of duty with more than one day during a wartime period, they will be eligible for Veteran Pension and entitled to disability payments each month, known as aid and attendance by the VA.
If your loved one has life insurance that is no longer needed for providing for others, you can convert it into money using accelerated benefits. The conversion option applies to all forms of insurance: Universal, Term, Whole, and Group. Any type of senior housing qualifies for benefit plan, including home health care, memory care, assisted living, nursing home care, rehabilitation care, and hospice.
Medicare coverage for home care is not easy to get, but if you manage to get it, it can save you a lot if your loved one is discharged from a hospital or rehabilitation facility. Another plan that can be used for home care is Medicaid; patients who have low income and no savings can qualify for Medicaid.