Home caregivers provide personal care to their patient rather than medical care. For this reason, health insurance and Medicare will not necessarily help with the costs of in home care services. For those fortunate enough to have long term care insurance, there are some plans that include stipends for home care assistance. If a certain set of requirements can be met, life insurance policies can sometimes be converted to cash and used for in home care as well.
Since many families have to pay for in home care services from their own savings, they are in a state of continuously diminishing resources.
Many assistance programs out there determine eligibility based on an individual's needs. Therefore, the assistance available to an individual is constantly changing. So it happens usually that the longer a person requires in home care for themselves, the more assistance that can become available to them.
This is one of the many reasons it is advantageous to develop a long-term financial plan when considering elder care services for you or a loved one. Doing so will help ensure a comfortable and consistent aging process, while at the same time preserving your family's resources.
There are many resources available to help families with financial planning for home care. Each resource has its pros and cons and should be weighed before making a final decision.
Like with anything, it is important to "shop around" when looking at your financial options for in home care. We at AHP know that budgeting finances during a time of deciding about in-home care can be an added stress for families. Therefore, when developing a plan of care, we look for creative ways in which the family can curb costs. Please contact us today for more information on how we can help you and your family prepare for in-home care.