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How to Afford Private Pay Homecare When it Seems Out of Reach
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How
to Afford Private Pay Homecare When it Seems Out of Reach
Author:
Murphy Ortiz
Paying privately
for home health care services is often a necessary option for
seniors who want to remain living independently in their homes
.Homecare is the fastest growing segment of the health care industry.
With more people in need of 24 hour care, live-in care allows
the elderly to remain at home with a minimum of cost compared
to nursing home or assisted living costs. Since Medicaid and Medicare
typically don\'t pay for long term care, the burden of payment
becomes that of the individual or their extended family. How do
the elderly afford quality homecare for themselves? There are
several possible ways to afford private pay homecare, even when
the costs seem out of reach.
Most major
diseases such as Alzheimer\'s, MS, and Cancer offer programs to
assist individuals with that particular illness. Check with your
local agency supporting your illness for local community resources.
Additionally, many religious organizations have some funds available
for its members.
Statistics
show that the majority of people are going to need some type of
long term care in their lifetime. For those who don\'t have the
savings available to pay for private pay home care, Long Term
Care (LTC) Insurance is an option. Many insurance companies have
brokers that specialize in this type of insurance. Make sure your
LTC policy allows for substantial home care benefits since that
is where most people prefer to remain.
Home Equity
Conversion Mortgage (HECM), formerly known as reverse mortgage
is a loan you take on the equity you have accrued in your house.
This option allows you the funds needed for homecare in order
to remain in the comfort of your own home environment. It is not
an equity loan that has to be paid back. This is beneficial in
that you don\'t cause further financial difficulties by acquiring
an additional mortgage payment. The lender recovers repayment
on the loan from the proceeds of the sale of the property. Your
heirs are not responsible for repayment of the loan. You can continue
to own your own home and afford the care you require.
The Veterans
Administration has established a pension program whereby the purchase
of personal care and attendant home services are paid for through
a Veteran\'s acquired pension title VA Aid and Attendance Pension
Benefit. This plan helps senior veterans afford private pay home
care. Individuals must have a qualifying medical condition that
requires them to need the daily assistance of others for activities
of daily living (ADL\'s). In addition , to qualify, the veteran
must:
- Have received
an honorable or general discharge
- Have doctor\'s
orders stating they need the aide and assistance of others daily
- Meet financial
requirements
- Have served
1 day during an active war and had no less than 90 days of service
The surviving
spouse of a veteran may also qualify providing they were still
married to the veteran when they passed. This veteran benefit
process can take 4-6 months to process but all benefits are retro-dated
back to the originally filing date. Since this process can be
lengthy and confusing, the free assistance of an Elder Law Attorney
is recommended.
Your local
county Office on Aging is an excellent resource that can assist
you with finding information on available funds through your county
and state programs. The information they provide is available
to the public and free of charge.
Institutionalized
care such as nursing homes and hospitals has risen in cost to
the point that has led many people to seek alternative care. Resources
are available to offset the cost of private pay homecare. Asking
your local agencies and seeking all options is the first step
to making homecare affordable when it seems out of reach.
Article Source:
http://www.articlesbase.com/elderly-care-articles/how-to-afford-private-pay-homecare-when-it-seems-out-of-reach-480885.html
About
the Author
Murphy Ortiz
is the manager of Family Choice Home Care. Family Choice is a
senior approved referral agency specializing in Live-In caregivers
throughout New Jersey and Philadelphia. For more information,
go to www.familychoicecares.com or call 856-273-7700
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