We believe everyone deserves high quality care. That’s why CareFinders accepts a number of different payment options. From private insurance, governmental assistance or Family Care, we’ll help you find the solution that is right for you.
As you and your family look at long term care costs, you’ll realize that home care is a very affordable option to institutional placement. Yet, many clients have not prepared for long term care costs and when their needs force them to look at their choices, it can be quite intimidating. Fortunately, there are a variety of resources and options available to help pay for long term home care.
Here are a number of the most common ways people pay. But you should discuss these options with your in-home care provider. Each state has different rules and regulations.
This is also called “private pay.” Some individuals and their families have saved enough to be able to be able to pay for their own home healthcare.
There are some joint federal and state government programs that help pay long term home care costs for some people with limited incomes and resources.
In some cases, If the patient qualifies for Medicaid benefits, the state has a program called "Medicaid Estate Recovery" so that the state can recover long term care costs from the real estate of the recipient who received this Medicaid assistance. The state will attach a lien against the property and, upon death of all who live in the home, recover the state’s expenditures for long term care. Medicaid will not pay for costs of living in Assisted Living Facilities or Personal Care Homes.
Medicare is the federal health insurance program for persons ages 65 and older, certain disabled persons.
Home health care and hospice are reimbursable by Medicare and require a physician's order for “skilled” home care. Services are provided by a registered or licensed nurse. These services are considered short term and limited but can be used with Medicare paying the bill.
Long Term Care (LTC) insurance has been sold for many years and is included in many employee benefits programs. LTC insurance pays for care that is generally not covered by health insurances and Medicare. Individuals who require assistance performing basic activities of daily living (ADLs) such as dressing, bathing, eating, toileting, incontinence, ambulating or getting out of bed all qualify for benefits.
The Veterans Administration provides a program where all veterans who served in the military during an active war can receive financial assistance for personal care. The Aid and Attendance Program allows veterans and surviving spouses who require a regular attendant for eating, bathing, dressing and other ADLs, to receive monetary benefits for their care.
This program can take up to a year for approval but will pay retroactively from the beginning of service.
Typically, people have life insurance to protect themselves and family members against sudden loss of income after the death of a breadwinner. Most seniors are years past employment, so loss of income may not be a primary factor. However, life insurance policies contain riders that sometimes allow benefits to be paid for chronic illness care. Policies even allow accelerated death benefit payments for long term care. These riders are very useful for current elderly needs as well as planning for future Long Term Care costs.
Many seniors pay for care using a reverse mortgage load, which you have probably seen advertised on TV. A federally insured loan that allows you to convert some of the equity in your home into tax-free cash. It is a unique loan that is fairly easy to obtain if you are at least 62 years old and own your own home.
Health insurance policies for the elderly generally do not pay for long term care. These policies typically wrap around the Medicare benefit and do not add any new benefits. However, there are exceptions. You may need to look at your individual policy to determine if home care aides are covered and for how long. These benefits are limited to the health condition of the recipient, considered short term in nature and as recipient’s health condition improves, will be terminated.
If your loved one has minimal resources to pay for home care, your first call should be to the local Area Agency on Aging (AAA). AAA has a wide array of services and funding available to seniors. These services include meals, transportation, personal care, protective services, and nursing home transitions, all of which have some funding from federal, state or local governments. These benefits will be explained by AAA after you communicate the needs and personal financial resources of your loved one.