Common options for paying for in-home care
Private Pay
Private pay is the way most people pay for in-home care. Money from savings, a retirement account or generated from downsizing a home can all be used to pay for home care. Children or other family members can also contribute towards supporting a loved one at home either by formal or informal agreement.
Medicare Advantage Plans
Most Medicare Advantage plans (Medicare Part C) now cover unskilled in-home care services including personal care, medication management, and mobility assistance. They also cover the cost of temporary in-home help after a surgery or help at home after an extended hospital stay to avoid readmissions. Medicare Advantage is a supplemental Medicare plan and most people are only eligible after being approved for traditional Medicare.
Reverse Mortgage
Reverse mortgages are gaining popularity among seniors who have equity in their home and want additional income. They allow homeowners over the age of 62 to convert part of their home equity into a tax-free income without having to sell their home or give up title to it. The borrower must continue to reside in the house and pay all property taxes and insurance. The loan principal and interest are typically paid back from the proceeds of the sale of the home once the last borrower has permanently left the home.
Veterans Benefits
The Veterans Administration (VA) has many financial programs for veterans and their families, some of which can be used to pay for care in the home. Check with the local VA office, or visit the U.S. Department of Veterans Affairs website, to find out what financial support you or your loved one qualify for.
North East Ohio In‑Home Care from OndeCare
Planning for the Cost of In-home Care
If you or a loved one’s aim is to age in place, an essential part of the planning is to consider how in-home care will be funded if and when it becomes needed. Talk to a financial advisor specializing in retirement planning to ensure the money is set aside from savings or can be made available from other sources. Consider LTC insurance and look into whether you or your loved one qualifies for Medicare Advantage or VA financial assistance.
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