6 Ways You Can Pay for a Loved One’s Home Care

By Stacy Lee, 9:55 am on
Home Care Assistance - Paying for Care

At Home Care Assistance we understand a family’s financial considerations when needing home care services for an aging loved one. You want to provide the best care possible, just like they would (or have) for you while balancing the need to continue to make care viable for life. Non-medical home care, though necessary for the safety, security, and well-being of many seniors aging at home, is not covered by Medicare or Medicaid. Many can struggle with how they will attempt to pay for home care.
Here are 6 ways you can help fund this late-in-life style choice:

  1. Retirement savings. Affordability of quality care is not possible on social security benefits alone. The use of retirement savings (401K plans, pensions, IRAs and the like) for senior care is the very reason your loved one worked hard and saved throughout life.
  2. Family. Perhaps a son, daughter, or other close family member is in a privileged position to give back to their loved one and provide care late in life.
  3. Whole life insurance. Commonly overlooked are whole life insurance policies that have accumulated cash value over the years. Contact the insurance agent or the carrier for the various means to access the cash value of such policies. Depending on the metrics of the policy, cash can be withdrawn while the death benefit remains in place.
  4. Home equity. There are safe and reliable means to access funds through Home Equity Conversion Mortgages, more commonly referred to as a reverse mortgage. These are government-backed mortgages that are equipped with safeguards so that an aging senior or couple can remain in their home for life.
    In Vermont contact:
    a. Scott Fund with Retirement Funding Solutions at 802-238-4216 or
    b. Tia Poalino with Reverse Mortgage Funding LLC at 802-468-2288.
  5. Veterans Administration benefits. Contact a social worker in Community Service VA at the White River Junction location at 802-295-9363
  6. Long Term Care insurance. Many seniors have long ago established long-term care insurance policies, unbeknownst to their family. Each policy and each carrier are very different from each other and require a thorough analysis to understand the potential benefits. By authorizing Home Care Assistance access to your policy information, we can do a complete benefits analysis prior to scheduling care. Contact us for the brief paperwork to get this started. This usually takes us several days to turnaround, but can be very helpful in understanding daily benefits, lifetime maximums, any waiting periods and the qualifications to receive benefits (usually many Activities of Daily Living with which the care recipient needs assistance).

At Home Care Assistance, we know older residents in Burlington, VT want to age in place in the comfort of their own homes. By providing your loved one with quality, non-medical home care, we can make that desire a reality. Please contact us or call (802) 231-0415 to discuss the different ways you can make quality care happen for your loved one.

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