Living at home for a lifetime is the goal of nearly all aging adults. Home is where we are most comfortable. It is where memories have been and continue to be created. We have carefully designed our environment at home based on our particular tastes and preferences. And it’s where we have the independence to make all of our own choices: from what and when to eat our meals, to what activities we participate in, to the people we spend time with.
If maintaining the home or attending to everyday needs becomes difficult later in life, in-home care is oftentimes an ideal remedy. In-home care allows for independent living where an elderly individual or couple chooses to remain at home with the ideal level of support.
At Anthem Home Care, a trusted provider of home care services in Portland, TX and the nearby areas, we receive messages daily from older adults and their loved ones who would like to find out more about our aging care solutions, and one of the first questions is generally, “How can I cover the costs of senior care?”
There are in fact many different methods to cover senior care expenses. We are here to help you determine the most effective solution for you.
Since home care services are non-medical in nature, the most popular way to pay for them is out-of-pocket. Think about these ideas:
- Work with a financial planner. Financial planners offer guidance on determining which investments you can and should use to finance home care services.
- Assess the value of personal assets, such as collectibles, art, antiques, etc. that you may decide to liquidate.
- Talk to a tax professional about establishing how much revenue you can gain from selling a piece of real estate, or if you should explore an equity line of credit.
- Meet with other members of the family to talk about sharing the cost for home care.
Veterans’ Aid & Attendance
The Veterans’ Aid and Attendance program helps wartime veterans and their spouses pay for the expense of care at home, when they meet the following specifications:
- An honorable or general discharge.
- Orders from a health care provider verifying the need for assistance to manage daily activities of living.
- Specific financial requirements.
- One day of service that took place during an active war, as well as at least ninety days of service overall.
Housebound benefits are another consideration for many veterans. This is an amount that is paid in addition to a veteran’s monthly pension. Requirements include:
- A single permanent impairment which has been confirmed as 100% disabling, making the veteran permanently and substantially confined to the home; or
- A single permanent impairment that’s been confirmed as 100% disabling, alongside another disability (or disabilities) verified as 60% or more disabling.
Long-Term Care Insurance
Although Medicare and standard medical insurance plans typically don’t cover the fee for non-medical senior care services, long-term care insurance plans often do. The requirements for making use of a long-term care plan involve a person’s lack of ability to perform basic activities of daily living, such as eating, bathing, getting dressed, using the bathroom, walking, and transferring from a bed to chair.
Anthem Home Care’s specialists in home care in Portland, TX and the surrounding areas are here to help you with obtaining any benefits to which you might be entitled. We will work with you to develop a customized plan of care that fits a senior’s individual needs and budget. Call us for a complimentary in-home consultation at your convenience to learn more.