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5 Options for Financing Elderly Home Care

As seniors age, they can develop health conditions that make living independently more challenging, requiring the need for at-home care. However, some seniors may not have the finances to cover the care they need. If your elderly loved one needs financial assistance to pay for home care, he or she may have a few options. The staff at Tucson Home Care Assistance has 5 options to share with you.

1. Long-Term Care Insurance

If your loved one has a chronic illness or disability, he or she may benefit from investing in long-term care insurance. Medicare and employer-based insurance plans typically don’t cover in-home care, but long-term care insurance is purchased separately and can cover in-home care from live-in and part-time caregivers in Tucson. Because some insurance companies temporarily withhold payment for seniors with preexisting conditions, make sure your loved one has funds in savings or other sources to cover the care before the insurance begins to pay.

2. Veterans Aid

Some seniors may qualify for assistance with home care through the Veterans Assistance Aid and Attendance Special Pension. To be eligible for these benefits, your loved one must meet at least one of the following requirements:

  • Served in the military on active duty for 90 consecutive days

  • Served in the military during at least one day of active wartime (this doesn’t have to be overseas or in a combat zone)

  • Is/was the spouse of a veteran

If your loved one qualifies, he or she may receive up to $2,000 a month to pay for home care. Talk with his or her local VA office to apply.

3. Reverse Mortgage

Seniors who own a home can apply for a reverse mortgage loan to finance their Tucson elderly care without having to sell their home. The loan can be paid in one lump sum or with monthly payments, and it doesn’t have to be repaid as long as your loved one lives in the home. If he or she passes away or moves, the loan will have to be repaid via monthly installments.

4. Accelerated Death Benefits

Life insurance policies normally aren’t paid out until the insured person passes away. However, accelerated death benefits can allow your loved one to receive a portion of his or her life insurance policy in advance of death, which can be used to pay for in-home care. To determine if your loved one can use this benefit, he or she should talk to the life insurance broker.

5. Government and Private Programs

According to the National Council on Aging, there are more than 2,000 programs from government and private corporations that assist seniors in paying for home care. These range from grants from the Alzheimer’s Association to pay for seniors who need Alzheimer’s care in Tucson to the Harry and Jeanette Weinberg Foundation, which has given out hundreds of grants to pay for senior care. Contact your loved one’s local National Council on Aging office to fill out a benefits questionnaire to determine which grants he or she may be eligible to receive.

To learn about additional ways to finance your loved one’s home care, reach out to Home Care Assistance. We are a trusted provider of part-time and live-in care in Tucson, AZ, and we offer specialized care for seniors with Alzheimer’s, dementia, and Parkinson’s. For more information and to schedule a free consultation, please call (520) 276-6555 today.