Once you make the decision that your elderly loved one will continue staying at home, you will need to arrange for the necessary home care services. Staying home definitely has several key benefits, but the next step you need to plan for is basically how to pay for it. There are several key options currently available to assist with paying for home care in an affordable way. Here are some of the main sources of funding available to access our compassionate and reliable home care services:
Long-Term Home Care Insurance
With long-term home care insurance, the overall costs of elderly care both at home and in nursing facilities are covered. It is very useful since it helps to cover most of the costs of senior home care and helps to protect the assets of your loved one. We work with most of the leading long-term home care insurance firms, so make sure to check whether your elderly loved one already has an insurance policy in place.
The other popular option that we usually suggest to our clients is reverse mortgages, especially if your senior loved one owns their home. Basically, reverse mortgages are loans given based on the value of your home, and you are not required to pay the loan back for the period of time you continue living in that home. Hence, you can easily convert your home’s value into convenient cash without the need for moving or repaying the loan every month. You can then use the funds from your reverse mortgage to cater for your home care costs.
Veterans Administration has several programs that can cover home care for their members provided they meet certain specific criteria. For more information about how you can take advantage of these programs for your home care needs, check out the main website of Veterans Administration. Our friendly consultant can illustrate what VA options you have in detail during the first interview in your home.
In most states, there are several beneficial state and local programs that provide limited home care for seniors. Contact us today to find out more information about the various state programs available here.
The other home care funding option is a viatical settlement in which your loved one sells their life insurance policy and then gets a huge lump sum amount. This money can then be used for paying for home care.
Flexible Payment Plans
We, at Miller Home Care, offer a wide range of payment plans at your convenience. Generally, our invoices are sent twice every week for the previous two weeks. We can directly send the invoices to the senior client, a close family member or even the appropriate long-term home care insurance firm. The invoices are fully detailed, featuring the date that each specific service was carried out along with which caregiver handled the care on every day.
We accept private pay clients who pay us directly after every billing cycle, and we also accept credit cards and checks for your utmost convenience.