Elder Care Expenses
Elder Care for anyone with physical or cognitive impairment is challenging and very expensive. Most adults prefer to remain in their own home. Here are a few ways to find income to cover the cost of care. Whether assisting a loved one with either physical or cognitive declines (sometimes both) expenses add up. There are the charges for equipment, medications, hired help, loss of work, medical tests, Day Programs and so on.
Elder Care benefits each have its own qualifying triggers such as income and/or medical condition. It is worth exploring to see if your loved one qualifies as it makes the financial burden more tolerable. Yes, you will have to jump through hoops, but it can be well worth it. We recommend you also confer with an Elder Law Attorney and Financial Planner when considering long term plan for an elder parent and loved one. For more information and guidance, please speak to our Social Worker at Paradise Home Health Care.
Sources of financial aid or service:
- Long Term Care Insurance— that is why it was purchased – for when care is needed. Often advisable to start care when only a few hours of help are needed – when there is an ELIMINATION period on the policy.
2. Veterans Benefits – They have programs which provide a caregiver or pay the Veteran (or spouse) monthly stipend for hiring a caregiver.
3. Life Insurance – more and more policies seem to be able to convert into payments for long term care – paying out to the you while you are living rather than just a death benefit – check with your agent.
4. Other Government programs on the local state level. The ARDC in your area will have information – Adult and Disability Resource Center– usually a type of Medicaid at home program among others.
5. Reverse Mortgage – not for everyone, but after researching the pros and cons, getting one may provide the funds for your care.
6. Medicare – will provide limited skilled visits to the home – nurse, physical therapist etc. and also pays for hospital and stays in Rehab. Check with Medicare for details.
