Understanding Your Options When You Can’t Afford Home Health Care for Your Beloved Senior

The thought of having age turn your once vibrant parent into a semi-dependent person, particularly when you aren’t around to offer the much-needed help, can be daunting. The situation is even dire if an illness complicates calling for professional home health care that you can’t afford. Like most seniors, 80 percent, your elderly loved ones will prefer staying at home instead of an assisted living facility, but many will require 9 to 11 hours of assistance. So what are your options in such a situation?

1. Medicaid

If your elderly loved one has little to no savings and limited financial resources, you can always turn to the Medicare-covered in-home health care. You should, however, brace for a rigorous application process with limited scope of care. The period of care is also dependent on your state of residence with most states only covering short-term care.

2. Long-Term Life insurance

Your family member’s long-term life insurance policy can also come in handy in paying for home care where the need for such assistance finds you cash-strapped. Most life insurance policies offer an additional long-term care benefit, which typically allow you to spend 2% of the policy’s face value on home health care, hospice or respite care, assisted living, etc. To take advantage, you simply have to cash in the policy and then use the permitted amount for nursing home care. In most instances, you’ll discover that long-term care typically covers care that isn’t covered by Medicaid, Medicare, or other health insurance. In addition, premiums paid on long-term care insurance may be eligible for an income tax deduction. Please ask your dedicated tax professional for details.

3. Annuities

The Nurses Guild Home Care Agency, hire only experienced medical professionals and specialize in providing quality home healthcare. They’ll work with you to develop a realistic treatment plan that takes your budget into consideration. Ideally, annuities work like a fixed deposit account that pays a fixed amount of monthly income for the remainder of your loved one’s days, depending on the terms of the agreement. Therefore, if you are having a problem raising funds to hire a home care service provider, check to see if they offer an annuity.

4. Pooling Care with Family Members

Pooling resources among family members can go a long way in reducing the burden of care on one person. For instance, if your loved one needs nursing care, you can come up with an agreement where everyone in the family makes a contribution toward your senior’s healthcare costs. Alternatively, some of your family members can even take turns providing non-specialized care like cleaning and helping with household chores while hiring the Nurses Guild on a part-time or temporary basis.

In conclusion, taking care of elderly seniors doesn’t have to cost you an arm and a leg. Enroll eligible seniors in the Medicaid programs, cash out an existing life insurance policy that allows for long-term care, or enlist the assistance of family members to contribute towards the cost of your loved one’s care. Most importantly, contact the Medicare-certified Nurses Guild Home Health Agency for full-time, part-time or temporary home health care assistance at an affordable cost.