There is no fun having sleepless nights due to worry. However, it is highly likely when you have elderly parents living alone and as days go by you realize that they become less able to cater for their personal needs. At first, the thought of assisted living or a nursing home will cross your mind. However, many seniors are adamant about aging gracefully in the comfort of their homes.
In this event, your best bet is to contact an in-home care agency. But before you do that, you want to figure out how to meet the costs.
How much does it cost?
First of all, you need to know that the cost of in-home senior care in West Los Angeles is different from other cities in various states. Urban areas charge higher rates than the countryside. Also, fees for senior care are also higher in the west and east coasts as compared to the Central US.
Are you looking for homemaker services or home health aide services? This is another factor that affects the cost of in-home care. Homemaker services include light household chores, errands, and companionship. Home health aide services include personal care.
Whether your elderly parent needs senior care services a few days per week or full-time, there is no cause for alarm. In-home care services are not just for the wealthy.
A reverse mortgage is a creative way to meet your in-home care costs. Initially, reverse mortgages were introduced by the government to help seniors (formerly widows) remain in their homes until the end.
A reverse mortgage allows seniors to use their home’s equity value to get cash. They can receive the payments in bulk or in monthly payments. Rather than borrowing a set amount, the loan balance increases with time. Your beloved can live in the house until they die. This provision remains even if at the time of their death the loan exceeds the value of the home. However, at this point, the house must be sold to repay the loan balance.
A reverse mortgage may be a solution to meet your in-home senior care costs. However, it also comes with limitations and strict rules. You should also watch out for reverse mortgage scams.
If your senior beloved was a veteran, you might be lucky regarding financial assistance. However, to be eligible for the Veterans’ pension, there a few requirements to meet. They include:
- 90 days of active duty
- At least one day of service during war
- Honorable discharge
If your beloved or their spouse was a veteran and they are in need of senior care, they can receive disability payments every month. The amounts of payment will be determined by the level of disability of your senior loved one, documented by a doctor.
Although the qualification process can be daunting, once the benefits are established, they can be immense and can continue until they die.
If your senior parent has a life insurance cover that doesn’t cater to anyone else, it is high time you tap into that cash using living benefits. All you need to do is sell the policy back to the insurance company for 50-75% of its value. This amount is determined by various factors.
Although some policies can only be liquidated if the owner is terminally ill, most of them are flexible. Settlement companies can also buy the plan for the same amount.
Long-term care insurance
While some policies will pay for in-home care, most of them only cover nursing homes. Some of those that include in-home care require that the in-home care agency is certified and that your beloved is critically ill to require senior care. The flexible policies will designate a particular figure to be spent daily on any senior care aide.
The purpose of an annuity is to help a senior transform their pension or savings into a steady income stream that pays out until death or for a given period. You can use the income to cater for your loved one’s senior care. Be on the lookout for unscrupulous representatives who are out to con vulnerable seniors.
Medicare and Medicaid
Medicare for in-home care is tough. When paid for, it is very limited. Medicare comes in handy following a medical event, and when your beloved is being discharged from a health facility.
Medicaid also covers in-home care costs for a limited time. If the senior has little financial resources, they can qualify for Medicaid.
Another new government initiative is known as PACE, and to others in West Los Angeles as LIFE. It can be used by seniors who are eligible for Medicare and Medicaid to fund their senior care needs.
Finally, the senior’s children can also come to an agreement and devise a way to meet their parent’s in-home care costs. The above are just some creative ways to pay for senior care so that you can sleep better at night.