10 ways to finance elderly home care

10 ways to finance elderly home care

As the population is rising, a large section of people are also attaining the age of 65 or more than that. With this increase in the old age population, majority of this population are hoping to age in their own homes. The demand for the health-care workers like nurses, caregivers etc. has shown tremendous growth for achieving the desire of ageing at home. To fulfil such desire, a big hurdle that is quite common amongst a large section of the people is the finance to these services. In this article we will share some tricks that can be very helpful in achieving such services without burning a hole in your pocket.

What is elderly home care?

It is evident from the name itself, It is the condition where a nurse or caregiver (licensed professional and physical therapist) join you as a companion and assist you in personal care such as washing and dressing and in addition to this, they can also help you in cooking, house work, taking you to the church and all the important aspects of your life. And for all these things they are paid.

How to finance elderly home care?

  1. If you are an American citizen, ‘Medicaid’ is the best option for you. This is a scheme run by the USA. It helps with the medical cost of the people who are in the dearth of resources or have limited to resource. You can check the eligibility criteria and then apply for it if eligible.
  2. Long -term care insurance:  some insurer cover elderly home care so if you are already enrolled to long-term care insurance, ask your insurer if they cover home care.
  3. Loan against your home equity: In USA, home equity line of credit (HELOC), a type of loan or credit card at low interest rate is provided where in borrowers are told the maximum amount that they can borrow. They can withdraw according to their needs.
  4. Reverse Mortgage: It is a type of arrangement where in seniors take cash loan against their home’s equity. Bank makes payment in instalments as line of credit. This loan doesn’t have to be paid back until the last borrower passes away or moves from home for one year. Home is sold and the lender is paid back with interests.
  5. Explore Veteran benefits: If your spouse had worked in armed forces then you might be eligible for veteran benefits.
  6. Shifting to a cheaper place can help you in saving some amount that you can use in financing home care.
  7. Get the appropriate care and right price i.e. if you are physically well and you don’t need 24×7 home care then you can opt for visiting home care.
  8. Savings can help: if you have done pretty savings then you can utilize that for this purpose.
  9. Take help from your family members: you can take help from your son or daughter in financing such services.
  10. You can reduce extra amenities in order to have some extra cash for home care.

In this article we have shared how you can finance elderly home care. I hope, now you are acquainted with some important information about aarp medicare advantage plans available from https://www.medicareadvantage2019.org/aarp-medicare-advantage-plans-2019/ and this would be very helpful in planning your decision for the elderly home care.