Private Pay
In general, those who can afford to have home care are mostly paying out of pocket. Often, they are the ones who knew and understood about retirement and how it would impact them financially. Most people in this group have various streams of finances, ranging from annuities to life insurance policies. A good number of them would also have investments and savings that they have set up for their retirement. In some cases, they would reverse their mortgages, but it can be risky. Borrowing money for long-term care is not advisable. If you have to pay out of pocket, you can reduce your home care expenses by going with an assisted living provider like Long House that has extensive and reliable caregivers.
Government Subsidy
If you don’t have insurance to cover for your long-term care and you cannot pay out of pocket, you can ask for government help. You can research about the federal government’s local Area Agency on Aging through the Eldercare Locator. They should be the first to check out, as they can provide you with a multitude of resources concerning home health care. They are also your access to Medicaid.
You may also wish to check out the BenefitsCheckup by the National Council on Aging to see which programs are available.
Note that individuals with limited assets or low income can use Medicaid. In some circumstances, Medicare can also help pay for such services. Former service members can also choose home care support from the Department of Veterans Affairs (VA).
Medicare
Some individuals can use original Medicare, which can cover medically necessary home care. However, this is offered on a limited basis for those who cannot leave home, including those who might need skilled nursing care or physical therapy. Keep in mind that only routine health care would be included, such as bathing, checking vital signs, and dressing wounds on an intermittent basis. If you want to enjoy additional benefits, then you can opt for a Medicare Advantage plan.
Medicaid
Medicaid can pay for in-home care, assisted living near las vegas and other places, and nursing home care. Since they are state-run, eligibility and benefits vary widely from one state to another.
Programs of All Inclusive Care for the Elderly (PACE)
A less popular option chosen by people needing home care is the Programs of All Inclusive Care for the Elderly (PACE). It is yet to go mainstream, but it is already gaining popularity. Medicaid and Medicare develop this program with the goal of keeping sick seniors out of home care. Through the initiative, elderly people can receive in-home care, checkups, adult day care, prescriptions, and even transportation for errands. PACE can also cover support, training, and respite for family caregivers. To become eligible, an individual must be:
- At least 55 years or older
- Certified by the state to need nursing level home care
- Living in an address with an existing PACE organization
- Can live within a community