How to Pay for In-Home Care posted on: 09-30-2019

paying for in-home care

The average cost of in-home care can range from $25 to $40 an hour, depending on a variety of different factors. Your location, the type of care that is needed, and whether the caregiver comes from a licensed agency can all effect in-home healthcare costs.

Urban areas tend to be more expensive than rural areas when it comes to factoring costs for care at home. Simple help around the home can be cheaper than skilled care like bathing, toileting, and assistance with activities of daily living. Home health aides from care agencies are more expensive than independent care workers.

Paying For In-Home Care For Your Loved One

Your budget, your loved one’s insurance, Medicare and Medicaid coverage, and even short term versus long term needs can all affect what you are paying for in-home care cost.

Read on to learn more about your options.

Public Benefit Programs

If your loved one has very low income and only a few assets other than the home they live in, some public benefit programs might pay for limited amounts of care. Programs such as Medicaid, PACE, VA benefits, and Cash and Counseling could help.

PACE program qualifications require individuals to be at least 55 years old, require nursing level care, and reside in a community that participates in PACE programs.

Veterans benefits are provided through the Department of Veterans Affairs. Discharged military veterans in good standing may be eligible for government assistance for in-home health costs.

Medicaid’s Cash and Counseling programs require individuals to qualify for Medicaid and be at least 65 years old living in a location that participates in Cash and Counseling programs.

Private Insurance Options

Did you know that if your loved one has long-term care insurance policies, their in-home care may be covered? Some insurance policies offer aid and attendance coverage for policyholders. This could be an ideal option to help cut the out-of-pocket expenses of in-home care.

If your loved one has a limited policy, it may be worth it to consider converting a life insurance policy into cash and paying for in-home care with the funds.

Personal & Family Assets To Cover Costs

One option to cover the cost of in-home care is by relying on personal assets. Your assets or your family member’s assets could help offset the cost of home health aides and nurses.

There are several ways personal and family assets can be used in paying for in-home care, including tapping into the equity in your loved one’s home and gathering contributions from those family members who aren’t able to actively participate in daily care. Reverse mortgages may also be considered.

Get Creative

In addition to public benefits, private insurance, and personal assets, you might want to explore some other avenues to fund paid in-home care. Assistance can come from local churches, high schools or colleges, and adult day care centers.

Other families have found that moving their elderly family members into their homes has been an ideal option in providing care. You can also consider sharing care costs or care schedules with extended family members or siblings.

Your Financial Situation & In-Home Healthcare

When it comes to paying for in-home care, you will likely find that many of the services will have to be paid for out of pocket. That is why assessing your financial situation and determining what assets you have that can assist with home care payment is essential.

At North River Home Care we have compiled a few tips to help you get the most out of your money when paying for in-home care.

  • Seek the advice of a financial planner. They will be able to offer guidance on which investments you should use for funding purposes.
  • Consider the value of personal property – antiques, old coins, art, collectibles, etc. Have pieces appraised before selling so you know you are getting the best price for them.
  • Work with your insurance agent to determine if any pensions, annuities, or policies can be used to fund home care.
  • Ask a tax analyst for insight into how much money could be gained from selling a home or applying for an equity line of credit.
  • Talk with other members of the family about sharing the costs and duties of home care. Working together with relatives can reduce the expenses associated with providing home care.

Exploring Your Options When Paying For In-Home Care

North River Home Care understands how important it is to have your loved one stay in their home. Nursing homes are not always the right option, and we want to help you and your family afford to pay for in-home care.

Our team is committed to providing outstanding customer service and quality care for families throughout Massachusetts.

Explore Our Home Care Services & Payment Options