How to Pay for In-Home Care posted on: 03-23-2012

in-home careWhat to expect

The cost of in-home care usually ranges between $10 and $30 an hour, depending on the location (urban areas tend to be more expensive), the type of care needed (simple help around the house is less expensive than skilled help with bathing, toileting, and safely getting in and out of bed, for example), and whether the caregiver comes from a licensed home care agency (more expensive) or is an independent home care worker (less expensive).

Here are some of the options you can explore to help pay for in-home care:

Look into public benefit programs

If your loved one has very low income and few assets other than the home he or she lives in, some public benefit programs — including Medicaid, PACE, VA benefits for veterans, and Cash and Counseling — pay a limited amount for care.

Consider private insurance options

There are at least two options worth looking into: If your loved one has a long-term care insurance policy, it may include coverage for in-home care. He or she might also consider converting a life insurance policy into cash to help pay for in-home care.

Use personal and family assets

Like most families, you’ll probably have to rely on your loved one’s and other family members’ personal assets to pay most in-home care costs. There are several ways personal and family assets can be used help pay 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 actively helping with daily care.

Get creative

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

Thank you to Joseph L. Matthews, Senior Editor for this article.