North River Home Care’s Tips on Using Private Funds for In-Home Care posted on: 10-08-2014

Your aging mother needs some help to remain independent and wishes to remain at home, but how will you afford her care? This is a question millions of Americans are currently facing. Luckily, you have options.

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 of Norwell, we’ve compiled a few tips to help you get the most out of your personal funds in order to pay for in-home care. Perhaps one or more of the following options is right for you:

  • Seek the advice of a financial planner. He or she 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.

We know how overwhelming it can be to research home care options as well as options to pay for the care you need. If you have questions on home care in the Boston area, please contact North River Home Care. Our caring staff is happy to help you explore our home care services and the available payment options.