Nearly one third of all adults in the United States are unpaid family caregivers for a loved one needing assistance, and with the expanding senior population, this number only promises to grow. There are resources available to help offset or supplement the cost of long-term, in-home care.
Long-Term Care Insurance – Many insurance companies have brokers specializing in this type of insurance. LTC policies that allow for substantial home care benefits should be obtained to cover in-home care due to frailty or a chronic illness. Consumer Reports offers the following guidelines: Consider buying at age 65, look for a strong insurer that receives high financial safety marks from insurance ratings companies, buy a flexible policy to cover future costs and lastly, a four-year benefit plan should be sufficient, with a 30-day elimination period.
Home Equity Conversion Mortgage (HECM) – Created by the U.S. Department of Housing and Urban Development (HUD) Federal Housing Administration (FHA), Home Equity Conversion Mortgages, or Reverse Mortgages, enable homeowners to withdraw some of the equity in their home, offering older Americans greater financial security. This special type of loan allows the homeowner to convert a portion of the home’s equity into cash. To apply, homeowners should be at least 62, own their home outright or have a low mortgage, and live in their home. Must be a single family home or a 1-4 unit home with one unit occupied by the borrower. Note: When the home is sold, the estate will repay the cash received from the reverse mortgages, plus interest and other fees, to the lender.
The Veterans Administration (VA) – The Veterans Administration offers a plan to help senior veterans with a qualifying medical condition who require the need for assistance with activities of daily living. To qualify, the veteran must have received an honorable or general discharge, have doctor’s orders stating the need for aide, meet financial requirements, and have served one day during an active war, and had no less than 90 days of service. Visit www.vba.va.gov/bln/21/pension/vetpen.htm for further information.
Other options and resources for paying for home care services include disease-specific debilitation or the local Office on Aging. Some states also offer a home care allowance through their Department of Social Services.
For further information please contact Dependable Senior Assistants at 661-886-9358.