Nearly one third of all adults in the U.S. are unpaid family caregivers for a loved one needing assistance, and with the expanding senior population, this number only promises to grow. Additionally, two out of five Americans will need long-term care at some point in their lives. When the cost for this care falls directly on the individual needing care or on the family, which in many cases it does, these statistics prove significant.
Many people believe that Medicare will pay for long-term care, but this is not the case, often leading people to wonder how they will be able to pay for the care needed. Dependable Senior Assistants would like to inform the local community about 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. When shopping look for a strong insurer that receives high financial safety marks, choose a flexible policy requiring inability to perform no more than two activities of daily living and buy around age 65, due to changes in policies and coverage over time.
Home Equity Conversion Mortgage – 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. This special type of loan allows the homeowner to convert a portion of the home’s equity into cash. Unlike a traditional home equity loan or second mortgage, however, no repayment is required until the borrower(s) no longer use the home as their traditional residence.
The Veterans Administration – 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. The surviving spouse of a veteran may qualify providing he or she was still married to the veteran at the time of the veteran’s death.
Please contact Dependable Senior Assistants for further details on available options to help pay for in-home care, and for tips on ways to make home care more affordable. We will make certain that any available financial assistance for aging in the comfort and familiarity of home is explored.
Dependable Senior Assistants… Because Everyone’s Home Is Their Castle.
For more information, please call Dependable Senior Assistants at 661-886-9358 and visit www.dsacare.com .