How to Pay for Elderly In-Home Care

As folks grow older, the need for care becomes important, and these days, more and more elderly individuals are choosing to stay at home rather than go into nursing homes. While it is necessary for some to have this autonomy, the care they need for daily living is not an affordable undertaking. However, there are options and programs that assist in paying for in-home care for the elderly (those 65 and older).

Suggestions

1. Assess what your needs are. How much in-home care are you going to need? Will you need a caretaker to come every day, or will once-a- week visits suffice? How long will you need this care? If it is short-term care, it is possible that staying in a facility rather than getting the care at home might be a better option, as then Medicare may be able to cover it. If it's long-term care, then your options for coverage will be different.
   Determine what you can pay for. Have all information about your income handy. Eligibility for many programs that help pay for in-home care are based on income and resources, so understanding your finances will make the process easier.

   
   
2. Check if your existing coverage might help pay for in-home care. For example, Medicare may cover your care. According to MedicareInteractive.org, if you are home-bound , receiving or need skilled nursing care or skilled therapy, "have a plan of care approved by a doctor," and are a patient of a Medicare-certified home health agency, Medicare will help pay for your home health care. What you will pay out of pocket depends on your Medicare coverage.
   

   However, Medicare will not pay for custodial care (or daily living activities such as grooming). Medicare will only help pay for 100 days of care.

   
   
3. Research other insurance options. If Medicare will not cover your home health care, you can purchase another insurance plan that will greatly help reduce costs. One such program is The Federal Long Term Care Insurance Program. If you were an employee, annuitant or relative of a federal employee, this insurance program provides coverage for long term in-home care and nursing home care.
4. If you are a retiree, past companies you have worked for may offer similar insurances.Look into public benefits. There are a few options provided by state and federal governments that might be able to help with the costs of in-home care.

The first is Medicaid. Medicaid is both a state and federal insurance program that gives coverage to those with low-incomes. Eligibility varies state by state, so call your state's Department of Insurance to inquire about requirements.

Medicaid often covers long-term care services, including home-health care if medically necessary. Your out-of-pocket costs for this will vary from state to state.
If you are a veteran, The Department of Veterans Affairs may cover your long-term in-home care through their Housebound and Aid and Attendance Allowance Program. Those who are disabled may qualify for grants which helps pay for personal care, a caretaker, and other services needed to help with daily living activities at home.

Finally, the Older Americans Act may also help fund in-home care. The Older Americans Act is organized by the Administration on Aging and offers funding through different agencies to help pay for care elderly who are home-bound.

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