6 Best Kept Secrets of How to Pay For Home Care
By Greg Adair, Founder of Affordable HomeCare
How does one afford to pay for the quality of care that they want and deserve? As the name suggests, Affordable HomeCare provides excellent care at a very reasonable price. Many people assume Medicare will pay for home care services. Unfortunately, this is not the case, and will most likely never be a reality. With that said, you may need some non-traditional sources to finance your careneeds. Some methods would cost you little or nothing. The information in this report is intended as an overview and a great place to begin your research.
VIATICAL LIFE INSURANCE SETTLEMENTS
Viatical Life Insurance Settlement companies are willing to purchase life policy benefits before you make your life transition. The advantage is that you can get cash now to use for whatever you want, including home care expenses. The disadvantage is that you will not receive the full face value of your policy. When you pass, the policy would then be paid to the viatical company rather than your family beneficiaries. Many families are very supportive of this concept. They are more interested in their loved one obtaining the best quality of life for the time they have left, rather than using the funds for themselves after the loved one is gone.
VETERANS AIDE AND ATTENDANCE PROGRAM
Many vets are unaware that they may be entitled to a benefit that can pay for a wide range of care to make it possible for them to remain at home. Even a surviving spouse is entitled to benefits. To be eligible for this benefit a person must...
- Have served on active duty
- Was discharged under less than dishonorable conditions
- Is 65 years old or permanently and totally disabled from non-service connected disability
- Meets the financial needs requirement
Just as the name suggests, there are companies that will pay you money in return for the equity in your house. These funds are tax-free. Unlike an equity loan, reverse mortgages do not ever have to be paid back. The best thing is that you can never be forced to leave your home! They will not affect your Social Security or Medicare benefits. The amount of money that you can get from a reverse mortgage depends upon several factors, including your age, type of reverse mortgage selected, value of home, current interest rate and where you live.
LONG TERM CARE INSURANCE
Statistics say that 60% of people will need some kind of long-term care within their lifetime. Most do not realize that Medicare pays for only 2% of the total long term care bills. That leaves a huge potential cost to individuals to pay for care privately. It makes sense to insure against such expenses.
It's recommended that you seek out a broker that specializes in this type of insurance and represents several different insurance companies. Make sure you buy a policy that has substantial home care benefits, as that is where most people prefer to receive their care.
THE MI CHOICE PROGRAM
Formally called the Medicaid Waiver Program, it is designed to avoid premature nursing home placement. It is funded through a combination of State and Federal money. Recipients must qualify under certain eligibility standards to receive care service at low or no cost.
DISEASE AND FAITH BASED ORGANIZATIONS
Almost all major diseases have associations that help people affected with illness. A great deal of informational support and even funds are available. Many of the major religious and fraternal organizations also have funding for its members.