how to pay for home care

Continuing to live at home for a lifetime is the desire of nearly all older adults. Home is the place we are most content. It is where memories have been and continue to be made. We have carefully built our environment at home based on our individual tastes and preferences. Plus, it’s where we possess the independence to make all of our own choices: from what and when to eat our meals, to which activities we engage in, to the visitors we spend time with.

If maintaining the house or caring for day-to-day needs becomes challenging later in life, home care can be an ideal option. In-home care allows for independent living where an older adult chooses to remain at home  with the ideal level of assistance.

At Live Free Home Health Care, one of the best home care agencies in Bristol, New Hampshire and the surrounding communities, we receive calls each day from older adults and their loved ones who want to find out about our home care services, and one of the first questions is usually, “What types of payment do you accept for home care?”

There are actually many different methods to cover senior care expenses. If you’re wondering how to pay for home care, we’re here to help you determine the best method for you.

Private Pay

Since home care services are non-medical in nature, the most popular way to pay for them is out-of-pocket. Consider these ideas:

  • Work with a financial planner. Financial planners provide guidance on determining which investments you can and should use to pay for senior care services.
  • Determine the value of any personal property, such as collectibles, art, antiques, etc. that you may elect to liquidate.
  • Talk to a tax professional about identifying how much revenue you could gain from selling a piece of real estate, or if you should explore an equity credit line.
  • Meet with other loved ones to talk about sharing the cost for senior care.

Veterans’ Aid & Attendance

The Veterans’ Aid and Attendance program helps wartime veterans and their spouses cover the cost of care at home, when they meet the following requirements:

  • An honorable or general discharge.
  • Orders from a doctor confirming the need for assistance to manage activities of daily living.
  • Specific financial requirements.
  • 1 day of service that occurred during an active war, as well as at least 90 days of service overall.

Housebound benefits are another consideration for many veterans. This is an amount that is paid over and above a veteran’s monthly pension. Requirements include:

  • A single permanent impairment which has been verified as 100% disabling, leaving the veteran permanently and substantially restricted to the home; or
  • A single permanent impairment that’s been confirmed as 100% disabling, alongside another disability (or disabilities) proven as 60% or more disabling.

Long-Term Care Insurance

Though Medicare and standard medical health insurance plans typically do not cover the cost for non-medical home care services, long-term care insurance policies often do. The criteria for using a long-term care plan involve a person’s inability to execute basic activities of daily living, such as taking a bath or shower, getting dressed, eating, walking, using the bathroom, and transferring from a bed to a chair.

Live Free Home Health Care’s home care experts are here to help you with obtaining any benefits to which you might be entitled. We will work with you to formulate a customized plan of care that fits the senior’s individual needs and budget. Give us a call at 603-217-0149 to schedule a free in-home consultation at your convenience and to learn more.