Paying for Home Care Costs

Paying for Home Care

Golden Years understands how important it is for your loved one to continue living independently at home for as long as possible. For this reason, we are committed to providing affordable superior quality care for our clients any way we can. Although our services are private pay, meaning paid for by personal income or assets, we can help you. We can provide options that you may qualify for that can help relieve some of the financial burden. Either of these can be a good way to pay for any in home elderly care cost.

Long Term Senior Care Insurance

How to pay for long term care you might ask? Insurance covers home care, and if needed, nursing home services. Paying for nursing home care can be a similar process for obtaining aid for paying for any home care cost. This type of coverage was designed to provide care when the senior is no longer able to care for themselves at home. Another benefit is that it protects your senior loved ones assets. Long-term care offers flexibility in care and can be used to cover much of the costs. Golden Years works with most long term care insurance companies, and can help you access these benefits. Our office team has many years of experience working with insurance providers. We understand how to pay for a home care cost through your long term care insurance provider.

There are certain requirements that must be met in order to use these funds for in home care cost. One of which includes licensed supervision. Other requirements may include applications and documentation. We can assist you with many of these needs, and want to relieve you from the headaches of having to understand how to pay for long term care at home.

Using Reverse Mortgages to Pay for Home Care Cost

If your loved one has equity in their house, a “reverse mortgage” is a great way to supplement costs associated with home care. A reverse mortgage is a loan against your home that you don’t have to pay back as long as you live there. A reverse mortgage allows you to turn the equity of your home into cash without having to repay the loan each month. Qualifying is fast and simple. If your loved one has equity in their home, they most likely have already qualified for a reverse mortgage.

There are many reverse mortgage providers on the market. It is important to be educated and aware of what is a good offer, and what is not. There are good reverse mortgages and bad reverse mortgages. Ultimately, you parent’s home should help them enjoy their life to the full. And it can help pay for their home health care cost. The provider’s application should be simple enough to understand, yet maximize the value paid back to the homeowner.

While we are not licensed mortgage providers or financial planners, we can give general ideas of how reverse mortgages have been used by our clients to pay for long term care. It is a fantastic option for many seniors to age in place and enjoy their golden years!

Veteran Care Services

Are you looking for a resource for a veteran or their surviving spouses? As the largest government department for veterans, the United States Department of Veteran Affairs was designed to provide for veterans who are:

Chronically Ill
Elderly
Unable to live alone
Disabled

The Golden Years Care team specializes in assisting those who have serviced the United States. We always make sure that our veterans received top-notch care. Along with our promise of quality care, we offer a 5% discount to any veteran who uses certain service minimums.

The Department of Veteran Affairs even have a homemaker and home health aide program that we can work with to assist you at home.

We can give pointers in the right direction for applying and qualifying for the right veteran benefits. We can even work directly with your benefits counselor. If your senior loved one was a veteran, Veteran’s Affairs benefits is an important benefit. We can help you look into these unique benefits to help them in paying for home care.

Viatical Or Life Settlements

If your loved one has a life insurance policy, some companies will offer owners the option to sell their policies. This works by paying a percentage of the total benefit in exchange for the policy. The owner is given a lump sum payment that is greater than the cash surrender value. This has been a good strategy for obtaining funds for home care cost and long term care. Even paying for expensive dedicated services like paying for nursing home care, should consider this financing option.

It is important to check the fine print of your loved one’s life insurance policy, as there are at times exceptions or restrictions. But often this option can be a valuable allowance in many insurance policies.

This lump sum can then be invested in an interest bearing account like a CD or money market. Then an annuity payment can be setup to pay for living and home care costs.

State and Local Assistance

As an additional resource, many states have locally funded programs that offer assistance to those who qualify.

For our home state of California, there is one such multi-county program that can assist seniors with aging at home.

Locally here in the Sacramento – Roseville – Elk Grove region, we know of a fantastic program that helps seniors in many stages. The Agency on Aging provides residents of Sacramento, Nevada, Placer, Sutter, Yolo, and Yuba counties with senior living benefits. There are qualification requirements, depending on the benefit and program. There are many benefit types, such as fresh food vouchers, home care cost benefits, and even options of nursing homes and assisted living. Call the Agency on Aging 916-486-1876

Or, we can give you more information about Agency on Aging at any Golden Years In-Home office.

Your Local In Home Care Provider

Golden Years In Home Senior Care is the Sacramento area’s #1 locally owned, family operated at home care provider. We know local and California state financing options that may help in paying for home care. With over 20 years experience in caregiving, your parents or elderly loved ones can trust us. We are your local home health care provider. With offices in Elk Grove, Sacramento, and Roseville, we are close by and are easy to reach.