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Senior Care Agencies Costs: Paying for In Home Senior Care
How Much Does In Home Senior Care Cost?
The exact cost of in home senior care depends on the type of services, length of care, frequency of care, and more. Has your family thought about how you will pay for the care of a loved one? Once you’ve gotten quotes about care costs from senior care agencies, it may seem overwhelming to pay for long-term care. But the price of care doesn’t have to be the price you pay. There are many viable options for home care financing, if your loved one qualifies.
Here is some information on the most common options for home care financing:
Medicare will typically cover short-term in home senior care, such as personal care assistance or physical therapy. With Medicare, one is usually covered for up to 100 days. Medicare will typically cover care for someone with a life expectancy of 6 months or less as well. Long-term home care is only covered by Medicare in certain circumstances.
Medicaid & Other State Programs
Medicaid and other state programs are usually the best options for financing the cost of senior care. If you qualify for one of these programs, your plan may pay for assisted living care or in home senior care services. Eligibility requirements do vary by state, but many with limited income and few financial assets will qualify. You may qualify for state programs, even if you don’t qualify for Medicaid.
Long-Term Care Insurance
Long-term care insurance may be a smart financial move if you think you’ll need care in the future. You may want to speak with a financial planner to understand the different policies and your options before deciding on the one for you.
Veterans Administration Aid & Attendance Pension Benefit
Veterans who served for at least 90 days on active duty may qualify for Veterans Administration coverage. Their spouses may qualify as well. These benefits can help offset some of the costs of in-home care.
Paying Out of Pocket
For those who do not qualify for any of the above financing options, paying out of pocket for care may be the only option for senior care agencies. Many use their returns on investments or life savings to pay for long-term care. Families also tend to pool their resources to split up the costs of a loved one’s care.
While home care costs can seem expensive at first, you can think of it as an investment. You’ll know that your loved one is safe, comfortable, and taken care of. Contact our agency in Alpharetta, GA to learn more.