Paying For At Home Care Services In Flagstaff, AZ
Understand your funding and payment options for at home care services
When it comes to at home care services, planning in advance is important. Although the costs of home care can vary depending on what type of care your loved one needs, you can avoid the negative financial consequences of long-term care by exploring financing options before a health care crisis arises.
Although most people believe Medicare can pay for home care, the truth is that it is not a solution for extended senior care. Medicare generally doesn’t cover long-term care but it can cover the costs of care in some limited circumstances. Short-term care services such as personal care or physical, occupational, and speech therapy are covered for up to 100 days, for example. Hospice care for people diagnosed with a terminal illness and a life expectancy of less than a six months is also covered by Medicare.
On the other hand, Medicaid is a much better option for financing long-term at home care services. It is the largest public payer for long-term care and if you qualify, Medicaid will cover the costs of assisted living care or at home care services. If your loved one receives Supplemental Security Income (SSI), they qualify for Medicaid automatically. Seniors with limited income and assets can also qualify, but as eligibility varies by state, you should inform yourself whether your loved one can count on Medicaid to cover the costs of senior care.
Long-term care insurance is specifically designed to cover long-term care costs. Although expensive, this sort of insurance is still much cheaper than paying for long-term at home care out of pocket. However, long-term insurance is a serious financial investment and it may not be a viable solution for everyone. In order to choose a long-term insurance plan that can fit your loved one’s budget, it is necessary to find a financial advisor who is well versed in this field. As coverage for this type of insurance can be expensive, a financial advisor can help you explore ways to make it more affordable as well.
Another financing option is Veterans Administration Aid and Attendance Pension Benefit. A veteran or a surviving spouse of a veteran who served at least 90 days with at least one day during wartime may qualify for Veterans Administration coverage to cover some of the costs of at home care services.
If your loved one cannot afford long-term insurance or doesn’t qualify for Medicaid and Medicare, the only option left is paying out of pocket. Many seniors and their families use their life savings, returns on investments, and other family resources to cover the costs of home care.
For more information on paying for care, please contact our office in Flagstaff, AZ, today! We are happy to help!