paying for in-home care

Continuing to live at home for a lifetime is the intent of the majority of people as they age. Home is the place we’re most comfortable. It’s where memories have been and continue to be made. We have carefully designed our surroundings at home in line with our personal style and preferences. Plus, it’s where we have the freedom to make all of our own choices: from what and when to eat our meals, to which activities we participate in, to the visitors we spend time with.

If maintaining the home or attending to day-to-day needs becomes challenging later in life, in-home care can be the perfect option. Senior in-home care allows for independent living where a senior chooses to remain at home with an ideal amount of assistance.

At Abby Senior Care, a trusted provider of home care in Highlands Ranch and the surrounding areas, we get calls every day from older adults and their loved ones who wish to find out more about our in-home care solutions, and one of the first questions is usually, “What are my options for paying for in-home care?”

There are a number of different ways to cover home care costs. We are here to help you determine the best means for you.

Private Pay

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

  • Talk with a financial planner. Financial advisors offer support on how to determine which investments you can and should to use to finance home care services.
  • Determine the value of any personal assets, including art, antiques, collectibles, etc. that you could choose to liquidate.
  • Ask a tax professional for help with establishing exactly how much revenue you can gain from selling a piece of property, or if you should explore an equity credit line.
  • Talk with other loved ones to go over sharing the cost for home care.

Veterans’ Aid & Attendance

The Veterans’ Aid and Attendance program helps wartime veterans and their spouses cover the price of care in the home, if they meet the following criteria:

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

Housebound benefits are another consideration for some veterans. This is an amount that’s paid in addition to a veteran’s monthly pension plan. Requirements include:

  • A single permanent disablement which has been established as 100% disabling, leaving the veteran permanently and substantially restricted to the home; or
  • A single permanent disablement which has been confirmed as 100% disabling, along with another disability (or disabilities) established as 60% or more disabling.

Long-Term Care Insurance

Although Medicare and standard health insurance plans typically do not cover the fee for non-medical aging care services, long-term care insurance policies often do. The specifications for making use of a long-term care plan involve a person’s lack of ability to do standard activities of day-to-day living, such as eating, bathing, getting dressed, using the bathroom, walking, and transferring from a bed to chair.

Abby Senior Care, providers of in home care in Highlands Ranch and the surrounding areas, is here to help you with obtaining any benefits to which you may be entitled. We will work with you to formulate a custom plan of care that fits a senior’s specific needs and budget. Contact us at 303-699-8840 for a free in-home assessment at your convenience to learn more.