A few of the most common types of home care services available today are as follows:
Services provided at home that may include: Companion Care, which provides comfort and companionship including transportation as needed to the people who cannot be left alone and need supervision, and/or Personal Care where a caregiver may help with activities of daily living (ADLs) such as bathing, dressing, and other activities.
Homemakers Care may offer light household duties, meal preparations, laundry, and other similar tasks related to household management. This is the type of care Families 1st Choice (FFC) offers. Our purpose is to empower families to enjoy the freedom and peace-of-mind with independent living. Different surveys from various associations throughout the last couple of years have consistently shown that many people would prefer to “age in place”, in other words, spend their golden years in the comfort of their own home – with a little help to maintain their independence!
Also referred to as congregate housing, these are generally suitable for individuals who need little or no help. An individual may live in his/her own apartment that is often times equipped with emergency signaling devices/resources. All residents use shared spaces, which usually include living rooms, dining rooms, or laundry rooms. Minimal services, ranging from central dining programs to organized recreational activities, and security services are also usually available.
Services provided at home that may include skilled nursing care, occupational, physical, respiratory, speech therapy; personal care; and/or homemaker care services.
A nursing home is a licensed facility that may provide 24-hour-a-day room with skilled nursing and personal care services. Nursing homes also provide medical care, therapy, and other health related services.
You can choose from the options below when you need to pay for and/or finance home care services. However, not all of these options may be available to you. You’ll need to verify if you or your family member is eligible for any of these option(s) before you apply:
Long-Term Life Insurance – Today long-term life insurance has progressed into an insurance that covers expenses for individuals who need care from a nursing home, assisted living facility, or at-home nurse and/or caregiver. There are many types of policies that insurers offer and as a result it is highly recommended that you complete a comprehensive review before selecting the best insurance policy for you and your family. With long-term life insurance coverage you may be able to avoid drawing upon your life savings to finance care giving services.
Veterans’ Benefits – Veterans may be entitled to VA benefits (i.e., Aid and Attendance) to cover their in-home care costs at least partially. In many cases, spouses of veterans can also avail of these benefits. Typically, the veteran should have served for a minimum of 90 days on active duty including at least a day of duty during war to qualify for VA benefits that cover non-service disability pension. Contact your local Veteran’s office for more information.
Life Insurance – In some cases there may be options available where you can use your life insurance policy to help pay for longterm care services. Cashing in the insurance or taking a loan against the insurance policy may be an option to consider when you do not have savings to draw upon or you want to avoid depleting your savings to pay for home care. Contact your insurance provider to further understand the advantages your life insurance policy may offer with paying for your long-term care.
Disability Insurance – If there is an illness that revolves around a disability that you are experiencing, then your disability insurance (including social security options) may assist with paying for your home care needs. Contact your insurance provider to further review which options you or your loved one may be eligible for.
Reverse Mortgage – Making use of the equity in your home may be an option to pay for home care and a Reverse Mortgage loan may offer you the advantages you need to pay for care. Use a Reverse Mortgage to leverage and utilize the market value of your home – discuss your options with a Mortgage Lender to further understand your eligibility options to make an informed decision.
Retirement – If you have savings locked away in various forms, it may be the means to pay for your home care. You may have work related benefits/salary, IRAs, employee backed plans such as 401(k)s or other annuities of different kinds. All of these could potentially be used to pay for your home care in different ways, for example, by taking loans against the accumulated savings or by making eligible withdrawals from these accounts. Talk to your investor to understand what option(s) may be best for you and your family.
Other – Auto ins., workers’ comp., stocks, bonds, personal and family member payment/assets.
**Please note FFC does not currently accept direct payments from Medicare or Medicaid.
The below link (The Federal Long Term Care Insurance Program) may prove to be beneficial in providing a general idea of cost of the different types of home care available. However, the cost of long-term care depends on the type and duration of care you or your loved one need, the provider you use and where you live (state and region within the state).