Paying For Elderly Care At Home in Merced, CA
One of the major concerns for a lot of older adults and families is how to pay for elderly care at home. The longer the topic stays off the table the more it gnaws away at the subconscious. This is why Comfort Keepers serving Merced, CA encourages families to have the discussion with their loved ones about financial assistance and out of pocket options.
Our agency can point you towards a number of options available when it comes to paying for care at home.
Give us a call at (209) 881-9100 to learn more!
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Financial Assistance Options
Medicare Advantage, or Medicare Part C, are plans offered by private companies approved to be part of the Medicare network. These plans can include extra benefits that are not covered under Original Medicare (Parts A, B, and D), including coverage for non-medical related elderly care at home.
Note that both Medicare Parts A and B are included in a Medicare Advantage plan, however, they’re only meant to cover short-term medical based services performed in the home after approval from a physician.
Qualifications for Medicaid coverage as well as the benefits offered will differ from state to state. Any care provided outside of a nursing home is considered part of Home and Community Based Services (HCBS).
The Department of Veterans Affairs has several options available through their VA Health Care program to support the costs of long term care at home. This program can work alongside other forms of health care coverage, including Medicare and Medicaid.
Out of Pocket Options
You can pay for elderly care at home through income, savings, and other investment options such as:
- Health Savings Accounts (HSAs)
- Individual Retirement Accounts (IRAs)
- Life Insurance
- Long Term Care Insurance
- Outside Investments
- Real Estate
- Social Security
Reverse Mortgage or Home Equity Loan
A Home Equity Conversion Mortgage (HECM) is specifically designed for seniors looking to take a cash loan against the equity of their home. The loan does not need to be paid back until the borrower(s) have either moved away or passed away.
A Home Equity Line of Credit (HELOC) is also based on the equity of your home, but functions more or less like a credit card with specific withdrawal and payment periods, as well as highly competitive interest rates.
Selecting The Right Options
It is important you consult family members or professional financial and life advisors when deciding the best avenue for your family. Each has their own pros and cons that are based heavily on your location, care needs, financial situation, and more.
You can explore our Resources section for more information on elderly care at home in Merced, CA.