Paying For Elderly Care At Home in Cumberland, MD
One of the major concerns for many 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 at the subconscious. This is why Comfort Keepers serving Cumberland, MD, encourages families to discuss financial assistance and out-of-pocket options with their loved ones.
Our agency can help you explore several payment options for home care.
Financial Assistance Options
Medicare
Medicare Advantage, or Medicare Part C, plans are offered by private companies approved to be part of the Medicare network. These plans can include extra benefits not covered under Original Medicare (Parts A, B, and D), including coverage for non-medical-related elderly care at home.
Note that 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.
Find a Medicare Advantage Plan in your area.
Medicaid
State-specific qualifications for Medicaid coverage and benefits will vary. Any care provided outside a nursing home is considered part of Home and Community-Based Services (HCBS).
Learn your state's eligibility requirements and how to apply.
Veterans Programs
The Department of Veterans Affairs has several options available through its VA Health Care program to support long-term care costs at home. This program can work alongside other forms of health care coverage, including Medicare and Medicaid.
Learn more about VA Health Eligibility.
Out-of-Pocket Options
Private Pay
You can pay for elderly care at home through income, savings, and other investment options, such as:
- Annuities
- Health Savings Accounts (HSAs)
- Individual Retirement Accounts (IRAs)
- Life Insurance
- Long Term Care Insurance
- Outside Investments
- Pensions
- Real Estate
- Social Security
Reverse Mortgage or Home Equity Loan
A Home Equity Conversion Mortgage (HECM) is designed for seniors looking to take a cash loan against their home's equity. 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 your home's equity. Still, it functions more or less like a credit card, with specific withdrawal and payment periods and highly competitive interest rates.
Selecting The Right Options
You must consult family members or professional financial and life advisors when deciding the best avenue for your family. Each has pros and cons, which are based heavily on your location, care needs, financial situation, and more.
Explore our Resources section for more information on elderly care at home in Cumberland, MD.
