Planning and Financing Senior Care from Comfort Keepers in Portland, OR
Affordable home care can be a reality for your family once you know your options
Finding the most affordable home care option can be rather challenging considering all the options and possibilities out there. The most universal answer anyone can provide when it comes to this question is that the financial side of the matter depends on the particular plan you opt for. A professional caregiver can spend only a couple of hours every week with the client or provide full-time care. There's also the option of professional care in a nursing home.
Contrary to popular belief, Medicare might not be the ideal answer for all-encompassing long-term care. The range of covered costs is very narrow and it features numerous limits you'll definitely want to know ahead of time.
In home care is usually a much more budget-friendly option, but the overall cost can go higher depending on the required level of care, where you live, and service hours each week.
You can always pay for long-term care which your own assets and savings, but you should also consider Veterans Administration benefits, Medicaid, Medicare, and long-term care insurance.
Medicare makes for a very affordable home care experience but it can only be applied successfully in a limited set of circumstances like following a hospital stay. It covers physician-prescribed, short-term home healthcare for occupational, speech, and physical therapy; skilled nursing; assistance with feeding, bathing, and similar activities; and medical social services. However, it doesn't cover extended care.
State Programs And Medicaid
Medicaid is the largest public financier of long-term care and it covers nursing home care and similar costs exempt from Medicare. In some instances, it can also pay for in-home care services. Eligibility factors vary by state, so if you're thinking of this route, you should definitely check your state regulations.
Long-Term Care Insurance
Long-term insurance is another option to consider in your search for the most affordable home care. It's designed to alleviate the costs of extended care and prevent the depletion of your life savings.
Premiums can be quite affordable if your income is high enough, but you also have to consider your ability to maintain payments after you retire. Long-term insurance policies can differ greatly from one another so, make sure to read the fine print and familiarize yourself with every detail of your purchase.
Attendance Pension Benefit And Veterans Administration Aid
Veterans and their spouses can qualify for VA benefits, which cover a part of in-home care costs. A veteran or his surviving spouse can qualify for the VA's non-service-connected disability pension. Note that the spouse can only qualify if the veteran served a minimum of 90 days on active duty with at least one day during a war period.
Paying Out Of Your Pocket
Even after choosing the most affordable home care option, senior citizens and their families must often tap into their own assets and savings in order to deal with the costs. Many of them can't afford long-term insurance or qualify for Medicaid and, as we already mentioned, Medicare coverage is quite limited.
The overall costs can vary depending on the needed amount of care. The best outline of potential financial repercussions can be obtained by researching nursing homes in your area and calculating the total price of a four-year stay. The truth is, the exact costs are impossible to predict as, for example, individuals with Alzheimer's need a much longer care than others.