Issue 5.15
Once you’ve determined you need help, the question often is, of course, how do you pay for it? Unfortunately, most of us don’t have unlimited funds, so you need to embark on a strategy that will work for your finances!
One of the first keys to not over spending your budget is to not get more care than you need. Unlike an Assisted Living Community, In-Home Senior Care is not a set monthly fee of $3000 to $8000 a month, but rather $240 to $8000 a month or anything in between, depending on your needs.
Even in-home care is not cheap. Who picks up the tab? Well as many lawyers have said, THAT DEPENDS!
* Do you have Long Term Care Insurance?
* Do you have a net income over about $1600/month?
* What are your liquid assets worth?
* Are you a Veteran or surviving spouse of a Veteran who served during a war?
* Do you own your home?
* Are you on Medicaid?
Long Term Care Insurance (LTI) will usually pay for in-home or in-facility care if the care is needed to provide for at least 2 Activities of Daily Living (ADLs). Most LTI policies have a cap on the maximum they will pay out, so know your policy and budget your care accordingly.
If you are a Veteran or surviving spouse of a Veteran who served during a war, and need help with Activities of Daily Living, you may be eligible for a little known benefit called the Aid & Attendance benefit. Millions of dollars go unclaimed in this program.
If your income is under $1600/month and you don’t have much in assets outside of your home and your car, you may be able to get help from Five County Association of Governments. They provide significant funding for in-home care, provided by licensed agencies like Kind Hearts Senior Care based on need and income. Contact: Carolyn Moss at (435) 673-3540
Do you own your home? If you get a Reverse mortgage it could help you to access funds to pay for your care. If you are on Medicaid you can get in-home care or even care at a facility without selling your home as long as you or your spouse is living in your home.
For more info contact: Roland at: 435-275-1656 Care@KindHeartsSeniorCare.com