Planning for daily expenses along with expenses to come is part of everyday budgeting and saving. When an upcoming bill approaches, repair/maintenance is needed, a celebration/event is arranged, or a trip is scheduled, setting aside money is an expected preparation. Of course, there are other life events that are far less than expected. A sudden injury, abrupt illness or unforeseen health condition that disrupts daily independent living is not often at the top of the list of things to prepare for. However, not having a plan in place for the unexpected can result in additional worry and added stress when such circumstances do arise and care at home is necessary.
We at Aqua Home Care have been proudly serving communities in Florida with our years of experience. We have had the pleasure of working with families and those directly in need of in-home care. Through the years, we have had numerous conversations about in-home care payment options. Staying informed and being aware of your options is imperative. When the time comes to decide on how to best pay for in-home care expenses, it helps to know your choices. Paying out of pocket isn’t always possible in every situation, especially if care is needed for longer periods of time. Other options to be aware of include:
- Veteran Benefits – If you and/or your spouse is a veteran of the United States military, you may be eligible to receive in-home care that is covered by VA pension benefits.
- Long Term Care Insurance – Obtaining a policy through an insurance provider for in-home care can allow you to make monthly payments while you receive the care you need. This is separate from Medicare or other health insurances as most plans do not cover personal in-home care needs (bathing, using the facilities, housecleaning, dressing, etc.)
- Reverse Mortgage – The equity you have accumulated in your home can be sold back to the bank. The bank pays you monthly for the amount.
- Health Insurance – some health insurance plans may cover a percentage of in-home care depending on what is deemed medically necessary.
Reviewing your insurance coverage, knowing your benefits and having a plan for a life change that impedes at home daily living are some ways to prepare for your care needs. Speaking with an advisor may also be beneficial when creating a plan or understanding your options. Veteran’s benefits, long-term care insurance, private pay and some health insurances may help pay for expenses. Here at Aqua Home Care, our team is available to answer any questions you may have. If in need of in home care services for you or your loved one, please know that we are here to discuss options and bring you closer to the care you need.