When parents or spouses start to lose their independence whether from illness or aging, we want to help them. However, it is hard to juggle the needs of senior parents while taking care of children or maintaining financial income. In-home care is a very likely option in this case. If you want one-on-one care that satisfies the needs and safety of your loved ones, a personal home health aide would provider the necessary help. Nursing homes may provide a higher aide to patient ratio and spread of viruses and bacterial infections may be a concern in this setting. If your loved one is prone to falls, they may require the attention given in a private setting. You may wonder how to cover the cost of private care. There are many ways to finance this option. If medical assistance is needed, insurance may help cover the costs. Look at the various ways below.
- Medicare helps cover short-term medical issues for those over 65 years of age, and some other situations such as those with ALS, but companionship and daily routine activities are likely to be private pay.
- According to AGINGCARE, Program of All-Inclusive Care for the Elderly (PACE) is another possibility. “PACE is designed to help frail seniors remain in their community rather than moving to a nursing home. A PACE participant receives coordinated care that's provided where the senior lives by a team of interdisciplinary health professionals. An advantage of PACE is that it encompasses all Medicare and Medicaid services, but it may also cover other services as recommended by one's PACE team.”
- Long-term insurance- this can be purchased through private insurance companies, and it is cheapest when bought in your 50’s and 60’s. This can provide financial coverage for nursing homes, assisted living, and home care. But be careful to see the fine print when you sign up for a plan.
- Look into the Cost for Caring Act, where you can receive $5000 for taking care of a loved one. According to AARP, this is meant for family caregivers who dip into their savings or cut back on their own health care to care for others.
- Split the cost with siblings for family members.
Preparing ahead of the game is always a good idea, but no one wants to prepare for times of physical health or cognitive decline. Plan for the future. It will give you peace of mind. If you are concerned about the present, investigate financial options. Talk to banks about loans as well. Call Brightstar Care of Hudson/Solon for our pricing.