How to Pay for In-Home Care (Without Going to the Poor House)
We're knocking at your North Shore door to deliver a message, but please don't shoot the messenger if it's not initially the best of news. Truth is, if you're a senior in need of care and you want to receive it at home, financial assistance is not exactly automatic. Medicare, Medicaid and most employer-sponsored HMO and PPO plans will only reimburse you for occasional visits from a nurse and only when you have a specific qualifying medical diagnosis.To learn more about what qualifies and what Medicare will cover, go online and use the Official Medicare Eligibility Tool.
Other Ways to Pay: You do have other financial options available in order to pay for ongoing, in-home care services. Some involve planning ahead and others don't.
- Long Term Care Insurance (click here to read our riveting BrightStar Care article on it)
- Reverse mortgages (becoming increasingly popular says HUD)
- Employer-sponsored Health Savings Account (HSA) or Flexible Spending Accounts (FSAs) (Treasure this information from the Treasury.)
- Employee-sponsored caregiving stipends, such as "Back-Up Care" programs for employees who are adult caregivers and travel for work
- Family trust funds
- Illinois Workers' compensation insurance (Read an out-of-sight article on Worker's Comp on this website Check it out.)
- State-subsidized home- and community-based services, often referred to as "Medical Waiver" programs. (Age and income qualifications do apply.)
- Companion Care
- Adult and Senior Home Care
- Alzheimer’s Care
- Senior Transportation
- Childcare
- Disability Care Services
- Care after surgery and medical treatments