If you have a senior loved one who may need in-home care, you are probably concerned about how to pay for it. At Placer County Home Care Assistance, we know that finding quality care at an affordable price can be stressful. Thankfully, these practical solutions can ease some of the financial load.
1. Reverse Mortgage
Seniors who own their own home can get a reverse mortgage that allows them to cash in on the value of the home. This process was originally developed for widows, but it can be a good alternative for single men or married couples, as well. If your loved one takes out a reverse mortgage, he or she can then use the money to pay for hourly or 24/7 live-in home care in Placer County.
2. Veteran Benefits
Whether or not your loved one needs in-home assistance as a direct result of time in the military, there may be benefits for veterans that can help your relative afford in-home care long after he or she has served. Contact a veteran’s association to find out more about how your loved one can benefit.
3. Insurance Policies
While it is not often made obvious on the policy, many life and medical insurance policies cover in-home assistance when it is needed. This option can mean saving your loved one money by using an insurance policy that is already being paid for.
4. Family Agreement
If these options are not viable for your elderly relative, there are times when combining family funds can be a solution. Consider asking your family members if they could afford to contribute for your loved one’s in-home care. This way, each family member can pay a certain percentage of the in-home care expenses, making it more affordable for your loved one.
Finding ways to afford in-home care for an elderly relative can be a challenge. At Home Care Assistance, we offer flexible part-time care in Placer County, which can be a great option for seniors who need minimal help. If you would like to learn more about our senior home care services, please call one of our friendly Care Managers at 916.226.3737.