In-home care can be a financial burden for those in need of assistance with activities of daily living. Private funding, personal income, or savings is the most widely accepted way to pay for in-home care services.
However, other ways exist to pay for in-home care help for qualifying individuals. The most common alternatives are Long Term Care Insurance, VA Benefits, Respite Grants, Medicare/Medicaid*, and Reverse Mortgages.
*Not all Medicare or Medicare Advantage plans offer in-home care service coverage.
Long-Term Care Insurance
Long-Term Care policies are the most desirable form of reimbursement for in-home care services assisting with activities of daily living. Those insured with a Long-Term Care plan can qualify for coverage if help with three or more activities of daily living is needed.
Reimbursement is a maximum daily rate based on the terms of the policy. The amount can vary from a few hours to 24 hours a day, seven days a week.
The biggest drawback to Long-Term Care is that only 10% of Seniors in the U.S. have a qualifying plan.
VA Benefits
VA Benefits coverage is similar to Long-Term Care Insurance but focuses on eligible Military Veterans. Like Long-Term Care plans, VA Benefits will allow veterans to apply for in-home care support.
If you are a Veteran and need help with eligibility, you can contact us for assistance.
Respite Grants
Respite Grants are available for individuals that qualify through participating organizations. The Alzheimer's Association and the M.S. Society provide some of the most utilized grants. Caseworkers for the local association chapters can help assess and complete the application for grant approvals.
Local community support organizations may also offer respite grants for qualifying family members.
Medicare and Medicaid
Medicare and Medicaid offer financial assistance for services of in-home care. Medicare approval can be difficult for non-medical in-home health services. The insurance providers backing Medicare plans tend only to offer reimbursement assistance if a medical need is associated with the care provided.
Medicaid offers payment for both medical and non-medical in-home services. However, the reimbursement rate in Nevada is below the hourly wage paid to most Caregivers, making it hard for people with Medicaid coverage to find in-home care support. Private funding is not allowed in conjunction with Medicaid payments.
Reverse Mortgages
A Reverse Mortgage, although not a benefit of insurance or a grant, is a great way to help subsidize the cost of in-home care for Seniors who own their home. A Reverse Mortgage allows the homeowner to use some of their home's equity to help pay for expenses such as in-home care. The equity can also eliminate the monthly mortgage payment and allow the homeowner to retain their home ownership.
This list is not an exhaustive list of support available for those seeking in-home care. However, these forms of payment are the most commonly seen. Some Life Insurance policies allow the policyholder to use the cash value to pay expenses.
Still, have questions on how you can pay for in-home care services?
Or if you would like to learn more about any topics discussed. Please call our office at (775) 234-0100!
