In home care for elderly adults is a convenient way for many seniors to stay in their own homes for long term care. However, providing home care for the elderly is expensive and stressful. Learning more about home care financing options is a good way to ease the stress of paying for long term care.
Using Medicaid and Medicare for Long Term Care
Older adults with limited funds usually receive help with some or all of their home care expenses via Medicaid. All of the states except Arizona have some form of home and community-based Medicaid waiver that promotes in home care for seniors. Elderly adults that meet the requirements for nursing home services and have a limited income may be eligible for the Medicaid home and community waiver in their state.
Medicare is available to all adults 65 and older. However, Medicare is meant for acute health episodes, and not long term care. Although Medicare will not pay the majority of home care costs, older adults who are homebound, need skilled services, and require intermittent help may be able to receive some home health care services under Medicare funding.
Consider Long Term Health Care Insurance
Many seniors do not purchase long term care insurance. Large premiums and a fear of aging make it impossible or improbable that some will even think about a long term care insurance policy. However, those who have investments totaling over $500,000 may want to consider purchasing a long term care policy. Each policy is different, with some covering only nursing home costs while others cover much more. Do appropriate research and read the fine print before agreeing to a long-term care insurance policy.
State Programs and Out of Pocket Costs for Senior Long Term Care
Finding state programs that provide in home care funding for an elderly relative can be difficult. This is because each state has its own policies and regulations. However, older adults that do not qualify for larger government programs like Medicaid can qualify for more local state programs. Because states have greater freedom in establishing requirements for their programs, some seniors may qualify for programs at the state level.
Many caregivers and families of elderly adults choose to perform many of the home care services for an older relative themselves. On the other hand, some seniors require skilled services. For families that do not meet eligibility requirements of certain programs, out of pocket funding may be unavoidable. However, there are many other non profit organizations, volunteer groups, or faith based organizations that can help. Check a local area agency on aging for more information.
Paying for Home Care
Although paying for home care is expensive, there are many options for seniors and their families. Learning more about Medicare, Medicaid, long term health care, and various state programs can help older adults as they navigate the long term care system.
Sources
AARP: Medicare Out-of-Pocket Spending
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