While programs like Medicare do not cover home care, and you or your elderly loved one may not qualify for Medicaid, there are some ways that you can fund home care using your own resources. Here are some ways that you can pay for home care out of the financial resources you have.

Reverse Mortgages

While experts debate on the financial pros and cons of a reverse mortgage, it can be an excellent way for seniors to fund home health care. People considering this must be careful to consider things like their age, the age of the spouse and the terms of the reverse mortgage before choosing to go this route.

Life Insurance Policies

Some life insurance policies will allow the holder to immediately stop making payments and cash the policy in without them passing away. There may be penalties or withdraw fees involved, but this negative might offset the positives of being able to have home care. Contact your insurance policy holder to see if the type of policy you have would be eligible for this kind of withdrawal.

Long Term Care Insurance

Long term care insurance (purchased separately from Medicare and Medicare supplemental coverage) can pay for home care costs. Long term care insurance can be very costly; so many people don’t have it. If it is in your budget and you can foresee a time when it might come into play, you should consider investing.

For issues with home care payment or healthcare benefits contact Stano Law group.