Aging in place is a great option for seniors. They are able to stay at home in an environment that they are familiar with while still receiving the care that they need. Unfortunately, home care can be very expensive, particularly if there is full time or even daily visits from health care professionals. When the bills come, here are some of the options that seniors have to assist them in paying for in-home care.

Reverse Mortgages

A reverse mortgage is for people who own their own home. It allows seniors to remain in their house while receiving payments from the value that they have in their home. Experts debate if it is a good decision to take out a reverse mortgage, but for seniors who have little options, it may be the best one. The equity of your home is able to be turned into cash while still living in the home.

 

Long Term Care Insurance

Another option is long term care insurance. This is an insurance policy that is there specifically to pay for long term care options. They are often expensive, and each policy has a wide range of services that may or may not be covered. Like reverse mortgages, long term care insurance is often seen as a poor alternative for seniors due to the varying benefits of the policies and the high costs.

 

Medicaid

Medicaid is a good option for those who have financial need, and subsequently, Medicaid is a need based program that has strict income and asset requirements. Some pre-planning can assist seniors in being able to qualify for Medicaid as long as there is advanced notice.

 

Veteran’s Benefits

Are you or your spouse a veteran of the armed services? If you are, then there may be several untapped resources available to you that can help you pay for home care. In order to qualify for veterans’ benefits, you must first apply based upon your branch of service, service dates and circumstances of your departure from the military. If all of those match up with available programs, then you can apply for them individually.

Since there are several programs that may be of assistance, you are encouraged to apply for them all. Some programs require that you receive care form a VA doctor or facility, so make sure that you meet those requirements if they are part of the program that you are applying for.

As with any government assistance program, the rules for applying for veteran’s benefits can be very confusing. There are resources available to assist you including help from your elder law attorneys at Stano Law Firm.

 

Elder Law Attorneys at Stano Law Firm Can Help

The best way to plan for care expenses is to start early. For assistance in estate planning or other elder law issues, contact the experts at Stano Law Firm today.