Jan 12, 2015

Paying for In-Home Care

If you have elderly parents or other loved ones living alone, you worry day and night that they may be harmed, especially when you know they aren’t fully able to take care of themselves anymore.

Your loved ones feel strongly about staying in their homes and aging in place. The first question may be, how will you pay for it?

In-home care is on average 40% less expensive than a nursing home or assisted living facility, according to Genworth’s 2013 data analysis, and the median rate for in-home care of $18 to $23 an hour nationwide is rising by only 1.15 percent every five years.

Costs still add up, especially when family is unable to help, and full-time care becomes necessary, but there is no need to panic. Social Security, pensions and life savings or investments are obvious funds that will be used to pay for your loved one’s care. Here are some other creative options to consider:

  • Long-Term Care Insurance
  • Long-Term Care Annuity
  • Life Insurance – living benefits
  • Veterans’ – Pension
  • Veterans’ – Aid and Attendance
  • Family Plan – siblings offer financial aid in lieu of time and hands-on care
  • Medicaid – limited – short-term acute conditions only

GLADDEN HOME CARE® is very happy to be a resource for the communities we serve. If you have any questions on elder issues, the different options for care, or how you will pay for in-home care…

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