Part 3: How is home care paid for?

Home care companies typically bill on an hourly basis for their services – and that rate varies widely depending on where you live. Paying for home care services is one of the most challenging issues for caregivers because most elders and families must pay for services out-of-pocket. Medicare and Medicaid do not pay for home care in most instances. Here are some other options to pay for care:

Health insurance
Some health maintenance organizations (HMOs) and some health and long-term care insurance plans provide coverage for home health care, so be sure to check benefits statements and policies

Long–term care insurance
Long-term care insurance helps cover the cost of care at home or in a nursing facility. It can cover much of the cost of home care – depending on the policy terms.

Veteran’s administration
If your loved one served in the U.S. military, financial assistance might be available to provide a veteran with home care.

State and local programs
Call your local Department of Aging or Area Agency on Aging. In many states, there are local and state funded programs that offer limited care for seniors who meet certain criteria.

Viatical life settlements
If your loved one has a life insurance policy, there are companies that offer insurance owners the option to sell their policies in exchange for a lump sum payment that is greater than the cash surrender value.

Government funding
For low-income elders, Medicaid programs in most states support home care services as an alternative to nursing homes.


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