A critical component of long-term care planning is knowing where to find supplemental financial assistance. Here are five financial resources to explore:
Medical Insurance
Most health and medical insurances do not cover in-home personal care. However, checking with a senior’s medical insurance company is a good idea to determine if any insurance coverage is available. Although Medicare does not currently pay for home care.
Long-Term Care Insurance
Some seniors may have specific coverage through a long-term care insurance policy. These policies are separate from health insurance and are often purchased through an insurance agency for long-term care expenses.
Veterans Benefits
In-home coverage may be available through various VA programs if a senior receives a pension from the Department of Veterans Affairs (VA).
State and Local Assistance Programs
Certain state or local programs provide financial assistance for in-home care. Check with your state Department of Aging to find out if any apply to you or a loved one.
Private Pay
Most clients pay out-of-pocket—or “private pay”—which means older adults pay through their own funds. Usually, the funds are from individual retirement accounts (IRA), pensions, Social Security benefits, 401(k), or other savings.
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