How to Afford Elderly Care

One of the biggest concerns facing any family with elderly relatives needing care is finances and how to afford elderly care. Whether in the senior’s home or a family member’s home, elderly care can often place significant financial burdens on a family.

However, providing the care and support needed by these precious members of your family is essential. Therefore, Neighborly Home Care works with state waiver programs to provide reduced-cost services whenever possible. In addition, our agency has several suggestions for financial assistance in reducing the costs associated with senior care services.

Below are 5 activities that could help you afford elderly care for you senior loved one. You will want to do some research to determine if they are right for your situation.

Your first stop should be BenefitsCheckup. The National Council On Aging (NCOA) maintains this non-profit website. The website aims to ensure every senior is claiming every medical benefit seniors are eligible for under Federal and State laws. Given the complexity of Medicare benefits, an applicant can easily receive less than what they qualify for. As a result, these websites can significantly reduce the financial burden of elderly medical care.

Among those who qualify for social security benefits (which include most elderly Americans), many also qualify for Supplemental Security Income. Supplemental Security Income (SSI) is a federal program that provides financial assistance to individuals with limited income and resources. The program’s money can help ensure you and your loved ones can afford elderly care and pay month-to-month expenses. Therefore, you and your loved ones should investigate Supplemental Security Income early in the process to receive up to hundreds of dollars per month toward costs.

Medicaid is usually available for anyone who qualifies for SSI. However, Medicaid policies vary from state to state. For example, those who qualify for Medicaid in Pennsylvania may not be eligible in Delaware. The program can often eliminate the fees associated with Medicare insurance coverage.

If you are on Medicare, you may be able to get help with the cost of elderly care. Medicare is best for those with limited options and eligible for coverage. For example, if your loved one has severe cognitive impairment and needs constant attention and supervision they may qualify as disabled under Medicare rules.

If your loved one does not meet these conditions but still requires help from time to time with daily tasks such as bathing or eating meals, they may qualify for home health services paid through Medicare’s Home Health Program (HHP).

Food stamps are another form of public assistance any family looking at elderly care should investigate to help them afford elderly care. Many seniors on fixed incomes will qualify for food stamps and thus significantly reduce the monthly outlay of money for food. The money saved can help defray other expenses, like medicine or home care visits.

Life settlements allow seniors to “cash in” on a life insurance policy early. In short, an older adult will sell their life insurance policy to an investor, who provides cash up-front against the eventual payout. A life settlement is an especially good option for older adults whose children are already financially independent without the need for an insurance payout.