Paying for care services is one of the most challenging issues for caregivers because most elders and families must pay for services out-of-pocket. Here are some other options to pay for care:
Some health maintenance organizations (HMOs) and some health and long-term care insurance plans provide coverage for senior 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 an assisted living home or in a nursing facility. It can cover much of the cost of home care – depending on the policy terms.
If your loved one served in the U.S. military, financial assistance might be available to provide a veteran with 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.
For low-income elders, Medicaid programs in most states support home care services as an alternative to nursing homes.
To find out more information, contact Spring Arbor.