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Senior Assisted Living Blog

Paying for Senior Care Services - Richmond, VA

- Friday, December 18, 2015

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:

Health insurance

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.

Veteran's administration

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.

Government funding

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.