GOLDEN YEARS Home Care PAYMENT OPTIONS

If your loved one has equity in their house, a “reverse mortgage” is a great way to supplement costs associated with home care. A reverse mortgage is a loan against your home that you don’t have to pay back as long as you live there. A reverse mortgage allows you to turn the equity of your home into cash without having to repay the loan each month. Qualifying is fast and simple. If your loved one has equity in their home, they most likely have already qualified for a reverse mortgage.

There are many reverse mortgage providers on the market. It is important to be educated and aware of what is a good offer, and what is not. There are good reverse mortgages and bad reverse mortgages. Ultimately, you parent’s home should help them enjoy their life to the full. And it can help pay for their home health care cost. The provider’s application should be simple enough to understand, yet maximize the value paid back to the homeowner.

While we are not licensed mortgage providers or financial planners, we can give general ideas of how reverse mortgages have been used by our clients to pay for long term care. It is a fantastic option for many seniors to age in place and enjoy their golden years!

Are you looking for a resource for a veteran or their surviving spouses? As the largest government department for veterans, the United States Department of Veteran Affairs was designed to provide for veterans who are:

• Chronically Ill
• Elderly
• Unable to live alone
• Disabled

The Golden Years Care team specializes in assisting those who have serviced the United States. We always make sure that our veterans receive top-notch care. Along with our promise of quality care, we offer a 5% discount to any veteran who uses certain service minimums.

The Department of Veteran Affairs even have a homemaker and home health aide program that we can work with to assist you at home.

We can give pointers in the right direction for applying and qualifying for the right veteran benefits. We can even work directly with your benefits counselor. If your senior loved one was a veteran, Veteran’s Affairs benefits is an important benefit. We can help you look into these unique benefits to help them in paying for home care.

If your loved one has a life insurance policy, some companies will offer owners the option to sell their policies. This works by paying a percentage of the total benefit in exchange for the policy. The owner is given a lump sum payment that is greater than the cash surrender value. This has been a good strategy for obtaining funds for home care cost and long term care. Even paying for expensive dedicated services like paying for nursing home care, should consider this financing option.

It is important to check the fine print of your loved one’s life insurance policy, as there are at times exceptions or restrictions. But often this option can be a valuable allowance in many insurance policies.

This lump sum can then be invested in an interest bearing account like a CD or money market. Then an annuity payment can be setup to pay for living and home care costs.

As an additional resource, many states have locally funded programs that offer assistance to those who qualify.

For our home state of California, there is one such multi-county program that can assist seniors with aging at home.

Locally here in the Sacramento – Roseville – Elk Grove region, we know of a fantastic program that helps seniors in many stages. The Agency on Aging provides residents of Sacramento, Nevada, Placer, Sutter, Yolo, and Yuba counties with senior living benefits. There are qualification requirements, depending on the benefit and program. There are many benefit types, such as fresh food vouchers, home care cost benefits, and even options of nursing homes and assisted living. Call the Agency on Aging 916-486-1876

Or, we can give you more information about Agency on Aging at any Golden Years In-Home office.

Golden Years In Home Senior Care is the Sacramento area’s #1 locally owned, family operated at home care provider. We know local and California state financing options that may help in paying for home care. With over 20 years experience in caregiving, your parents or elderly loved ones can trust us. We are your local home health care provider. With offices in Elk Grove, Sacramento, and Roseville, we are close by and are easy to reach.

Contact Us online today or call us at 916-333-0383 for assistance and guidance on paying for your home care cost

How can you be sure you're making the best choice for your loved one's care? Let us show you.