GOLDEN YEARS Home Care PAYMENT OPTIONS
Paying for In-Home Care
We can Provide Options
Paying for Home Care Costs
Golden Years understands how important it is for your loved one to continue living independently at home for as long as possible. For this reason, we are committed to providing affordable, superior-quality care for our clients in any way we can. Although our services are private pay, meaning paid for by personal income or assets, we can help you. We can provide options you may qualify for to help relieve some of the financial burden. Both can be a good way to pay for any in-home care cost for elderly people.
How to pay for long term care you might ask? Insurance covers home care, and if needed, nursing home services. Paying for nursing home care can be a similar process for obtaining aid for paying for any home care cost. This type of coverage was designed to provide care when the senior is no longer able to care for themselves at home. Another benefit is that it protects your senior loved ones assets. Long-term care offers flexibility in care and can be used to cover much of the costs. Golden Years works with most long term care insurance companies, and can help you access these benefits. Our office team has many years of experience working with insurance providers. We understand how to pay for a home care cost through your long term care insurance provider.
There are certain requirements that must be met in order to use these funds for in home care cost. One of which includes licensed supervision. Other requirements may include applications and documentation. We can assist you with many of these needs, and want to relieve you from the headaches of having to understand how to pay for long term care at home.
Using Reverse Mortgages to Pay for Home Care Cost
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!
