Many seniors today want to stay in their own homes but there are some that are just not able to do all the things that are required for daily living. When this happens, they may have to move into assisted living facilities or a nursing home. If they do not want to do that, the last choice would be home health care but this can be expensive. How expensive it will be depends on where you live.
Generally, it is lower in rural communities than it is in urban communities. It also depends on what type of senior homecare you need such as one that takes care of the cooking and housekeeping along with taking care of the patient’s personal needs, taking care of just the patient’s personal needs, live-in, or just for a few hours a few days a week. On average, it can cost as much as eighteen dollars or more an hour.
Most seniors are retired or on disability, so they live on a fixed income but there are ways they can afford home healthcare and remain independent.
Veteran’s benefits in order to get these benefits you will have to have severed more than ninety days of active service with at least one day served during a period of wartime and have an honorable discharge. Seniors may be entitled to monthly disability payments referred to as aid and attendance. You will need documentation from a physician and what you would receive is based on how disabled you are.
Life insurance this is not insurance that you would need for final expenses but life insurance that you no longer need that provided coverage for others. If you have any of these policies, you could sell it back to the agency that issued it for fifty to seventy-five percent of the face value of the policy.
What the face value is will be determined by the amount of the policy, the policyholder’s health, and age, and the amount of the policy. If your insurance company will not buy your insurance policy back you can check with a settlement company who will pay the premium on the policy and when the policyholder dies, the settlement company will collect the benefits.
Using Medicare/Medicaid Medicare coverage is usually used when you are discharged from a rehabilitation facility or hospital.
You will be eligible for therapy and skilled nursing care through a Medicare-certified agency. With Medicaid, your income would need to be low and have very little in other financial resources such as savings. You would have to apply to see if you would be eligible.
If eligible, several programs under Medicaid may help with homecare both long-term and short-term.