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How to Pay for Home Care

If you’re considering home care for your elderly parent or family members, you may have a lot of questions in mind – most notably, how do you pay for it? That’s where our team at WellSprings Home Care can help!

For our residents in the Delaware County, Montgomery County, and Chester County areas, we’ve put together this guide on how to pay for home care, so you can get started on your loved one’s assistance sooner than later.

Options to Pay for Home Care

Paying for home care can be easier than you think. There are several options to choose from, and we’ll explain each of them here, so you can decide which is best for you or your loved one’s financial situation.

1. Private Pay

This is the go-to payment method for many clients or their families, if their financial situation allows for it from their own investments, savings, or assets. You could also consider selling possessions that your loved one no longer uses, or collaborating with other family members to gather the funds needed for caregiver costs.

2. Long Term Care Insurance

Check your loved one’s insurance policy. Many long-term care insurance policies cover home care, so this may be your best option in covering caregiver expenses. However, it’s important to make sure that your policy doesn’t just cover nursing home care, as many do.

3. Veteran’s Aid and Attendance Benefit through WellSprings

For our veterans, WellSprings offers interest-free loans and complete loan payback options. This is essentially risk-free for veterans who meet specific qualifications. You can learn more about this option here.

4. Medicaid Waiver Programs

Some elderly individuals may qualify for home care assistance through Medicaid Waiver programs. These programs are designed specifically to allow clients to live in their homes or community, when their assets or income may not leave them in the financial situation to do so.

5. Reverse Mortgages

Your loved one has the option to use their value of the equity in his or her home with a reverse mortgage. He or she will receive the money either all at once, or in monthly payments; however, unlike a typical loan, the amount increases over time.

6. Turn Life Insurance Policy into a Long-Term Care Policy

This is an option if your loved one’s insurance policy is not needed for anyone but him or herself. Essentially, the insurance owner would sell the policy back to the insurance agency for up to 75% of its value.

While this may come with some restrictions, your loved one may have the option to sell the policy to a settlement company, or sell it for a “life settlement” or “senior settlement.”

7. Consult the Chester County Department of Aging

The Chester County Department of Aging offers free information to the elderly residents of the area, and their Aging Waiver Program helps qualified seniors who need assistance. You can find more information on their website, or contact them at 1-800-692-1100 ext. 6350.

Paying for Home Care

We hope that you’ve found some helpful information on this page and will take the next steps in planning on how to pay for your loved one’s home care. If you would like more information, contact our team at WellSprings Home Care at (610) 463-0880 today!

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