Paying for health care is not impossible.
Health care and money.
Two stressful subjects.
Whether it is for you or a loved one, paying for care can be daunting.
Fortunately, you may have several options, according to a recent article in Miami's Community Newspapers titled “How to Pay for Home Healthcare without Going Broke.”
What are they?
In addition to Medicare and Medicaid, you could receive monetary help from the Veteran’s Administration if you were in the military subject to special eligibility requirements.
State programs can be helpful.
The Older Americans Act provides funding for several food services for the elderly through Meals on Wheels at senior centers.
This Act also provides money to health promotion programs and support for family caregiving.
Your own money will needed to cover costs not otherwise covered.
What income sources can you use?
- Personal savings
- Long term care insurance
- Life insurance policy conversion
- A reverse mortgage
- Home care loans
- Home equity line of credit
When reviewing your financial situation, you should also consider the type of care required.
There are two primary types of care—personal care and home health care.
What are the difference between the two?
Those who perform personal care duties may have a number of job titles.
These could be personal care assistants, companionship aides or home care aids.
Those who perform home health care duties are usually certified nurse aides (CNA), geriatric workers, home healthcare aides (HHA), or personal care aides (PCA).
These individuals all fall under the category of "skilled care" as they monitor and health and have medical training.
Personal care aides are not necessarily insured, licensed or certified, unlike the home healthcare aides.
How does this relate to money?
Personal care assistance is usually 20-30 percent less expensive to employ; however, Medicare will not cover these expenses.
You will be paying out-of-pocket.
Home healthcare aides are licensed, insured and bonded.
These agencies are certified by the state to bill under Medicare.
Health care decisions should be thoroughly researched.
Financially, it will effect several areas of your life, including retirement and estate planning.
Work with an experienced elder lawyer to determine what is best for your situation.
Remember: “An ounce of prevention is worth a pound of cure.” When making your financial, tax and estate plans, do not go it alone. Be sure to engage competent professional counsel.
For more information about estate planning in Overland Park, KS (and throughout the rest of Kansas and Missouri), visit our estate planning website and be sure to subscribe to our complimentary estate planning e-newsletter while you are there.
Reference: Miami's Community Newspapers (March 21, 2017) “How to Pay for Home Healthcare without Going Broke”