Options for Financing Elder Care

financing care

Each day, we talk with people who need help with everyday activities due to age, illness, or injury. There is a common desire to live well at home, despite the barriers presented by physical and cognitive limitations.

Most of the people we meet with have the same questions: What does this cost? Does Medicare cover it? What are my payer options?

While paying privately (or out of pocket) for care is always an option, there are additional payer sources for personal service assistance.

Long Term Care Insurance: As a non-medical service, companion care is not covered by Medicare or any other health insurance. However, it is often included in long term care insurance policies. Some people are surprised to learn that they have a long-term care insurance rider on their life insurance policy, or that long term care insurance has been included as part of their pension. We encourage clients to explore their coverage by making a phone call to their insurance agent or pension representative.

Veterans Aid and Attendance: The Veterans Administration provides a monthly stipend for eligible veterans, and/or their spouses. The amount of the stipend an individual will receive is based on several factors, including the individual’s care needs, income, and number of dependents. At up to $13,836 per year for a spouse and up to $21,531 per year for a veteran (in 2017), “Veterans Aid and Attendance” helps to bridge the gap between available assets and costs of care. We recommend working with an attorney who is accredited by the VA to apply for benefits.

Medicaid Waiver: Individuals who need help with “activities of daily living” – including hygiene, toileting, dressing, eating, and transferring – may be eligible for in-home, personal assistance through Medicaid Waiver. Using Federal funds, each state operates Waiver programs to help seniors and individuals with disabilities remain at home, rather than move into a skilled nursing facility. Eligibility is based on the level of care needed, and income. Your Area Agency on Aging can provide guidance on how to apply for services through Medicaid Waiver.

If you find yourself or your loved one needing help with everyday activities due to age, illness, or injury, call Senior Home Companions today at 800-736-4692 for your free assessment. We can also help you navigate through your options for financing care.