The cost of health care in the United States has continued to increase, due to a wide range of factors including insurance rates, liability, prescription medications, and more. When a person is attempting to recover at home following an illness, surgery, or a medical emergency, they may require home care support.
The elderly and disabled in this country may also require some level of support that extends beyond what immediate family can offer, but when these men and women don’t have a vast range of financial resources available to them, it can be difficult to even conceive of a way to afford it.
Understanding one’s own assets and possibly even their retirement savings accounts is a major first step in helping them determine how they could pay for this level of care and support, if or when needed.
As noted in the blog, How to Pay for Home Healthcare Without Going Broke, published by Miami’s Community Newspapers:
“Costs for senior home health care range from reasonable to very high, depending on the needs of the senior. Elderly people can need assistance for many years. For these reasons, it’s best to maximize federal and state funding before tapping into personal finances.
There are several ways to finance uncovered costs including:
- Personal savings
- Long term care insurance
- Reverse mortgage
- Life insurance policy conversion
- Home care loans
- Home equity line of credit
Getting Professional Advice
Using personal funds, life insurance, and loans will have an impact on the senior’s estate and financial worth. It’s best to get professional advice regarding your options for using your personal funds.”
One of the most significant issues that is commonly overlooked for the elderly today, at least when it pertains to long-term financial planning, is long-term care insurance. These insurance plans may cover a wide range of services, which could include home care, nursing home care, assisted living, and more.
When seniors are made aware of this type of insurance, it may be too late for them to start a policy that is cost-effective, but they can certainly pass this information down to their children and other loved ones, letting them know about it.
For those who are in the midst of their retirement and need some level of assistance, there may be resources available they hadn’t yet tapped into or even considered, and when you’re talking about the difference between safety and quality of life or struggling to get through another day, home care is a far better option.