Financial Support for Seniors in Home Care: How to Explore the Help Available to You

When someone you love needs home care, the emotional burden is weighing enough — but, frequently coupled with home care services are financial burdens that can be just as challenging. The good news is that there are a variety of financial help for elderly home care options available to keep seniors safe while saving their life savings.

At Angel Care Inc. NY, we know how complicated it can be to pay for senior home care, and can help you work through your options. Whether you are seeking financial assistance for senior care, considering Medicaid for senior home care services, or looking into veteran benefits for senior home care, we can help you understand the resources available to make home care more affordable for you.

Understanding Senior Home Care Costs

Senior home care is a tremendous value for those in need, yet often comes at a premium. The cost of in-home care can vary tremendously depending upon the:

  • Geographic Location: The price can vary remarkably from state to state and even city to city.
  • Type of Care Needed: The more specialized the care we need (i.e., medical care vs. assistance with daily living activities), the higher the cost is going to be.
  • Number of Care Hours: The cost varies depending on whether you need part-time, full-time, or round-the-clock care.

However, knowing your elderly home care financial options is the first thing to do if you struggle with the financial burden of senior home care. Luckily, there are a number of financial assistance programs for in-home senior care for your elderly loved one, including Medicaid, government programs, and some other funding opportunities that could help lower the financial strain of these services.

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Searching for Financial Aid for In-Home Senior Care

Understanding the plethora of opportunities to pay for home care for seniors requires some knowledge of a number of programs, benefits, and financial methods. We have captured a few common sources of assistance below.

Medicaid for Senior Home Care Services

Medicaid is one of the largest sources of funding for senior home care for low-income seniors. Medicaid offers coverage for all long-term care services, including senior home care. Eligibility for Medicaid varies state to state and some states have more lenient regulations regarding home care services than others.

  • What It Covers: Medicaid may cover skilled nursing care as well as personal care services such as assistance with bathing and dressing or household work.
  • Eligibility: Seniors will have to meet specific asset and income limits which vary from state to state.
  • How to Apply: Seniors can apply for Medicaid by contacting or visiting their state’s Medicaid office or, in some cases, online.

Veteran Benefits for Senior Home Care

Veterans may be entitled to specific benefits to help them pay for in-home services. Utilizing these veteran benefits for senior home care can help offset the fee for paid care.

  • Aid and Attendance Benefit: This is a supplementary pension benefit to the eligible veteran and their surviving spouse. The Aid and Attendance benefit can be used to pay for in-home care. 
  • Veterans Health Administration (VHA): Many veterans may also qualify for help from the VHA, including in-home care.

If you or someone you love is a veteran, Angel Care Inc. NY can assist you in understanding the benefits available, and guide you through the application process.

Government Programs for Elderly Care

Besides Medicaid, other government programs for elderly care can also help in financing home care services:

Program Explanation
State Medicaid Waivers Allows seniors to receive care in their homes instead of being placed in a nursing facility, but the individual must meet specific criteria.
PACE (Program of All-Inclusive Care for the Elderly) Care for seniors that meet certain eligibility requirements, including in-home care services.
Title III of the Older Americans Act Provides funding for home and community-based services, including home care, through local Area Agencies on Aging.

All of these programs have eligibility requirements that are different, so it is important to research each one thoroughly to identify the most suited to your needs.

Long-term Care Insurance

For seniors that have planned appropriately, a long-term care insurance policy can serve as a useful financial tool for assisting elderly individuals in paying for home care. These policies can help cover a variety of services including in-home care, as long as the policyholder qualifies.

  • What does it Cover: Personal care services, skilled nursing care, and respite care for family caregivers. 
  • Eligibility: Long-term care insurance is usually purchased when care is not needed yet, so it is important to buy it early.
  • Tips: Please read your terms carefully to understand the types of care covered and how the provider pays for care.

How to Pick a Home Care Provider: Think about Money

Now that you have explored your senior home care financing options it is time to begin searching for a provider. Here are some tips for selecting a home care provider, while keeping your financial situation and the care needs of your loved one in mind.

  • Assess Your Potential Budget: Take into consideration how much financial assistance you will have and how this will impact the actual costs of home care services.
  • Ask About Payment Schedules: Many home care providers will offer payment schedules, or sliding-scale fee schedules based on income.
  • Shop for Home Care Providers: Do not take the first home care provider you find. Look at other prices, services, and reviews from other home care agencies/providers to get the most value for the care services you receive.

Tips for Senior Home Care Financing

The following are caregiver consultation tips for managing finances as you go through the process:

  • Create a Budget: Include the costs of home or companion care services in your budget for both out-of-pocket costs, and other financial assistance that you may receive.
  • Look for Financial Assistance Programs: For example, a local government program that could offer the potential of paying for certain types of home care services, and should be checked with your local Area Agency on Aging (AAA).
  • Ask for Help: Ask financial advisors who work with elder care providers for case management or case consultations. These individuals may have insight on potential tax deductions, insurance policy interest, and ways to leverage applicable financial aid.

Conclusion: Finding Financial Assistance for Senior Home Care

Finding financial support for senior care can be a complicated journey, however, it is a vital part of providing your loved one with the care they need to live comfortably at home. The necessary financial aid exists with programs such as, Medicaid for senior, home care services, veterans benefits and local government programs. Senior home care does not have to seem impossible to fund, and the right resources can assist you along this process. The professionals at Angel Care Inc. NY are able to assist you every step of the way, as being able to afford a caregiver who provides the best care your loved one receives is priceless.

If you are struggling with elderly home care financial options, please reach out to us and connect with our team to assist you, functionally plan for finances, and provide your loved one with the best home care in your budget.