The top concern we hear from families seeking elder care is cost. Read on for the advice we tell our community regarding various options to finance home care.

There are several options to cover the costs for home care. Below are some options to look into and use as a guide to help you get familiar with what support is out there. Payment options will vary across different areas. As always, we are here to help you through the process so you can feel comfortable with determining how to pay for the services your loved one needs.

• Long Term Insurance – This is an option that can either pay for some or all costs depending on the individual’s monthly premium they have been paying (ranges from $250-$1000/month). Depending on their policy, they can use it to pay for several types of senior living support which include nursing home communities, services at home, etc.
• Private Pay/Self-Pay – Families can pay for home care out of pocket or by using their home as a financial resource. Some opt for reverse mortgages and home equity lines of credit. Another option is to pay with life insurance. Depending on their policy, some insurance holders can also exchange their policy into cash or home care services prior to the passing of a policyholder.
• Workers Compensation – This option varies from state to state and allows insurers to pay for healthcare assistance in the event that the worker was so severely injured that they cannot take care of themselves.
• Medicaid/Medi-cal –This is an insurance program for low income individuals. This option pays for non-medical home care, home health care and other in-home supports to help individuals remain living in their homes. The rules vary by each state so you will have to check the details and benefits to see if you or your loved one is eligible.

One of the most important steps you can do is plan ahead.  Financial planning for home care is a complicated and challenging process but there are many professionals who can help walk you through the steps to create the best financial plan depending on your health situation. With any option there are pros and cons. Find the professional that is right for you and your family. Here is a list of some professionals to start you on the right track.

• Public Benefits Counselors
• Geriatric Care Managers / Life Care Managers
• Eldercare Resource Planners
• Elderlaw Attorneys