Finance

October 18, 2017 at 1:00 am

How You Can Pay for Home Health Care

A Doctor's AppointmentEven though home health care is less expensive than hospital care, home health care can still take a financial toll on seniors and their families. The estimated cost of home care is at $22.37 an hour, which can add up to a considerable expense over time. This is a challenge that more American families are facing. Reports estimate some 12 million seniors are receiving care from 33,000 providers. And, the numbers are growing as the average life expectancy increases. If home health care is in your future, here’s what you need to know about the services available to you and how you can pay for them.

What Can Home Health Care Do For You?

Home health care is ideal for seniors who need medical services to recover from ailments or live comfortably. It is an alternative to hospital stay, which is even more costly. One of its advantages is that it allows ailing seniors to receive the care they need in the comfort of their homes.

How Can Medicare and Medicaid Help?

The federally funded program, Medicare, can cover a portion of the costs of nursing and therapy, medical equipment, supplies and other services such as counseling.

Income brackets do not matter in Medicare eligibility, but to qualify for Medicaid, one needs to belong to the lower income group. Both the federal and state government funds Medicaid. It can provide the much-needed financial assistance to ailing seniors over 65. The state must course through applications, questions, and concerns on Medicaid.

Is Reverse Mortgage An Option?

Home equity conversion mortgage or reverse mortgage can also provide quick financial relief to homeowners who have a senior to care for but are low on cash. Just ask Primary Residential Mortgage, Inc. This loan from private lending companies can be in the form of a line of credit, lump sum, or monthly payment computed based on the age and the value of your home. You can even speak to reverse mortgage lenders to avail yourself of a combination of these loan options.

Raising funds for senior care can be difficult. However, government-initiated programs and private funding can ease the financial load. As such, you and your family can receive the medical support and services you need as long as you need them.