It is often hard to acknowledge that we need help in taking care of ourselves, but once we do, it feels as though a burden has been lifted.  When seniors and their loved ones start looking at care options, many seniors immediately decide that they want to remain in their own home.  For these individuals an in-home care agency, like Ally Independence, LLC, is the perfect option.  However, before one can commit to any type of senior care, the reality of how it will be paid for must be discussed.  While some seniors have savings and retirement funds that can pay for their in-home care, others do not.  For the latter, they and their families are tasked with figuring out how the care will be paid for, often times by thinking “outside of the box”.  The article below offers some creative options for paying for senior in home care.

  1.  Family Payment Plan
     If you, yourself, are unable to afford the entire cost of your in-home care, you may be able to turn to your loved ones for assistance.  Many organizations, including Ally Independence, LLC, have a payment option where other family members can directly contribute to the cost of your in home care services.  If everyone can pitch in to help mom and dad, the financial obligation of home care services is greatly reduced.
  1.  Reverse Mortgage
    A reverse mortgage allows a senior to access their homes’ equity and get cash right away.  The payments from a reverse mortgage (which are received either monthly or in one large payment) can be used to directly pay for your in-home care services.  A reverse mortgage may be the perfect solution to accessing money now for the care that you need, but, as with any major financial decision, it has limitations and strict rules.  To see if a reverse mortgage would be the best option for you, choose a reputable mortgage broker or bank, and be certain to read the contract very carefully.
  1.  Veterans Benefits
    If the senior in need of in-home care is a military veteran, then they may eligible for a Veterans Pension.  In addition to this pension, veterans, or their spouses, who need long-term help with activities of daily living (ADLs), may also be entitled to monthly payments, known as “aid and attendance” by the VA.  It is a laborious process to obtain these benefits, but Veterans Service Organizations can help guide the individual through the application process.  Once the benefits are established, they can be quite significant and last as long as the veteran, or their spouse, is living.
  1.  Life Insurance
    If your loved senior has a life insurance policy that is no longer needed to provide for others, they may want to access the money now, through accelerated or living benefits.  This is basically “cashing in” your policy.  The money received can then be used at the individual’s discretion, including the payment for in-home care services, allowing them to remain living in their own home for as long as possible.
  1.  Annuity
    An annuity is an investment that turns senior’s retirement savings into steady, reliable income for the rest of the individual’s life or a set number of years. The money from an annuity can then be used to pay for a senior’s in-home care services.

While there are a variety of ways that an individual can pay for their, or their loved one’s, in-home care, sometimes it helps to take a look at some creative options. It is this type of thinking and planning that will allow more and more seniors to remain in their homes longer, receiving the one-on-one care that in-home care organizations like Ally Independence, LLC can provide.  If you have any questions about paying for in home care, or senior in home care in general, please contact Ally Independence, LLC at 1(800) 630-6156.