The first step in planning for your loved one’s home care needs is to determine if he or she has a long-term care insurance plan.
Since individuals who require non-medical home care are not sick in the traditional sense, health insurance, and Medicare do not provide for their needs.
Having a long-term care insurance policy in place prior to any major changes in the health and mobility of your loved one guarantees that they will have complete home care coverage assistance available if and when they need it. However, some Long Term Care policies are difficult to understand and the process for activation is cumbersome, which is why we have a dedicated staff member that specializes in advocating on your behalf to ensure the process is simple and consistent.
The Veteran Affairs Aid & Attendance Pension program offers qualifying service members and their spouses an additional method of meeting or reducing vital home care costs.
Whether or not you or your family member qualifies for the A&A program, the VA allows households to deduct the annual cost of paying for in-home care when calculating their regular pension benefit. This annual cost is then used to calculate the benefit based on a new “countable income” and allows families earning more than the pension benefit to receive a disability income from VA. This income can be a welcomed supplement for families struggling to provide home-based eldercare for their loved ones.
For individuals without Veterans benefits or long-term care insurance, private payment is the required method of securing care across the healthcare industry including senior facilities, day care, assisted livings, or home care. Until personal health insurance companies or the government determines non-medical needs to be a “coverable expense”, the care needed for the aging process will be paid for by the individual. Considering this, everyone’s specific needs are unique to them and we can help provide cost analysis scenarios to help you determine what’s best for you!
There are a variety of county, state and federal programs, initiatives and tax credits that can significantly lower your family’s tax burden, effectively reducing the overall cost of care. Research the following options to find out if your family member qualifies: Alzheimer’s Respite Care, Elderly and Disabled Tax Credit, Federal Elderly Care Tax Credit, LIHEAP – Aid for Energy Costs, Medical Expense Tax Deductions, NFCSP Respite Care, State Elderly Care Tax Credit and Veteran’s Affairs Respite Care.
In addition to researching all of the options above, be sure to look into some of the many non-profit assistance programs available nationally and in your region. There are also a number of county-wide Council on Aging programs that may provide financial assistance to cover all or some of the costs of home care.