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, traditional health insurance, Medicare and Medicaid 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. Ellie Home Caring accepts Long Term Care Insurance: Worker’s Compensation monies and VA Aid and Attendance Benefits.
The Veteran Affairs Aid & Attendance Pension program offers families and individuals an additional method of meeting or reducing vital home care costs. For qualifying service members and their spouses, the A&A Pension provides up to $1,704 per month to a veteran, $1,094 per month to a surviving spouse or $2,020 per month to a couple.*
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 very often the only option initially available when it comes to covering the cost of essential home care. Though not ideal, in addition to Social Security benefits and private pensions, drawing on savings is sometimes the most immediate means of covering the expense of in-home care.
There are a variety of 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 state-based programs that may provide financial assistance to cover all or some of the costs of home care.