You've probably heard horror stories of the prices people have paid for senior care. The idea of having to pay for it or force payments upon their children could deter some elderly people from receiving care at all. But it doesn't have to be so scary.
You might not realize it, but there are a lot of payment options when it comes to affording in-home senior care.
Here's a look at some of those funding options.
Reverse mortgages are loans generally given to older homeowners that require no monthly mortgage payments. A reverse loan allows elders to borrow against their built-up equity and defer payments as long as they live there. Essentially, you can turn the value of your home into cash without having to move or repay the loan each month
An explanation of long-term insurance, via the United States government:
“Long-term care insurance policies reimburse policyholders a daily amount (up to a pre-selected limit) for services to assist them with activities of daily living such as bathing, dressing, or eating. You can select a range of care options and benefits that allow you to get the services you need, where you need them.”
Senior Helpers works with most long-term care insurance companies, so be sure to find out if your loved one has a policy.
The Veterans Administration offers programs that can reimburse veterans based on certain qualification criteria. These programs are detailed thoroughly on the Veterans Administration's website.
If your elderly loved ones are veterans of the United States Armed Forces, it's important to look into the different plans and programs that the Veterans Administration might offer.
At Senior Helpers, we offer several choices for payment options for the convenience of our clients: We can send the invoice directly to the client, their family, a trusted advisor, or long-term care insurance company. Our invoices are detailed with the dates and times of service along with the caregiver who provided care on each day.
We accept payment by both checks and credit cards at most locations.
For more information on receiving in-home care with Senior Helpers, contact us today.