Long-term care can be expensive. Whether your loved one will receive in-home care or reside in a skilled-care facility, the costs can quickly add up. The emotional toil of an Alzheimer’s diagnosis coupled with concerns on financing care can be overwhelming. It is important to remember that there is help available. By taking advantage of all your resources, you’ll be able to streamline the process of financing care. Your loved one may qualify for government programs such as Social Security, Medicaid, veteran benefits, and tax deductions or credits. Government sponsored websites like Benefits.gov, the National Clearinghouse for Long-Term Care Information, and the Department of Veteran’s Affairs all provide information about how to finance care service.
In addition to government resources, an individual may be eligible for benefits through their employer. Retirement packages can offer pension plans, IRA funds, and annuities. If your loved one is still employed when he or she is diagnosed, review the employer’s handbook and contact the human resources department. Employee benefits may be available such as short-term disability benefits, paid sick leave, and flexible spending accounts that allow for the purchase of tax-free healthcare services. All of these employment related resources can help ease the cost of care.
Insurance is usually the major source of funding for long-term care. Elderly over the age of 65 rely on Medicare for health care coverage. Private insurance can also be beneficial, check with the insurance company to find out what expenses are covered. Personal assets including investments, savings and property can be sources that serve as additional income. Check your local community organizations as many provide inexpensive or free services that cater to the elderly. By exploring all the options for financing care, you’ll be enhancing your loved one’s future and helping to secure the best possible care for them.
Edison Home Health Care is happy to provide financial advice for you or any loved one. Give us a call at 888-311-1142, or fill out a contact form and we will respond shortly.