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All Posts Tagged: finance

Financing Long-Term Care: Private Insurance vs. Medicaid

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There are many variables for the families of Alzheimer’s patients to consider, one of which is the financial aspect of the long-term care. The progressiveness and longevity of the disease makes it difficult to determine the cost of long-term care. However, by exploring all your options and planning for care services early, you can help your loved one receive the best care possible.

Paying out-of-pocket for in-home nursing care or for residence in an adult family home or skilled nursing facility can represent a great financial burden for individuals with Alzheimer’s disease and their families. Due to the often high cost of these services, it may not be feasible to cover the expenses on your own. However, there are other options, one of which is insurance. Many private insurance plans, as well as the government program Medicaid, offer financing options for skilled nursing care. In addition to traditional health insurance, some life insurance policies allow funds to be allocated to long-term care.

While Medicare does not pay for in-home or residential care, Medicaid funds can be used to finance this type of care for eligible individuals. In order to qualify for Medicaid, your assets must fall below a certain threshold. Your state Medicaid office can help you determine the eligibility of your loved one for nursing home benefits or other programs offered by Medicaid. For individuals who do not qualify for Medicaid or other government programs, private insurance policies specifically dedicated to long-term care can be a good alternative. Such insurance policies vary widely and can range from very basic, such as only covering nursing-home care, to comprehensive. Services offered can include assistance for in-home care, medical supplies, and other products and services. Former military personnel and federal government employees could receive a discounted rate for these insurance plans. Mindful planning and research can help your loved one receive the care that they need within the budget that best suits you.

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.

Financing Home Care New York

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Exploring All Options When Paying for Care Service

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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.

Financing Home Care New York

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Financing Home Care Services

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When someone you love is diagnosed with Alzheimer’s, a host of concerns and questions are bound to come up. You may wonder what life will be like for you and your loved one as the disease progresses and they lose their ability to function independently. You will probably start thinking about how to best provide for their care once they need help performing routine tasks. One unavoidable aspect of Alzheimer’s care is the need to plan financially for your loved one’s long-term care.

In the period immediately following a diagnosis of Alzheimer’s disease, figuring out how to provide high-quality care for your loved one is a top priority. However, the reality of paying for such care can compound the stress of an already emotionally difficult situation. In-home care and nursing home care can both be very expensive, and are often not covered by insurance. It’s not uncommon for people to exhaust their life-savings paying for long-term care. The families of people needing long-term care also carry a heavy financial load, often going into debt paying for the care. However, while it may seem overwhelming at first, there are resources available to help you pay for your loved one’s care.

Agencies like Homecare Planning Solutions are set up to walk you through the process of financing long-term care. They can give you all the information you need to make informed choices about your loved one’s care. Homecare Planning Solutions can help to evaluate your finances in order to decide the best course of action, as well as assemble relevant documents and submit applications to Medicaid and insurance agencies. They can also negotiate with insurance companies and care providers on your behalf to insure that you get the best rates possible. Finally, Homecare Planning Solutions can provide quality in-home care at no cost to you while you decide the best way in which to pay for your loved one’s care. Although confronting an Alzheimer’s diagnosis can cause lots of worry and anxiety, there is help available when it comes to important decisions regarding financial planning for long-term care. Agencies like Homecare Planning Solutions can reduce the stress involved in paying for Alzheimer’s care and increase your peace of mind.

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.

Financing Home Care New York

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