As your loved ones age and reach a point where they need assistance on a regular basis, you start to think about what should be done. Your loved one may be more comfortable staying in their own home vs. going into an assisted living or nursing facility. That’s great, but what about in home care costs? Here are some ideas to help you defray the in home care costs.

  • Reverse Mortgage – Reverse mortgages were designed to help seniors stay in their home for the remainder of their lives. Just be sure to choose a reputable bank or mortgage broker and read over the contract carefully. If there is anything that you do not understand, have a trusted friend or loved one go over it with you and explain any unclear aspects.
  • Veterans Benefits – They have to have served more than 90 days of active duty, one of those days must have been during a wartime period, and they had to have been honorably discharged. There are several hoops to jump through for this one, and it might be a good idea to get the assistance of Veterans Service Organizations. You can find a PDF list of these organizations on the Department of Veterans Affairs website. Their services are by law free.
  • Life Insurance – If your loved one’s life insurance is no longer needed to provide for others, it can be used as accelerated or living benefits. Contact the issuing agency and see if they will buy the policy back. You may get 50-75% of the face value of the policy, depending on the policy holder’s age and health, the monthly premiums, and the amount of the policy. Be aware that some policies can only be cashed in in the case of terminal illness.
  • Long-Term Care Insurance – Not all LTC policies are created equal. Some LTC policies only cover nursing home care. Even ones that cover in home care sometimes require that the home health care agency is certified. There are now some “hybrid policies” that combine long term care and life insurance. Some policies are available to be paid over multiple years for at a flat rate annually (e.g., $5,000/year for 5 years). For the policy to go into effect, there are typically several basic self-care requirements that the senior is no longer able to do (e.g., transport, feed themselves). Be aware, any expenditures over the policy coverage amount will need to be paid from other sources.

Whatever option you decide on, it’s a good idea to look into the in home care costs sooner rather than later. When you’re trying to arrange care for your loved one, A Peaceful Way Home Care is a great choice. We are committed to providing the same quality of care that we would like their loved ones to receive.

Request a FREE ASSESSMENT

Please call us for a free assessment for in-home care in Palos Verdes, South Bay, Long Beach and surrounding Los Angeles communities.