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Options to Pay for Home Care

The below resources provide valuable information on ways to help afford the cost of care at home. From veteran’s benefits to reverse mortgages and ideas on accessing private funds, whether you have an immediate care need or are planning ahead for long term care, Carefirst can help

Web Resources:

Click the links below to access resource websites to learn more about planning for long-term care and the options to age at home.

The National Council on Aging’s BenefitsCheckUp allows users to search more than 1,800 public and private benefits programs in the US to find benefits programs for which they may qualify.

Reverse Mortgage Calculator
AARP offers an easy-to-use calculator that will generate approximate estimates for two federally-insured reverse mortgages.

Veterans Pension Program
The Department of Veterans Affairs provides information and answers to some frequently asked questions concerning the Veterans Pension Program.

Caring for Your Parents: Paying for Home Care
PBS offers an informative Web site for those caring for aging parents which details the challenges of paying for home care services.

Who Pays for Home Care Services?
This informative fact sheet breaks down the different ways to pay for home care services, courtesy of the National Association for Home Care and Hospice.

Paying For Long-Term Care
Medicare.gov offers helpful information regarding paying for many types of long-term care, including both skilled and non-skilled care.

Viatical and Life Settlement Information
One way to get some extra money to pay for care is to sell life insurance policies prior to death. Called viatical or life settlements, these are essentially the same vehicle. A viatical settlement is the sale of a life insurance policy by the policy owner before the policy matures.

What is a Life Settlement?
A life settlement generally refers to the sale of a life insurance policy by a policy owner for less than the face value but more than the cash-surrender value of the policy to third party investors.

Strategy Behind Viatical Settlements
Here is a New York Times article by David Leonhardt explaining the strategy behind viatical settlements.

Filial Support Laws
Who should be responsible for paying for eldercare? The growing numbers of older people, their increased longevity and increasing care costs continue to make these questions pressing. Read this article about recent enforcement of these laws.

Boomer Tips for Parent Care
The demographics of our aging society coupled with the increased longevity of those currently older than 80 means that more boomers will be responsible, in part, for assisting with care for parents. Here are some tips for approaching that scenario.