As seniors get older, questions about their living situations, care, and independence become priorities for family members. In some instances, home care offers the best option for seniors who want to live independently but need extra help. Because the costs can add up quickly, here are a handful of creative ways to pay for the care your senior loved one needs and deserves.
Estate Sale
Estate sales are no longer for the recently deceased. Many seniors are finding joy in parting with material possessions that are rarely used or could be given new life by someone else. An elderly person may have little use for many household items and trinkets that could bring in quite a bit of funding for home care, a more useful commodity in the golden years.
Reverse Mortgage
A reverse mortgage provides a way for elderly individuals to use their home equity before the sale of their homes. By deferring monthly mortgage payments until their homes are sold, seniors only pay for property taxes and homeowners insurance. Depending on the terms of the loan, this can open up financial freedom to pay for home care.
Your loved one’s home care needs could vary according to his or her ability to accomplish everyday tasks. Aging in place can present a few unique challenges for older adults. Some only require part-time assistance with exercise or meal preparation, while others are living with serious illnesses and benefit more significantly from receiving around-the-clock senior care. San Diego, CA, Assisting Hands Home Care are leaders in the elderly in-home care industry for good reason. We tailor our care plans based on each senior’s individual needs, our caregivers continue to receive updated training in senior care as new developments arise, and we also offer comprehensive care for seniors with Alzheimer’s, dementia, and Parkinson’s.
Insurance
Similar to health insurance, long-term care insurance aims to offset the cost of elderly care. Depending on the policy, services such as live-in home care and in-home medical care may be covered. Most companies require medical information before issuing the policy, so if major illness is already a factor, it may be difficult to obtain insurance.
If your senior loved one has been diagnosed with a serious condition and needs help with tasks like meal prep, transportation, bathing, and grooming, reach out to Assisting Hands Home Care, a leading provider of elder care families can trust. We also offer comprehensive care for seniors with dementia, Alzheimer’s, and Parkinson’s.
Family Share Arrangement
Rather than placing the financial burden on the senior, his or her adult children and other relatives can enter into a financial agreement to pay for care on his or her behalf. When it’s spread out among several working adults, the cost of home care can be very affordable.
If you have a senior loved one who needs help maintaining a high quality of life while aging in place, reach out to Assisting Hands Home Care, a leading provider of at-home care San Diego families can rely on. All of our caregivers are bonded, licensed, and insured, there are no hidden fees, and we never ask our clients to sign long-term contracts. Schedule a free in-home consultation by giving us a call today at 858-667-0811.
