Finding the right in-home care for a loved one can feel overwhelming. It’s important to make sure you have all the information necessary to find qualified and experienced professionals who can provide quality services at a price you can afford. A limited budget shouldn’t stop you from getting your family members the care they need and deserve; with careful research and planning, it is possible to locate home care providers that meet both needs.
In this blog post, we will discuss how families of senior citizens on a restricted budget can access essential support services while staying within financial limits.
Utilize tax breaks and deductions
For those with caretaking duties for an older adult, be aware that you may be able to get help in the form of tax credits and deductions. To get the maximum benefit from these, consider talking to a tax preparation professional or using tax software that is tailored to the situation. For those on a fixed income, there are even some organizations offering free filing assistance from IRS-certified volunteers – enabling you to get the most out of any credits and deductions available to you.
Make the home safer
Ensuring the safety of an older adult can be a complex and expensive process. However, many states, non-profit organizations, and independent groups offer financial assistance with home modification to low-income seniors and their families. Making their home environment safer can be a big weight off a caregiver’s shoulders – allowing both the senior and their caregiver peace of mind. A great place to start is by searching for home modification assistance programs in your area. Doing so can potentially open the door to a simpler and safer lifestyle for the older adult in question.
Take advantage of low-cost respite care services
Finding the right caregiving resources can be a major challenge for seniors and their loved ones, but you’re not alone. State and non-profit organizations like the Alzheimer’s Association, Veteran’s Administration and National Family Caregiver Support Respite have respite programs available to qualifying seniors. These programs provide free or low-cost respite care that can ease financial strain on families. With respite, one can rest assured knowing they have another option to consider in caring for their beloved seniors.
Use Medicaid benefits
Medicaid is a government-funded insurance program established to provide services and support for low-income persons. One such service is Home and Community Based Services (HCBS), which covers non-medical home care, home health care, and other in-home supports. Each state’s rules for Medicaid eligibility differ, so it is important to do research about local guidelines if considering this insurance option. For those who are eligible and obtain benefits from Medicaid, the HCBS provides an opportunity to stay connected to their homes and community without compromising their health or safety.
Find care within a predetermined budget
Research has found a wide variation in the cost of elderly home care services, not only between different states, but also within geographical areas. In some cases, care providers charged as much as 50% above or below the average hourly rate for that area; thus making the choice of care provider a major consideration when determining affordability in long-term home care. Thankfully, with such an array of options available – from smaller, independent businesses to larger organizations offering different packages and pricing options – the cost of home care can be tailored to meet individual preferences and needs. Set a budget in advance of looking for care and find a provider who can work within that limit.
Obtain a home care loan
As individuals and families age, the need for elder care can become a critical aspect of their lives. Additionally, ensuring that proper care is provided often requires greater financial resources than some can secure on their own. Fortunately, lenders are now extending loans specifically designed to provide short term financing while families wait for other options to become available, providing much needed cash support when it is needed most. Should you or your family members require immediate aid for elder care costs or planning, consider taking advantage of these types of loan programs designed to offer peace of mind and financial stability during this time.
Use long-term care insurance (if possible)
Long-term care insurance can be a valuable resource for families looking to fund their loved one’s care needs. It is important to recognize that long-term care insurance is not a guarantee of access to home care services. Persons without LTC insurance, either by choice or because it was not affordable for them, may find themselves unable to access this type of coverage when the need arises. Therefore, if someone is considering taking out a long-term care policy, they should make sure they have a realistic plan in place so that their coverage meets their needs when the time comes. For those already in possession of an LTC policy—or those looking at long-term planning—investing in one can offer financial protection and peace of mind now, while ensuring access to quality home care later.
Where to Start:
Considering all the possible ways to afford senior care on a limited budget can be an enormous task. However, by starting with the seven above-mentioned methods, you can ease your way into finding the best solution for both your loved one and your finances. Long-term care insurance may not be an option for everyone, but it is worth investigating. And while loans should always be a last resort, they are sometimes necessary to maintain quality care. Whatever route you choose, remember that there are people and services available to help lighten the load along the way.
Assisting Hands of Palos Heights provides affordable senior care to elderly adults and those with disabilities in the Palos Heights, IL and the surrounding areas. As a Medicaid-Approved provider, we accept Medicaid.
Contact our office today at (773) 207-3767to schedule a free in-home evaluation for your loved one.
