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Most clients who have home health care pay out of pocket. Many gather their savings to pay for these services. They tap into their annuities, investments and savings, or even their life insurance policies. In some cases, this isn’t enough, and they end up borrowing from banks, friends, or family.
Paying out of pocket for home health care services can be devastating to your retirement savings. If you have to refinance your mortgage or take a home equity loan, you are putting your place of living at risk.
Saving On Care
If you have no option but to pay for home health care privately, there is a way to save money. Rather than hiring an aide through a company, you can hire them directly. This is typically cheaper, but choosing this route comes with more responsibilities.
In some cases, the government will help people who don’t have long-term care insurance and can’t afford to pay using their existing financial resources. Medicaid, for example, pays for home health services. They are willing to help with home-care bills if the individual has a low income or limited assets. Medicare will also pay for some home health services under the correct circumstances.
If you don’t qualify for assistance from Medicaid, you may be left to pay the total cost of home health care on your own. By purchasing coverage in advance, you can protect yourself from these adverse circumstances.
You can ensure that you have help paying for home health care services by purchasing long-term care insurance. Alite Financial Professionals can help you get started. Call us today to get started with a free consultation.
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