For individuals without Veterans benefits or long-term care insurance, private payment is very often the only option initially available when it comes to covering the cost of essential home care. Though not ideal, in addition to Social Security benefits and private pensions, drawing on savings is sometimes the most immediate means of covering the expense of in-home care.
Since most assistance programs determine eligibility based on an individual’s resources, the amount of monetary assistance available is often inversely proportionate to an individual’s resources. As resources like savings, pensions and other resources diminish, the amount of available care assistance options increases dramatically.
In the meantime, it may be necessary to ask members of the family to contribute to your loved one’s home care costs.
The Veteran Affairs Aid & Attendance Pension program offers families and individuals an additional method of meeting or reducing vital home care costs. For qualifying veterans and their spouses, the A&A Pension provides up to $1,704 per month to a veteran, $1,094 per month to a surviving spouse or $2,020 per month to a couple.*
Whether or not you or your family member qualifies for the A&A program, the VA allows households to deduct the annual cost of paying for in-home care when calculating their regular pension benefit. This annual cost is then used to calculate the benefit based on a new “countable income” and allows families earning more than the pension benefit to receive a disability income from VA. This income can be a welcomed supplement for families struggling to provide home-based elder care for their loved ones.
Unsure if you qualify? Haven Home Health Care can provide assistance when applying for VA or VA Spousal benefits. Contact us today!
Don’t let the cost of home care stand in the way of providing your loved one with the temporary, part-time or live-in care and companionship that he or she needs. If long-term care insurance, Veterans benefits and private payment are not viable options for your loved one, don’t despair. There are a variety of additional resources and common payment options available, such as:
There are a number of options available to families with non-liquid assets that allow them to convert those assets to help cover things like home care expenses. Reverse mortgages, home equity lines of credit, Rex Agreements and EquityKey are real estate based asset conversion programs that provide seniors with financial solutions to their long-term home care needs. In addition to these programs, death benefit loans, life settlements, life care assurance benefits and viatical settlements offer seniors a variety of methods for converting their life insurance policies to pay for home care as well.
Sometimes referred to as “nursing home diversion” programs, there are a number of state-specific initiatives designed to help keep seniors who qualify for Medicaid out of nursing homes and living comfortably in their own homes. These programs will help to cover the cost of home care in cases where that care can be provided at an expense below that of a nursing home.
There are a variety of state and federal programs, initiatives and tax credits that can significantly lower your family’s tax burden, effectively reducing the overall cost of care. Research the following options to find out if your family member qualifies: Alzheimer’s Respite Care, Elderly and Disabled Tax Credit, Federal Elderly Care Tax Credit, LIHEAP – Aid for Energy Costs, Medical Expense Tax Deductions, NFCSP Respite Care, State Elderly Care Tax Credit and Veteran’s Affairs Respite Care.
In addition to researching all of the options above, be sure to look into some of the many non-profit assistance programs available nationally and in your region. There are also a number of state-based programs that may provide financial assistance to cover all or some of the costs of home care.
Haven Home Health Care was founded on the principle that home care services should be affordable without sacrificing quality. While Haven HHC accepts mostly private-pay (cash, check, credit card), we also work with a number of other payment resources. Other common forms of payment we work with are long-term care insurance, Veterans Aid & Attendance Benefits, Employee Assistance Programs, and increasingly state Medicaid waiver programs. Home Care Insurance plans are very common and we welcome families to let us know when home health care benefits might exist.
Haven HHC’s Benefits Assurance Program takes the burden of determining if supplemental payment relief options might be available. At no cost to you, we will send the care recipient’s long-term health care policy to one of our trusted partners who will begin the policy eligibility determination process within 24 hours. In a brief & confidential conversation with the care recipient or family member, our partner will identify if factors such as condition, needs, veteran status/history, income, assets, and other variables might provide payment relief.
In the event that the care recipient’s policy covers home care services, our partners will help expedite your policy benefits by directly billing the insurance company for you, saving you time and money by avoiding filing errors.
In addition to analyzing private health care insurance plans, we can help you apply for Veteran’s or VA spousal benefits.