While homecare services are affordable to many people, the amount of homecare required and length of service can result in a significant expense for a lot of families. Paying for homecare services in the comfort of home compared to the cost of assisted living facilities can be a less expensive alternative that provides the advantage of allowing people needing extra help to stay in their homes surrounded by their familiar surroundings, loved ones and possessions.
CareBuilders at Home will assist families explore available resources to help find ways to pay for home care.
Government assistance for care is not available for many people with no coverage provided by Medicare.
In Arizona, two government sources are available. Both programs are available only to individuals with limited financial resources.
Arizona Government Financial Health Resources:
- Arizona Long Term Care System (ALTCS): this program is available for individuals 65 or older, blind or disabled. It provides assistance for individuals living in assisted living facilities, group homes or in their own home. Applications can take 45 – 60 days to process which requires prior planning to ensure care is available when needed. CareBuilders at Home is not currently contracted to provide care under this program, but we can assist in exploring whether this is a viable option.
- Veteran’s Aid and Attendance Pension: this program is available for surviving spouses and veterans who served at least 90 days of active duty with at least one day during war time. CareBuilders at Home works with Veterans Care Coordination to pre-qualify and apply for VA benefits. If pre-qualification requirements are met, benefits can commence quickly and ahead of the final approval by the VA.
If an individual cannot qualify for payment under one of these sources, services are generally paid for privately or through a long term care insurance policy obtained by the individual.
- Long Term Care Insurance: long term care policies cover homecare services providing that the conditions spelled out in the policy are met. CareBuilders at Home will work with insurance companies to determine if care will be covered. We will also work with insurance companies to obtain an assignment of benefits from the carrier which may eliminate the bill paying responsibility of the person under care or their family.
Other options to help paying for homecare services include:
- Home equity: the value of a home can be accessed through reverse mortgages or lines of credit. Many options are available.
- Life Insurance: life insurance proceeds may be available through conversions or viatical settlements.
- Employer plans: this option may provide a means to pay for homecare on a pre-tax basis through a Health Savings Account (HSA) or a Flexible Spending Account (FSA).
- Family: family members can access savings, trust funds or simply divide up the cost. CareBuilders at Home can bill multiple family members if needed.
Paying for homecare services can seem to add up to a significant amount over time, that cost should be compared to the other options available to give your loved one the care they need and deserve. Even having family members provide care can affect the family member’s employment causing interruptions, missed hours, or performance issues resulting in lower or missed pay increases. The hidden costs and long term impact on a family member’s earnings potential can be significant. Having family members provide care can also contribute stress to a family by adding responsibilities onto someone who already has the responsibility for managing their own home and family.
Considering all options and circumstances and taking the time to plan the appropriate course may add clarity to your decision and make paying for homecare services seem like a very affordable and caring option. CareBuilders at Home can help you with that decision.