Learn The Different Way To Pay For Elder Care

| Wednesday, April 8, 2015
By Joanna Walsh

There will come a time when you may be facing the question of how to finance senior services for a loved one. You may need to arrange for a loved one or you might be thinking ahead for when the time arrives when you will need help. There are a number of ways that you can pay for elder care. Conducting a bit of research will make it easier to find financing.

These services might not really cost what you expect them to cost. Regardless, you may need help financing them and there are many different ways to secure funds. When the time comes to pay for the care for your loved one you will already have the necessary information about financing. A lot of folks are pleasantly surprised when the learn about the kinds of funding available.

The most reasonable option for payment is through insurance. Folks often have no idea that they have this type of coverage with their policy. It is a good idea to exam the policy to find out if there is money provided for this type of coverage. Pay particular attention for funds designated for assisted living and skilled nursing as well as in home services.

There also may be coverage available through programs for veterans and the surviving spouse of a veteran. A program called Homemaker/Home Health Aid VA may provide coverage to these folks. There are specific qualifications to be met in order to be eligible for this program. It is best to contact a Veterans Administration office in your area to learn what may be available to you and your family.

There may be support available through your state for senior services. Many states offer support to those families that are in need but do not have the means to pay for the services. Support is available for temporary as well as permanent care services when family assistance is not possible and there is no other funding source.

Also, check to see what organizations in your area are offering funding for this type of service through grants and donations. Many charitable and non charitable organizations will provide assistance with funding. Do some checking to locate the groups that are offering support and find out what their application criteria are.

There are some families that finance the services by credit card and loans. This might be out of necessity or convenience. Some families may be financially stable and have the extra funds to finance the care. Others may choose this type of financing for the convenience. Although not ideal for everyone, some folks choose to make monthly installments to cover the services for an elder.

If the person who needs care has a home with equity they can use it as an option for funding. A reverse mortgage will work if the person is able to remain living in the home with services. The reverse mortgage requires the person receiving the money to live in the property. To make certain that you find the right funding for your situation contact a professional specializing in elder services. This is the person that can help arrange for the services and help determine financing options available.

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