Are you or an aging loved one at the stage in your life where you are beginning to consider the existing alternatives for elder care or some variety of home care services? Are you checking out your opportunities of how these kinds of home care services will be obtained? Whether you need home care today or in the foreseeable future, recognizing what all your solutions are will help you or an aging loved one is more confident knowing how these home care services will be compensated.
Home care services may provide daily aide with feeding, dressing and undressing, bathing, light housekeeping and medication reminders.
Social Security and Medicare
Social Security is a retirement living fund and disability pension for disabled workers. The amount each person will receive is based on the total paid into the fund during his or her laboring years. If a husband/wife dies, the surviving husband/wife is entitled to widows or widowers pension. For over 50% of Americans, Social Security benefits will be their huge supply of salary when they retire.
Medicare
Medicare is accessible to almost all people age 65 and older. Medicare covers home care services that fall under the category of “home healthcare” or “skilled care”. This means that the care must be provided by a professional, must be directed by a physician and the care receiver must be homebound in order to receive it. Medicare does not cover companion home care services. It does not cover private duty home care services.
Private Income
For many consumers, income from different sources such as income off a present business enterprise may have a secure margin in their checking and savings account by which to cover home care services they may need now or eventually. Any CDs joined to these accounts are also an added advantage.
Retirement funds such as a 401(k), IRA, Keogh or other such categories are choices to consider also when figuring out how much and which level of care is needed for the senior loved one.
Pension plans made available to employees of some companies have provided suitable cash for the retirees to live on and supplement other cash flow they may have.
Stocks And Stock Mutual Funds
Some retirees are living off stocks or funds from the stock market. It is true that with the instability in the stock market of recent years, this is changing the way some individuals are looking at retirement income. There are still about 14 percent of retirees that have an income from this source.
Because of tax advantages for withholding stocks outside of retirement accounts and the income tax they must pay on withdrawals from the traditional 401(k)’s and IRA accounts, it is a good idea for seniors to have a good investment firm or certified financial planner helping them.
Home Equity
The equity earned on a home is another way of financing a retirement and any home care services needed in their advancing years. Sometimes the adult children are unable to provide all the care for their parents and must rely on some in-home care of their loved ones. This is just one more avenue that can be explored for possible means of financing home care for the family. There are more advertisements than ever about reverse mortgage as a way of having a retirement fund. Most financial planners will advice this as a last resort only.
Veterans Aid & Attendance Pension
This pension allows for veterans and the surviving spouses financial support that are in need of home care services this includes individuals who are in nursing homes and assisted living facilities.
Medicaid or Medi-Cal
Medicaid or Medi-Cal is a state funded program for individuals that require home care services (IHSS), are in a skilled nursing or intermediate care home and do not have any other income other than Social Security benefits.
With just a little analysis and financial planning, home care services for the elderly need not be a concern to the adult child. Whether the time is right now or in the future, a seemingly daunting task is actually quite easy to navigate with proper planning.
972-301-7001, Home Helpers of Addison provides senior care services. Speak with Judy, Deborah or Melissa by calling now or submit the request form to the right and we will be in touch right away. Each office is independently owned and operated. You get the advantage of dealing personally with Home Helpers representatives who are your neighbors along with the added advantage of the resources from a national headquarters training and information source.
