Financial Services for Elder Home Care: What You Need to Know

Learn about the different types of financial services available in an elder home care setting, including personal savings, pensions, income from stocks and bonds, ElderLife, Medicare, VA benefits, IRS deductions, PACE programs, and more.

Financial Services for Elder Home Care: What You Need to Know

When it comes to elder home care, there are a variety of financial services available to help cover the costs. From personal savings and pensions to income from stocks and bonds, there are many ways to pay for care. ElderLife is a financial services organization that provides the knowledge and resources necessary to pay for the lives of older people. Medicare will cover routine home care and basic medical care, but only part-time or intermittently.

Telehealth is another option that uses video calls and other technologies to help you see your doctor or other healthcare provider from home. Permanent Inpatient Retirement Communities (CCRC) are communities designed to provide a largely independent lifestyle for older people, with medical care options if needed. Fortunately, there are several financial assistance programs for elderly care that can help ease the burden of paying for it. Home health aides visit the home as much as medically necessary, usually for shorter periods of time than home care aides. Home care allows older people to stay at home while they receive the care and medical attention they may need.

The Department of Veterans Affairs (VA) offers several forms of assistance that can help veterans pay for home care. The joint federal-state program covers home care, some residential and assisted living care, and nursing home care.

Pension Benefits

- There are three different pension benefits (cash assistance) that can be applied to home care. PACE allows most people who qualify to continue living at home instead of moving to a long-term care facility. According to the Internal Revenue Service (IRS), if you itemize your health care deductions for a tax year, you may be able to deduct the expenses you paid for medical and dental care for yourself, your spouse, and your dependents.

Creating a Financial Plan

- Creating a financial plan for home care is a complicated process and must be adapted to various health scenarios.

Older people considering going to adult day care should be in good mental and physical health and not need daily medical care. Help with adult day care and assistance with making home modifications to allow them to age at home are two other approaches that states use to help. Comprehensive care programs for the elderly (PACE) are a small but growing Medicare and Medicaid initiative aimed at preventing frail older people from entering nursing homes. When it comes to elder home care, there are many financial services available that can help cover the costs. It's important to understand all of your options so you can make an informed decision about how best to pay for the care your loved one needs.

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