Paying for Elderly Care At Home
Most elderly people want to stay at home. Certainly their loved ones want the same thing. The critical question comes to cost. Here are some key factors to consider when weighing the question, How do I make it affordable?
The limits of Medicare.
Historically, Medicare was never intended to provide the kind of extensive support required by elderly people today. Medicare pays for acute, episodic, and rehabilitative care as well as some preventive care. Long term care is predominantly paid for by private funding, long-term care insurance and for those without other resources, Medicaid.
- Even with supplemental insurance, Medicare does not pay for custodial, skilled chronic and supportive care to assist with daily life. Medigap supplemental coverage only addresses Medicare-covered services – not long-term care.
- That means most custodial and supportive care that older adults need and want as they cope with the challenges of complex chronic illnesses is paid by long term care insurance or private funds.
How does SeniorBridge bill for services?
SeniorBridge services are billed on an hourly or per-day basis, with costs based on the level of need and preference or type of professional who provides the services. Clients receive invoices every other week, which detail all services and charges and can pay by credit cared, electronic funds transfer or by check (with a deposit).
Every client we serve receives a complimentary consultation to assess his or her needs. We also anticipate and estimate the cost of care before any work is performed. Typically our process begins with a comprehensive 360-degree in-home assessment conducted by a care management team involving at least 1 licensed nurse and at least 1 licensed social worker who then develop a highly personalized care plan tailored to the functional, as well as medical needs and preferences of that individual and his or her family.
How to fund long term care.
Because Medicare doesn't cover long-term care services, SeniorBridge services are paid for by private funds. There are a variety of ways to pay for Long Term Care. Below are several resources that may help you.
- Long term care insurance. This type of insurance can help pay for many types of care, including care at home. Policies range in coverage, and a SeniorBridge care manager can review your policy.
- Reverse mortgages. Seniors who live at home and have a low (or no) mortgage balance can use a portion of home equity for in-home care through a federally insured loan program.
- Veteran benefits. Aid & Attendance, a largely unknown benefit, provides monetary assistance to qualified veterans who have served during times of war, as well as their surviving spouses. This benefit can be used to fund long-term care.
- Life Insurance. Private third party organizations now allow seniors to use a life insurance policy to help pay for home health by converting a portion of the policy’s death benefit into a long-term care benefit paid directly to a care provider.
Our care managers will help you review your options and refer you to legal and financial professionals who can help execute a plan to pay for your long-term care needs.