Welcome to Safe and Secure Home Health Care
April 20, 2015

Funding Home Care Services

Clients typically use the following to pay for home care costs:

  1. Private savings
  2. Social Security
  3. Medicaid
  4. Some Private Insurances
  5. Long term care insurance (the plan must have a rider for non-medical personal care)
  6. Pensions
  7. Veteran Aid and Attendance Pension: Whether or not you or your family member qualifies for the A&A program, the VA allows households to deduct the annual cost of paying for in-home care when calculating their regular pension benefit.
  8. Real estate conversions like reverse mortgages, home equity lines of credit, Rex Agreements, and Equity Key
  9. Life insurance policies can sometimes be used as a funding source since they can be surrendered for their cash value or converted to cash by using a viatical life settlement.

Most of our clients’ non-medical care is paid privately via savings or long-term care insurance. For your convenience, we accept payment by check, bank transfer, and credit cards.

Not surprisingly, people want to age at home in a safe and familiar environment, and home care is also the lowest cost when compared to alternatives. To understand how long-term care costs are trending over time, Genworth Financial announced the results of its 2016 cost of care study which was calculated on a 2 year average (2016-2017) in the state of Michigan based on a comparison of data gathered from providers across the state resulting in:

  • The 2017 national average cost of live in home health care is ($185.00 a day / $5180 a month /  $62,160 annually) has risen an average 4.45 percent per year.
  • The 2016 national average cost of a semi-private nursing home room ($246 a day / $6,888. A month / $82,656 annually) has risen an average 4.22 percent per year.
  • The 2016 national average cost for a month in an assisted living facility $127.00 a day/ $3,556 a month / $42,672 annually and has risen an average 4.26 percent per year.

Safe and Secure Home Health Care  is closely engaged with local and national home care industry associations and are closely monitoring new laws and regulations that can help families pay for this rapidly growing need. It is critical that families develop a financial plan to meet loved one’s home care needs. Having a plan in place helps to ensure that your loved ones are comfortable, secure and cared for as they age and that your family’s financial resources are preserved in the process.

Call us for a free, no obligation in-home assessment. 248-602-0939

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