Transcript of Finding Funds to Pay for In-Home Care involves the coordination of sources January 20, 2020 Home Health Care Providers are often the first professionals to notice that their clients need help in finding the money for the care they need to remain independent, and are an important ally in providing information about the options that may be available.
Surveys have shown that people want to stay in their own homes as long as possible – to Age-in Place. Most people know that having more control over your own care, allows you to receive better care, and at a lower cost than you could get at a nursing home. Having caregivers from a reputable Home Care provider, in combination with medical care prescribed by your Doctor is why more and more people are choosing to have Home Care companies provide the help they need so they may remain independent as long possible.
Medically necessary services such as nurses, physical therapists, and occupational therapists are prescribed by your doctor and are usually covered by Medicare, supplemental coverage, or Medicaid
Non-medical care needs, such as help with bathing, dressing, cooking, driving, and similar tasks, usually develop over time, and as they become more limiting, an increasing amount of assistance is needed. Some of the care may be covered by long term care insurance for the few who have coverage. However, the majority of people pay out-of-pocket for these important Home Care expenses.
Accessibility modifications to your home most often are paid out of your pocket. Changes in our homes may need to be made to remove the barriers to mobility and improve access to bathrooms, kitchens, entrances, exits, gardens and yards. As time goes on, progressing limitations may become more restrictive. However, with proper initial planning, changes can be made as needed, and virtually all of these challenges can be overcome. The mobility upgrades may range from grab bars for toilets and showers, ramps instead of steps, and lowering counters and tables, up to a complete, beautiful remodeling for accessibility and independence. The majority of people pay out-of-pocket.
Experienced Home Health Care providers have seen the benefit of accessibility modifications and often discuss these with their clients, and may make referrals to professionals who can provide options for increasing independence.
As a provider of Non-Medical Homecare, your first concern is providing the best care available for your clients. However, you have clients of differing financial means. Some have the financial resources to pay for all the hours needed for their care. Others may have limited liquid assets, and are not able to afford all the care they need. Many of these clients may own their home, but they have no way to get the equity in their home to pay for the care they need. They may be unable to qualify for a Home Equity Loan form a bank, and if they sell their home, they would have to pay rent, plus pay for home care, thereby using up their money in a short time. Homecare providers may be apprehensive to discuss financial matters with clients. However, Finding Funds to Pay for In-Home Care involves the coordination of resources.
Seniors with limited means who own their home can use a Home Equity Conversion Mortgage (HECM), commonly called a reverse mortgage, to get some of the equity in their home, and increase their monthly cash flow, so they may get the care they need.
The HECM Reverse Mortgage is considered one of the best ways to fund home care. The National Academy of Elder Law Professionals, the AARP organization, The National Council on the Aging, Centers for Medicare and Medicaid Services, and the Robert Wood Johnson Foundation all support the advantages of using the HECM loan for Home Care expenses.
There are many Situations and Strategies for using the HECM reverse mortgage to fund Home Care – The goal of these strategies is for you to remain as independent as possible, living in your own home, and keeping you out of a nursing home. As more assistance is needed, this can be accomplished with professional caregivers from home care agencies. The HECM reverse mortgage can be structured to benefit you depending upon your specific financial and home ownership situation.
If you have a client, or know of anyone I could help, by providing answers to their questions about the benefits, please give them my cell phone number and call today. Age In Place Mortgage Company is a licensed Colorado mortgage company, headquarter in Colorado Springs. We do not conduct business through call centers located on the other side of the country, or planet. We are local, serving local clients. We do not see borrowers at our home office, because we visit our reverse mortgage clients at their homes. This allows us to discuss the home improvements that may be needed, and have local contractors provide cost estimates for the improvements. Please call me at my cell phone number (719) 360-6015 today.
0 Comments