Are you or an aging loved one at the stage in your life where you are starting to look at the readily available alternatives for elder care or some sort of home care services? Are you looking at your alternatives of how these varieties of home care services will be covered? Whether you are requiring home care at this moment or in the foreseeable future, knowing what all your solutions are will help you or an aging loved one be more relieved knowing how these home care services will be taken care of.
Home care services may provide daily guidance with feeding, dressing and undressing, bathing, light housekeeping and medication reminders.
Social Security and Medicare
Social Security is a retirement plan fund and disability pension for disabled workers. The amount each individual will receive is dependent upon the amount paid into the fund during his or her employed 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 principal foundation of funds when they retire.
Medicare is provided to nearly all people age 65 and older. Medicare will pay for home care services that fit in the category of “home healthcare” or “skilled care”. This means that the treatment 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 will not cover private duty home care services.
For many individuals, income from different sources such as income off an already present small business may have a comfortable margin in their bank account by which to pay for home care services they may need now or later in life. Any CDs attached to these accounts are also an added bonus.
Retirement funds such as a 401(k), IRA, Keogh or other such types are options to consider also when figuring out how much and which level of care is needed for the senior loved one.
Pension plans available to employees of some companies have provided suitable earnings for the retirees to live on and supplement other revenue 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.
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 exploration 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.
For all of your senior care needs in Turnersville NJ and the surrounding areas call and talk to us at Home to Stay Healthcare Solutions (856) 720-0081
Home to Stay Senior Care Solutions is owned and operated by the Dubler and Skole Families and was started because of experiences they had with their own Families. In one situation Mom was living alone and had a fall. It was not until this fall that the family realized they were unprepared.
When it was time for their Mom to come home, she needed companion and personal care to assist her and prevent another accident. Like most people in this situation, they were confused and did not know where to go for help. It was this life-changing experience that lead to starting a home care company that is focused on enabling those who wish to stay at home and age in place.
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