Elder Home Care Services
Affording Elder Home Care Services
If you are in need of home support services in Vancouver or elderly care in Vancouver, you may be wondering how you are going to pay for it. There are different options for paying for your elder home care services.
Paying out of pocket for elder home care services, there are ways to cobble together a budget from multiple sources. You can use a combination of life insurance policies, investments and savings, annuities, and borrowing. If you are using the home to provide cash for long-term care, it’s risky. You could potentially run out of equity while an elderly caregiver is still needed. A reverse mortgage for those who are 62 and older may be the right solution.
One way people pay out of pocket for elder home care services is with collective sibling agreements. Working together, families come up with a plan in which those that can’t help pay siblings who do have the ability and flexibility to be with their parents on a daily basis. Siblings that have the funds to pay for elder home care services have the understanding that they will be paid back for the contribution from the collective inheritance or the proceeds after the house is sold. In order for this to work, agreements should be spelled out to avoid any tension down the road. If a sibling is paying for an elderly caregiver then the sibling should keep records of receipts or invoices. It’s best to have something in writing to show the executor of the will or put in a clause explaining the plan.
Life insurance may be able to provide coverage for care. Certain life insurance policies can be cashed in for 50% to 75% of the policy’s face value as accelerated benefits. If the accelerated insurance benefits aren’t available, you may be able to investigate if a life settlement is possible. This involves selling the policy to the life insurance company in order to get a lump sum. This will all depend on the benefits, your loved one’s age, and the monthly premiums.
You may be able to get help paying for in home care if you don’t already have insurance coverage for it and can’t afford to pay out of your existing financial resources. Start by searching to find the local care agency on aging to get your questions answered.
If you want to get ahead of paying for caregiver services before you need them, look for long term care insurance. If your loved one has this policy, it can cover some of the costs. Some pay for benefits to a licensed home care agency while others set a daily amount to the insurer who qualifies for the benefits. With this type of policy, it means that you can spend the money on any elderly caregiver you choose.
If you are in need of elderly care in Vancouver, contact Care Solutions Inc. They offer affordable elderly care and home support services in Vancouver, and go the extra mile to ensure that the guidelines provided by families are well-met.