In-home care supports the independence of aging adults and provides peace of mind to their families and loved ones. While an overwhelming majority of older adults would prefer to age in their own homes, many never consider it an option because they assume the costs associated with hiring professional caregivers exceed their available finances. Before moving your senior loved one to a facility that’s likely to cost even more money, explore the following options for funding home care listed below.
Reverse Mortgage
Reverse mortgages allow seniors to convert a portion of the equity in their homes into immediately available funds. To qualify for a reverse mortgage, your aging loved one needs to be over the age of 62 and own a home outright (or with little unpaid debt on the original loan). Reverse mortgages are an effective way to pay for in-home care because they allow a senior to extract value from his or her largest asset without having to sell it.
Your loved one’s home care needs could vary according to his or her ability to accomplish everyday tasks. The type of home care Phoenix, seniors need can vary. Some need assistance a few hours a day, while others require more extensive around-the-clock assistance. At Assisting Hands Home Care, we tailor our care plans based on each senior’s individual care needs, and the plans can be adjusted at any time.
Long-Term Care Insurance
If your loved one has purchased a long-term care insurance policy, his or her in-home care costs may be covered. Flexible plans allow you to choose what type of care your loved one receives, and the insurance company covers a certain cost per day. If your loved one doesn’t already have one of these insurance plans, you both might consider the pros and cons of purchasing one, accounting for age and preexisting conditions.
If your senior loved one has been diagnosed with a serious condition and needs help with tasks like meal prep, transportation, bathing, and grooming, reach out to Assisting Hands Home Care, a leading provider of home care services families can trust. We also offer comprehensive care for seniors with dementia, Alzheimer’s, and Parkinson’s.
Collective Sibling Agreement
A sibling agreement is a great way for children to pay for their parents’ care while avoiding tension and resentment. Siblings who have the means to pay for their loved ones’ care do so with the promise they’ll be paid back with a higher stake of the collective inheritance.
Selling Life Insurance
If your loved one owns a life insurance policy, it may be possible to sell it and receive some percentage of the original worth. Certain restrictions apply. If the insurance company won’t buy it back, there are many settlement companies that will. The money your parent gets from either of these options is based on his or her health and age.
If you have a senior loved one who needs help maintaining a high quality of life while aging in place, reach out to Assisting Hands Home Care, a leading provider of home care Phoenix families can rely on. All of our caregivers are bonded, licensed, and insured, there are no hidden fees, and we never ask our clients to sign long-term contracts. Call Assisting Hands Home Care to learn more about our flexible and customizable senior care plans.
