Options for Financing In-home Care

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Helping a parent stay active and healthy at home is possible, but it requires careful planning. The rewards of personally caring for, or managing the care of, a loved one who needs help are innumerable. It's an opportunity to give back and to offer a return on the loving investment they once made in us. The trade-off is that in-home care costs money; money that may not be available.

In-home care may be provided by loved ones, family, friends, neighbors or professional caregivers. It typically includes assistance with activities of daily living — bathing, dressing, toileting, eating and walking — as well as companionship, medication reminders, laundry, light housekeeping, errands, shopping and transportation.

If your parent is under a doctor's care because of a recent illness or injury, home healthcare companies can provide skilled nursing services in their house, such as physical therapy, wound care or speech therapy.

Whether caregiving services are provided by a professional or family member, either option can impact your family's finances. If a parent depends on family for care, it can take that caregiver away from his or her job and earnings, affect business opportunities and reduce future Social Security income.

There are options for funding in-home care. Here are a few to consider and research: 

  • Medicare, the federal government's health insurance program for people aged 65 and over, covers some home health care if prescribed by a doctor, but not home-delivered meals, non-medical home care, or 24/7 care.
  • Medicaid, if your parent meets certain asset and income requirements.
  • Medicaid waiver: See http://www.dhs.pa.gov/learnaboutdhs/waiverinformation/index.htm
  • The equity in your parents' home, if your parent is willing to sell the home and use the proceeds toward a dwelling better suited to aging in place.
  • Home equity loan, home equity line of credit, or a reverse mortgage, : Visit the National Reverse Mortgage Lenders Association's consumer education website: www.reversemortgage.org/adultchildren. (BPT)

Home Instead Senior Care is a locally owned business. We offer friendly, responsive service where you are, and we're dedicated to making our community a better place to live for seniors and their families. We are part of one of the most highly regarded home care companies in the United States, backed by more than 20 years of experience.  We ensure quality of care first through our unique CAREGiverSM training program. This comprehensive educational experience equips our CAREGivers to provide ethical and individualized care to every person they serve.  Call us to schedule a no-obligation in-home consultation to learn more about the compassionate, quality care we deliver each day to Allentown and Lehigh County area families: (610) 628-4211 or visit https://www.homeinstead.com/217 .

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