5 Ways to Pay for Home Healthcare for Seniors
Many families are interested in ways of making life as comfortable as possible as their parents age. One key aspect of this is often the ability to help seniors stay in their home even through complex medical procedures or treatments. What many families may not know, however, is that your parents’ home could be the key to helping your parents stay in their home while aging in place. A reverse mortgage is a great way to offset the cost of home healthcare for seniors.
These loans work by granting the borrower access to the equity built up in the home, and tend to be a better choice for seniors than many other forms of credit.
However, there are a variety of options available to help with home healthcare for seniors and it is important to be aware of all of the options before you choose a reverse mortgage. Making an informed decision is the best way to make the right decision for your parents.
In California, contact Citizens Lending Group today for more information about reverse mortgage requirements and how these loans can help pay for home healthcare for seniors.
Options to Pay for Home Healthcare for Seniors
- Medicare: This is probably one of the first options that comes to mind when it comes to covering costs for home healthcare for seniors. This government program functions in a way very similar to insurance and covers a portion of common medical expenses.
- Medicaid: Similar to Medicare in that this program is facilitated by the government. However, this plan is available based on income and not age. Your parents may have lower income because they are not working or drawing aggressively from retirement in their old age, and this may help cover some healthcare costs.
- Long Term Care Insurance: Similar to standard health insurance, this type of insurance is intended to cover long term healthcare costs associated with nursing homes, senior homes, or home healthcare for seniors. However, this method of covering the cost of home healthcare for seniors is not free, and the cost for the insurance would have to be paid from you or your or your parents’ income.
- Older Americans Act: This law, passed in 1965 allocates funds towards state run programs that provide the kinds of service needed for home healthcare for seniors. Personal care, shopping services, and meal delivery are offered to individuals 60 and older who have the greatest social and financial need. If they qualify, these programs can allow your parents to live out their retirement in comfort in their own home.
- Reverse Mortgages: In many cases, reverse mortgages might be one of the best options when it comes to paying for home healthcare especially for those whom do not qualify for other options or for whom other options may not cover all of their financial needs. A reverse mortgage loan acts as an extra source of income that your parents can use to cover costs as they see fit while remaining in their homes.
Contact Us Today to Learn More About Paying for Home Healthcare for Seniors
Contact us today to learn more about the options available for home healthcare for seniors so your parents can age gracefully in their own home. If you consider a reverse mortgage to be the best course, we are happy to connect you with an expert to go over reverse mortgage requirements as well as other questions you may have.
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These materials are not from HUD or FHA and were not approved by HUD or a government agency.