Homecare Payment Options
Right at Home provides caregiving services for thousands of families just like yours. Home Health Care can be expensive, but there are a variety of financial options available to play for ongoing care services for your loved ones. See which options you qualify for today!
Long Term Care Insurance
If your loved ones need assistance with activities of daily living, then this option will be a great fit. It is a defined benefit, with a set dollar amount available for use to fund care on a daily/weekly/annual basis, depending on the individual’s selected coverage. Visit the Department of Health and Human Services Long Term Care PathFinder for more information. There are actually three ways to purchase Long Term Care insurance:
- Long Term Care Policy
- Fixed Annuity with LTC Benefits
- Life Insurance with an LTC Rider
Long Term Care Benefit Plan
A Long Term Care Benefit Plan is the conversion of an in-force life insurance policy into an irrevocable, FDIC-insured Benefit Account. An unneeded life insurance policy is sold for a percentage of the death benefit (the range can be between 20-60 percent) and the funds are immediately available to pay for Senior Care.
Once enrolled in the benefit plan, tax-advantaged monthly payments are made directly from the account to cover any form of senior care: home care, assisted living, nursing home, memory care, and hospice. For more information click here.
Veteran’s Aid & Attendance Benefit
At Right at Home we proudly care for our Veterans, their spouses and surviving spouses every day. Our commitment to their care is just one of the ways we demonstrate appreciation for their service to our country. 1 in 3 seniors in this country is a veteran or surviving spouse of a veteran. These heroes – our fathers, mothers, spouses, and friends – may be eligible for a unique benefit through the VA called “Pension with Aid and Attendance.” This benefit may provide reimbursement funding of up to $25,020 a year to help cover medical expenses, including homecare services. Homecare helps keep loved ones safe and comfortable at home. Millions of qualifying veterans and families go without Aid and Attendance simply because of not knowing about the benefit and inability to pay for homecare.
Through our partnership with Veterans Care Coordination, we are able to assist qualifying veterans and their spouses to apply for and obtain the Aid and Attendance Benefit through the Department of Veterans Affairs. What makes this partnership unique is the fact that we can offer financial assistance to clients that cannot afford to pay for the up-front, out of pocket expense of homecare through the Veterans Appreciation Program.
Who is Eligible?
- Veteran, or surviving spouse of a veteran, who served 90 consecutive days of active duty with at least 1 day during a wartime period …(other war eligibility may be required depending on when you served)
- Veteran/surviving spouse must have non-service connected medical condition which is not related to military service
- Veteran/surviving spouse must require assistance with daily activities, such as bathing, dressing, eating, medication management and personal care
- Veteran/surviving spouse must meet asset requirements based on age and marital (excludes home and car)
- Veteran/surviving spouse must meet the Medical Expense-to-Income Ratio If you think you or your loved one may be an eligible candidate for this benefit please contact our office at (301) 255-0066/(410) 846-0141
See If You Qualify
A reverse mortgage is a loan that enables senior homeowners, age 62 and older, to convert part of their home equity (primary residence only) into tax-free income without having to sell their home, give up title to it, or make monthly mortgage payments.
You don’t need to repay the loan as long as you or another borrower continues to live in the house and keep the taxes paid and insurance in force. The loan only becomes due when the last borrower (s) permanently leaves the home at which time the reverse mortgage principal, interest charges, closing costs and service fees are typically paid back from the sale of the house.
A life or viatical settlement is the sale of an existing life insurance policy to a third party for more than its cash surrender value, but less than its net death benefit
Most states regulate life and viatical settlement transactions, and many of the specific regulations in place are intended to protect individuals that are selling their insurance policies. For example, in most states, the seller of an insurance policy through a life settlement can cancel the transaction by returning the purchase price within fifteen days of receipt. More than forty states have regulations in place regarding the sale of life insurance policies to third parties.
Single Premium Income Annuity (SPIA)
An immediate annuity is a contract with an insurance company under which the consumer pays a certain amount of money to the company and the company sends the consumer a monthly check for the rest of his or her life.
In most states the purchase of an annuity is not considered to be a transfer for purposes of eligibility for Medicaid, but is instead the purchase of an investment. It transforms otherwise countable assets into a non-countable income stream as long as the income is in the name of the community spouse. Under the DRA, the state must be named the remainder beneficiary up to the amount of Medicaid paid on the annuitant's behalf.
Senior Living Loans
Loans that can be secured specifically to pay for long term care services for a maximum term of three years. These loans are unsecured by collateral and instead are guaranteed by family members (one or more). Interest rates are similar to a credit card.
Individuals also have the option to pay for services out of pocket. Funds can come from the client’s assets, income from investments, etc.
Right at Home is one of the few in-home care providers now accepting Medicaid Waiver! If your loved one meets Medicaid spend-down criteria and the requirements for assistance with activities of daily living, an RN assessment will determine the number of assistance hours available for their care. You can find more information here.