How Can My Family Pay for My Senior Loved One’s Home Care?

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How Families Can Pay for Home Care in Des Moines, IA

In-home care services allow aging adults to live safely and comfortably in a familiar environment. By implementing the right strategies, your family can ensure your senior loved one receives these valuable care services without incurring financial hardship. Here are just a few of the many ways families can pay for professional home care.

Life Insurance

Elderly family members can use their life insurance policies to pay for home care services. Policies with accelerated death benefits (ADBs) allow for tax-free advances to be paid out under specific circumstances, including if the person is unable to perform daily tasks like bathing or dressing. Some plans allow the policy holder to cash out the policy for other reasons or circumstances besides help for daily activities. One of the greatest advantages of choosing in-home care is that the scheduling is flexible, which means you only have to pay for a caregiver for as many or as few hours as your loved one needs. Not every senior has the same care needs, which means they don’t all need the same type of homecare. Des Moines families can rely on Home Care Assistance to provide individualized care plans to meet your elderly loved one’s unique care needs. Our holistic Balanced Care Method was designed to help seniors focus on healthy lifestyle habits such as eating nutritious foods, exercising regularly, and maintaining strong social ties, and our Cognitive Therapeutics Method offers mentally stimulating activities that can stave off cognitive decline and delay the onset of dementia.

Reverse Mortgages

If there’s enough equity in your family member’s home to refinance a mortgage, a reverse mortgage can provide a monthly or lump-sum payment that can pay for care, while allowing your loved one to remain in the comfort of home. In most cases, the loan doesn’t become due until your family member passes or permanently moves out of the home. When researching agencies that provide elder care, families are usually looking for flexible care plans, compassionate and highly trained caregivers, and 24/7 availability. Whether you need respite care to take a break from your caregiving duties or your senior loved one needs around-the-clock assistance at home, you can rely on Home Care Assistance.

Deferred Long-Term Care Annuities

Seniors up to age 85 can enter into a deferred long-term care annuity contract with an insurance company to pay for long-term care. The senior pays the company a single premium payment, which is divided into two separate funds. One fund issues monthly payments for long-term expenses while the other fund can only be accessed after a set period of time

The Veterans Aid and Attendance Pension

Veterans and survivors who receive a VA pension may be eligible for an additional monthly payment known as Aid and Attendance if they need a caregiver to help with daily tasks like bathing, dressing, and toileting. Reputable home care agencies can help seniors and their families qualify for such programs. Whether you need respite from your caregiving duties or your aging loved one needs live-in care, Des Moines, IA, Home Care Assistance can meet your family’s care needs. Our dedicated caregivers are available around the clock to provide transportation to doctor’s appointments, ensure seniors take their prescribed medications, and help with a variety of tasks in and outside the home. To schedule a free in-home consultation with one of our knowledgeable Care Managers, call (515) 264-2438 today.


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