Are you or an aging loved one at the place in your life where you are starting out to investigate the possible selection for elder care or some type of home care services? Are you checking out your choices of how these sorts of home care services will be purchased? Whether you are searching for home care right now or in the future, understanding what all your opportunities are will help you or an aging loved one be more confident knowing how these home care services will be handled.
Home care services may include daily assistance with feeding, dressing and undressing, bathing, light housekeeping and medication reminders.
Social Security and Medicare- Social Security is a golden age fund and disability pension for disabled workers. The quantity each person will receive is dependent upon the amount of money paid into the fund during his or her working years. If a husband/wife dies, the surviving husband/wife is entitled to widows or widowers pension. For nearly all of Americans, Social Security benefits will be their critical source of salary when they retire.
Medicare- Medicare is accessible to the majority of people age 65 and older. Medicare covers home care services that fall into the category of “home healthcare” or “skilled care”. This means that the service must be provided by a professional, must be ordered by a physician and the care recipient must be homebound in order to receive it. Medicare does not cover companion home care services. It will not cover private duty home care services.
Private Income- For many folks, money from different sources such as income off an existing small business may have a secure margin in their bank account by which to finance home care services they may need now or eventually. Any CDs connected to these accounts are also an added gain.
Retirement funds such as a 401(k), IRA, Keogh or other such groups are options to consider also when deciding how much and which level of care is needed for the senior loved one.
Pension plans made available to employees of some companies have provided reasonable cash flow for the retirees to live on and complement other cash flow they may have.
Stocks And Stock Mutual Funds- Some retirees are living off stocks or funds from the stock market. It is true that with the instability in the stock market of recent years, this is changing the way some individuals are looking at retirement income. There are still about 14 percent of retirees that have an income from this source.
Because of tax advantages for withholding stocks outside of retirement accounts and the income tax they must pay on withdrawals from the traditional 401(k)’s and IRA accounts, it is a good idea for seniors to have a good investment firm or certified financial planner helping them.
Home Equity- The equity earned on a home is another way of financing a retirement and any home care services needed in their advancing years. Sometimes the adult children are unable to provide all the care for their parents and must rely on some in-home care of their loved ones. This is just one more avenue that can be explored for possible means of financing home care for the family. There are more advertisements than ever about reverse mortgage as a way of having a retirement fund. Most financial planners will advice this as a last resort only.
Veterans Aid & Attendance Pension- This pension allows for veterans and the surviving spouses financial support that are in need of home care services this includes individuals who are in nursing homes and assisted living facilities.
Medicaid or Medi-Cal- Medicaid or Medi-Cal is a state funded program for individuals that require home care services (IHSS), are in a skilled nursing or intermediate care home and do not have any other income other than Social Security benefits.
With just a little analysis and financial planning, home care services for our aging loved ones need not be a concern to the adult child. Whether the time is right now or in the future, a seemingly daunting task is actually quite easy to navigate with proper planning.
Home care Services in Darien, IL counselors at Safe at Home Healthcare are available to talk with you about your in-home care needs including how to reduce caregiver stress while providing better, affordable care, including live-in care. We are an elder care agency providing Home Care in Darien.