If you have an aging senior loved one who could benefit from home care services, you may naturally be wondering if your family can afford it. Luckily, there are numerous options to pay for home care. But everyone’s situation is unique and financial options will vary.
From reverse mortgages to Medicaid, the market has responded to the growing need for different types of senior care with an increasing number of alternative financing options. Let’s explore several creative ways financial resources can secure home care while alleviating the cost burden on your family.
Remember that each of these options may have both pros and cons. Consider the solutions carefully, and whenever possible, work with a vetted, trusted financial professional who is knowledgeable about these options. For example, an elder law attorney can be a valuable partner in the financing process, particularly as it relates to Medicaid.
Learn more about your or a loved one’s eligibility through your local Area Agency on Aging (AAA), which you can find via ElderCare.gov’s Locator service. Another excellent resource for finding financial support options is the Eldercare Financial Assistance Locator. And for more information on paying for home care services, click here.
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