You may not have known that the services of homecare agencies recommended by mom or dad’s healthcare team may not be covered by Medicare, and Medicare may not pay for long-term care needs. Typically, Medicare pays for short-term recovery or rehabilitation, and care must meet stringent requirements. For care not covered by Medicare, if your parent has saved money over the years and financially can afford to pay, they may select in home care services. However, if your parents are not likely to have huge cash reserves to pay for care, what are the other alternatives when it comes to paying for additional care they may need?
Homecare Agencies Suggest Preplanning:
Knowing what you now know about the limits of Medicare, paying for a long-term care insurance policy may be an option. However, this is something that must be purchased in advance of the need. Too often your parent may struggle with the cost of paying for an insurance policy and cancels it, hoping they will never need one. Or they may not even pursue it to begin with, knowing that they do not have the money to pay for this type of coverage. They tend to bury their head in the sand and may not share this information with you until it is too late to obtain one.
Reverse Mortgage May Be an Option:
If your parents own their home, a reverse mortgage may give your mom or dad a monthly payment, and this could be used for healthcare costs or any costs that need to be met. Seniors should exercise caution and consult financial advisors they trust when considering this option, as there are risks to reverse mortgages.
Homecare Agencies Suggest Checking Pension Plans:
Your parent may be eligible for a pension plan or for aid such as veteran’s benefits that they may have neglected to collect. There may even be survivor benefits from the death of a spouse. Checking out all avenues is critical to meeting your parent’s care needs.
Reach out to the homecare agencies, ask for their support and advice. They are the caregivers providing enriching senior life moments for your loved ones.
