Are you or an aging loved one at the place in your life where you are beginning to take a look at the possible choices for elder care or some type of home care services? Are you investigating your alternatives of how these varieties of home care services will be obtained? Whether you are looking to hire home care now or in the near future, knowing what all your alternatives are will help you or an aging loved one be more confident knowing how these home care services will be compensated.
Home care services may include daily support with feeding, dressing and undressing, bathing, light housekeeping and medication reminders.
Social Security and Medicare
Social Security is a retirement plan fund and disability pension for disabled workers. The money each individual will receive is determined by the total paid into the fund during his or her employed years. If a spouse expires, the surviving spouse is entitled to widows or widowers pension. For nearly all of Americans, Social Security benefits will be their big provider of net income when they retire.
Medicare
Medicare is available to the majority of people age 65 and older. Medicare purchases home care services that come under the category of “home healthcare” or “skilled care”. This means that the treatment must be provided by a professional, must be requested by a physician and the care recipient must be homebound in order to receive it. Medicare doesn’t cover companion home care services. It does not cover private duty home care services.
Private Income
For many people, wages from different sources such as income off an active company may have a secure margin in their checking and savings account by which to finance home care services they may need now or eventually. Any CDs joined to these accounts are also an added benefit.
Retirement funds such as a 401(k), IRA, Keogh or other such categories are opportunities to consider also when figuring out 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 sufficient income for the retirees to live on and complement other earnings 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 research and planning, home care services for seniors need not be a concern to the adult child. Whether the time is right now or in the future, a seemingly difficult task is actually quite easy to navigate with proper planning.
Home care Services in Crystal Lake, IL counselors at Hearts of Gold Home Care Inc. are available to talk with you about your in-home care needs including how to reduce caregiver stress while providing better, affordable care. We are a senior care agency providing Home Care in Crystal Lake.
