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Sugar Land Residents: Five Ways to Afford Senior Home Care Services

As the COVID-19 pandemic conditions continue to spread, many seniors are hesitant to enter long term care facilities. Many seniors do not want to leave their homes. Senior home care services are a wonderful answer for many. Visit our website A Better Solution – Sugarland to see all of the services available for home care in Sugarland, TX. This article will answer some of the questions you might have regarding paying for these services.

Will government plans pay for senior home care?

Medicare only pays for home care services following surgery or rehabilitation.  To receive Medicare coverage, you must be homebound and have a physician’s plan that is a specific and effective treatment for your condition. Medicaid will pay the balance that Medicare has approved. If your senior care services are covered by a Medicare Advantage Plan, it must offer at minimum the same level of coverage that Medicare does Be sure to ask any caregivers that you are talking to about the insurance coverage they accept and the networks they are in.

Will a Long-Term Care Policy pay for senior home care?

There are so many varieties of coverage in the long-term care policy market that our experts recommend that you carefully review your policy. The monthly premium or the “one time paid in full” amount is based on your age when the policy is purchased, 

your health at that time, and the benefits that you choose. A plan with basic benefits covers the client when they are admitted to a long term care facility under physician orders. The most extensive policies do cover home care. LTC plans are set up either as a reimbursement policy or a per diem, or daily benefit.

Can I use my Retirement plan benefits?

Many seniors find themselves using some of their retirement plan benefits to pay for senior home care. This is a perfectly good option. Place some of your distributions into a plan specifically for medical expenses and use that account for anything you have to pay out of pocket. Be sure to consult your accountant or tax specialist to set this up correctly.

Should I consider a Reverse Mortgage or Home Equity Line?

A reverse mortgage works best when the home is paid for or almost paid for. You are refinancing your home in reverse. You will pull some equity from the home now and that allows you to have some cash money to pay for senior care services. But be very careful with this option. You could potentially end up with a large payment and even lose the house. A Home Equity Line is a line of credit issued by the bank based on the value of your home. Our experts do not recommend you take either of these steps without consulting an attorney, accountant, or trusted advisor.

If we don’t have any of these options, can we Self-Pay?

The senior care services you need will determine your expenses. If you do not need skilled nursing, but want someone to be there at night, get groceries, and help at bathtime for your loved one, contact us and we can discuss the options. We have all of these services available and priced reasonably. We are also pretty good at helping you locate funds you didn’t realize you could use.

If you are at the point that you need to consider senior home care in Sugarland, TX, or any of our other sites, please visit our website A Better Solution in Home Care, and see if we can help you. Our experts will work hard to help you find the care that you need. And again, be sure to consult financial experts on these issues before making any big decisions.