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Home Care Payment Options

If you or a loved one is in need of non-medical home care, you may be wondering how you can pay for Lifeline’s services. We want to help you understand the costs of home care, and what your options may be for paying for the services that are needed. Below is a list of ways that you may be able to pay for non-medical home care for you or a loved one.

Paying for Non-Medical Home Care

In addition to understanding how non-medical home care compares to continuing care, we want to help you understand your options when it comes to paying for non-medical home care. Below is a list of ways that you may be able to pay for non-medical home care for you or a loved one.

Private Pay

For many families private payment is often the only option available to cover the costs of non-medical home care. Drawing upon social security, survivor’s benefits, savings accounts, pensions and other retirement benefits can help cover the costs of home care. Often times, other family members help cover the costs of home care.

Long-Term Care Insurance

Having a long-term care insurance policy in place prior to any changes in health and mobility helps guarantee complete home care coverage when you or a loved one needs it.

Veterans Benefits

The Veterans Aid & Attendance program offers individuals and families an additional method of paying for non- medical home care.  Contact our VA Coordinator, Debbie Cooper-Wilson, at 606-678-4032 or email veterans(at)lifelinehomecare.org for additional information.

Asset Conversion

In the event that non-medical home care costs can’t be covered with other options, you may want to explore converting non-liquid assets to help cover costs. Real estate conversion programs like reverse mortgages, home equity lines of credit and Rex Agreements can offer financial solutions for long-term home care needs. Other programs like death benefit loans and life settlements may also be viable alternatives to pay for home care. Lifeline Homecare does not advise clients on these services, and you should consult with your own financial advisors regarding these options.

Eldercare Bridge Loans

As of early 2014, there is only one loan product available that is specifically designed as a Senior Care Bridge Loan. The “Elderlife Line of Credit” from Elderlife Financial is specifically designed to help seniors and their families with the cost of home care.  Payments are made directly from the loan account to the care providers. The borrowers never take possession of the funds. Because approval can usually be made in 1-3 days, it can be a useful alternative for families who may be waiting on veterans or other benefits. Lifeline Homecare is not affiliated with Elderlife Financial or The American Elder Care Research Organization and this information is not an endorsement of its product.  You should contact them directly for information about bridge loans and to determine if it is right for you  www.payingforseniorcare.com.

Only you and your family can decide if non-medical home care is right for you and your senior loved one.

For a free in-home assessment and cost estimate for Lifeline’s non-medical home care services, call Lifeline Homecare at 1-844-LIFELINE (1-844-543-3546) or email care(at)lifelinehomecare.org.

You can also access Lifeline Homecare’s  Private Pay Quick Pricing Guide.

This information is offered for educational information only. The information does not constitute legal advice.  If you have questions about the information provided here, contact an attorney.