Are you or an aging loved one at the stage in your life where you are starting out to look into the available alternatives for elder care or some form of home care services? Are you examining your options of how these forms of home care services will be obtained? Whether you are interested in home care now or in the future, knowing what all your choices are will help you or an aging loved one be more confident knowing how these home care services will be covered.

Home care services may possibly include daily support with feeding, dressing and undressing, bathing, light housekeeping and medication reminders.

Social Security and Medicare- Social Security is a retirement fund and disability pension for disabled workers. The quantity each senior will receive is based on the total amount paid into the fund during his or her employed years. If a spouse passes away, the surviving spouse is entitled to widows or widowers pension. For more than half of Americans, Social Security benefits will be their important basis of funds when they retire.

Medicare- Medicare is available to a large number of people age 65 and older. Medicare covers home care services that fall into the category of “home health care” or “skilled care”. This means that the treatment must be provided by a professional must be directed by a physician and the care receiver must be home bound in order to receive it. Medicare cannot cover companion home care services. It doesn’t cover private duty home care services.

Private Income- For many folks, salary from different sources such as income off an active business enterprise may have a comfortable margin in their bank account by which to afford home care services they may need now or later in life. Any CD’s coupled to these accounts are also an added benefit.

Retirement funds such as a 401(k), IRA, Keogh or other such categories are possible choices 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 good money for the retirees to live on and supplement other revenue 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 analysis and preparation, home care services for the elderly need not be a concern to the adult child. Whether the time is now or in the future, a seemingly difficult task is actually quite easy to navigate with proper planning.

Regards,

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