Paying for Home care Services in Norristown PA
Are you or an aging loved one at the stage in your life where you are starting to look at the existing possible choices for elder care or some form of home care services? Are you researching your alternatives of how these types of home care services will be paid for? Whether you are interested in home care at this moment or in the near future, understanding what your possible choices are will help you or an aging loved one be more confident when it is time to call for home care services.
Home Care services may provide daily aid with feeding, dressing and undressing, bathing, light housekeeping and medication reminders.
Social Security and Medicare
Social Security is a golden age fund and disability pension for disabled workers. The amount of money each man or women will receive is based on the amount paid into the fund during his or her employed years. If a husband/wife passes away, the surviving spouse is entitled to the widows or widowers pension. For more than half of Americans, Social Security benefits will be their huge source of income when they retire.
Medicare
Medicare is readily available to most people age 65 and older. Medicare pays for home care services that come under the category of “home healthcare” or “skilled care”. This means that the care must be provided by a professional, must be requested by a physician and the care receiver must be home-bound in order to receive it. Medicare cannot cover companion home care services and it does not cover private duty home care services.
Private Income
For many individuals, wages from different sources, such as income from an established business, may have a comfortable margin in their bank account by which to pay for home care services. Any CDs linked to these accounts are an added benefit.
Retirement funds such as a 401(k), IRA, Keogh or other such groupings are choices to consider when figuring out how much and which level of care is needed for the senior loved one.
Pension plans available to employees of some companies have provided good money for the retirees to live on and supplement other money 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 in recent years, this is changing the way some individuals are looking at their 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 in a home is another way of financing 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 for 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 advise 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 (in California) 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 study and financial planning, home care services for seniors need not be a concern to the adult child. Whether the time is today or in the future, a seemingly daunting task is actually quite easy to navigate with proper planning.
If you or a loved one are needing the help of home care services in Norristown PA or the surrounding area, contact the caregivers at Right At Home. We are a home care agency dedicated to providing your family with the quality care they deserve. Call (610) 566-6650.
