5 Ways to Help Make Ends Meet with Homecare Costs

The rising cost of homecare can quickly become overwhelming. Since no single program covers all homecare expenses, you often need a combination of resources from various sources, including government programs, veterans’ assistance, insurance, and more. Here are five effective strategies to help manage these costs:

1. Government Programs

Medicare: Covers short-term home health services, including skilled nursing care, physical therapy, speech therapy, and more, typically for periods of 60 days or less, when prescribed by a physician. Medicare also provides end-of-life hospice care for those with a life expectancy of less than six months. For those with very low income, Medicaid may cover home-based care. In Pennsylvania, seniors can also benefit from the OPTIONS program, funded by the state lottery, which offers financial assistance for homecare.

Medicaid: Check eligibility for Medicaid, which may cover home-based care for those with low income and limited assets other than their home.

2. Veterans’ Assistance

Veterans Administration Programs: If your loved one is a veteran, they may qualify for homecare assistance through programs provided by the VA. These programs are designed to help chronically ill or disabled veterans remain in their homes. For more information, visit va.gov and search for homecare options.

3. Private Insurance

Long-Term Care Insurance: Review any long-term care insurance policies your loved one may have, as they often include coverage for homecare services. Contact your insurance provider to understand the specifics of the policy and what services are covered.

4. Reverse Mortgage

Home Equity: For seniors aged 62 or older who own their home outright, a reverse mortgage can provide funds by tapping into the home’s equity. This option allows them to access cash while staying in their home. Ensure this option aligns with long-term financial goals before proceeding.

5. Alternative Support

Adult Day Care Programs: Consider adult day care services, which offer supervised, interactive environments for older adults. These programs can be more affordable than full-time homecare and vary in the level of services provided, from social interaction to medical care and Alzheimer’s support.

By exploring these options, you can find ways to help manage and offset the costs of homecare, ensuring your loved one receives the support they need while maintaining financial stability.