Home Care Funding Options

There are several options when paying for home care. We want you to be aware of your options so you or a loved one can remain in the security and comfort of your own home surrounded by your personal possessions and family memories.

Payment Options

Private Pay: If no third party paid options are available, the client pays for home health care services directly to the agency upon receipt. Payment schedules can be set up weekly, bi-weekly or monthly. Depending on your payment schedule you will be responsible to pay a deposit upfront to support the payment option you chose.

Major Insurance: Long Term Care Insurance is an insurance policy that pays for some or all of long-term care costs. This depends on the policy, which can include non-medical services at home.  Typically most insurance companies will request a doctor’s order before you can be considered for in-home coverage. We work with many of the long-term care insurance companies

Home Equity Loan: A home equity line of credit is a loan that is much like a credit card, except with lower interest rates.  Borrowers are told the maximum amount they can borrow and then they can take any amount of money from the bank as needed.  Monthly payments depend on how much is borrowed, but typically these are very low, often “interest only”.

Reverse Mortgage: A reverse mortgage is a loan that you take against your home’s equity. The funding you receive from the reverse mortgage can be either in a single lump sum, in monthly installments or as a line of credit. The loan does not have to be paid back until the last borrower (often couples will both sign) passes away or moves from the home for one full year. The loan is typically paid back in full with interest when the home is sold.

Veterans Administration: Veterans Health Care is a medical benefits program offered to all veterans with 24 months of continuous active duty military service and a discharge status other than Bad Conduct or Dishonorable.  (Details on the coverage allowed may vary; this must be reviewed by the client to determine the eligibility of coverage).

Non-Profits and Foundations: Funding may be available through your state, local, non-profit organizations.  These organizations work directly with you to administer grants or financial assistance.

Viatical Settlement: A viatical settlement is the sale, by the policyholder, of their life insurance to a 3rd party in exchange for a lump sum of cash. The buyer pays the policy holder a lump sum and then takes over monthly premiums payments and collects the death benefit when the original policyholder passes away.