In our last blog post, we discussed five creative ways to avoid nursing home care. For more tips and tricks, check out the rest of our suggestions.
6. Make a Move
If in-home care is unreasonably expensive in your area, consider relocating to a less costly location. Cost of living is often more expensive in urban areas, as well as along the east and west coasts. With a little research, you may find a new location with affordable homecare. Is there a relative in another city or state that could help share responsibilities? This often helps make a major move more sensible.
7. Get Financial Help
If you consider a lack of cash as the main reason your loved one can’t remain at home, check out two often-overlooked sources of funds:
- Cash for life insurance. Some life insurance policies can be cashed in with the insurance company for 50 to 75 percent of the policy’s face value. A “life settlement” may also be possible, but the amount you get will depend on the policy benefit amounts, premiums, and the policyholder’s age and health.
- Reverse mortgage. For those who own their own home, a reverse mortgage might raise enough money to pay for a significant amount of in-home care. The money from a reverse mortgage is available for homecare as long as the homeowner lives in the home.
8. Check out Assisted Living
If you’ve exhausted the possibilities for homecare, look into your community’s assisted living facilities. These facilities are beneficial for seniors who need regular monitoring, but not round-the-clock care. Assisted living offers basic supervision and services – such as meals, housekeeping, and help with daily tasks – while some facilities even offer specialized care for people with advanced illnesses.
Seniors often enjoy assisted living because they can associate with other seniors in the common areas, and still have privacy in their own apartment.
9. Call Medicaid
In recent years, Medicaid has begun to recognize that the alternative to unaffordable in-home care is nursing home care, which Medicaid covers. As a way of allowing Medicaid recipients to stay at home (saving Medicaid nursing home costs), some states have established Home & Community Based Services (HCBS).
These services offer Medicaid coverage for a limited amount of in-home care and adult daycare. Not every state offers HCBS, so contact your local Medicaid office at Benefits.gov to check out your eligibility.
10. Ask About Veteran Benefits
If your family member is a veteran or spouse of a veteran, he or she may qualify for Veterans Affairs (VA) benefits. The VA may offer in-home care and adult daycare benefits, homemaker services, community living centers, or cash benefits – just to name a few. To get free information regarding your potential benefits, call the VA’s Vet Center in your state.
Avoiding nursing home care may mean utilizing several of the suggestions we’ve provided. You may also want to contact a geriatric care counselor for more practical ways you can safely and affordably stay in your home.