Are you worried about paying for a home health aide?

For many people, living in a nursing home or assisted living facility is either impractical or undesirable. You may choose to hire a home health aide as a compromise to stay at home. These professionals provide a great many services, but over time their services can cost a great deal.

Do you know if you or your family member’s estate can afford a personal health provider? Before flipping through the yellow pages, carefully consider your financing options.

Does your insurance cover a personal home care assistant?

You have many options when it comes to choosing a home care assistant, but not so many to afford one. Medicare has strict guidelines when it comes to financial assistance for home care.

• Medicare: Offers selective assistance for medical home care aides. Does NOT offer non-medical financial assistance. Only offers to those who are “homebound.”
• Medicare Advantage: Starting in 2019, these plans can offer supplemental health care benefits. This term can be interpreted to mean meal delivery, palliative care, transportation, mobility accommodations, and other benefits could be covered.
• Medicaid: New York has several different in-home services covered by Medicaid. There are two levels of care, including housekeeping and personal care. These have strict eligibility conditions.

Are there other financing options?

Rather than hiring a professional through an insurance program, there could be other programs available. Exploring these opportunities can add some wiggle room back in the budget.

• Veteran programs through local or national institutions
• Nursing home diversion program: For those who do not qualify for Medicaid, organized through state programs or local assisted living facilities.
• Religious-based programs

Additionally, living in a retirement community or housing complex can connect you with a community-based schedule for medical check-ups.

If you choose to stay at home, a family member could move in to help with chores. There could be caregiver salary or tax benefits available but it could have a significant emotional impact on your family dynamic. This step should be considered carefully.

You could also hire a private caretaker rather than an insurance-based one. These trained professionals may or may not be medically licensed, but they could help in other areas. The cost may be tax-deductible under the guidance of a tax professional.

Finding a stable budget for medical assistance can mean the difference between staying in your house and selling it. Pursuing financing options could help you stay at home for as long as possible.