Planning and Funding for Comfort Keepers Quality Care Home Health Ohio in Western Cincinnati and Hamilton
The cost of quality care home health Ohio for seniors varies as much as the types of care available and the degree of assistance you or a loved one need.
Comfort Keepers Quality Care Home Health Ohio in Western Cincinnati and Hamilton, OH wants to help you, so we will outline some of the common funding options for in home care. Senior quality care home health ohio, like the services that Comfort Keepers provides, can range from just a few hours a week and to skilled nursing care around the clock.
Some people believe that Medicare is the answer for long-term, in home senior care, but the reality is that Medicare only covers a narrow range of specific costs. We think that you should understand the limits as well as benefits of Medicare so you can financially prepare for you quality care home health Ohio needs.
Although it is important to keep in mind that rates vary, LongTermCare.gov estimates nursing home care costs at over $6,000 per month.
In home care is generally far less expensive, but costs vary depending on location, time commitment and the level of care required.
So, how will you pay for in home care? The options are Medicare, Medicaid (if you qualify), long-term care insurance, VA benefits or out of pocket savings.
Medicare is only limited in its application to in home and long term care. It covers short-term, physician prescribed home healthcare with skilled nursing, some types of therapy, medical social services and assistance with some things like bathing. Medicare does not pay for any types of extended care, but will pay for a circumstance like care following a hospital stay - only covering up to 100 days of nursing home care. It may help the cost of some durable medical equipment for home use or Hospice care for those with terminal illness.
Medicaid and State Programs
Medicaid is the largest public payer for long term in home care, and will pay for nursing home care or costs that Medicare does not cover, if you qualify. Those who receive Supplemental Security Income (SSI) are likely to qualify for Medicaid automatically or if you have limited income and assets.
Eligibility guidelines vary by state, and assets considered generally do not include homes, cars, burial plots or furnishings. Sometimes you may still qualify if your income is higher than the eligibility level, and sometimes you may qualify after some income is spent on nursing homes or health care expenses - the Medicaid "spend down."
If you don't qualify for Medicaid, you may qualify for state programs. More information can be found through local Area Agencies on Aging.
Long-Term Care Insurance in Western Cincinnati and Hamilton, OH
This type of insurance helps seniors pay the cost of long-term care to prevent the depletion of their life savings - but coverage is expensive.Premiums increase with the age of the purchaser. According to The Wall Street Journal, a 55-year-old single adult can expect to pay $2,065 a year for $162,000 in benefits with 3-percent compound inflation protection (this increases your benefits to compensate for inflation).
If you earn ample income, premiums can be affordable, but it is important to make sure you can still pay the premium after retirement. Consult your financial planner to guide you through the decision. Here are some tips:
- Some policies cover only specific types of long-term care, while others will cover a variety, such as nursing home, assisted living or in-home care.
- Know up front to what degree premiums may increase over time. Also be aware that premiums vary by the number of years covered under the policy. Lifetime coverage can be very expensive.
- Many long-term care policies have an elimination period — that is, a waiting time during which the covered individual must pay for his own care. The longer the elimination period, the lower the premium.
- Know what percentage of daily care costs your policy will cover, and realize that inflation will increase the costs. Inflation protection is commonly sold as a rider for long-term care insurance.
- Policies vary in how they define eligibility for benefits. Some plans, for instance, state that a senior qualifies when she can no longer perform certain defined activities of daily living.
Veterans Administration Aid and Attendance Pension Benefit
Veterans and their surviving spouses may qualify for Veterans Administration (VA) benefits to cover some of the cost of quality care home health Ohio. A veteran or a surviving spouse of a veteran who served at least 90 days on active duty with one day during a period of war may be eligible for the VA’s non-service connected disability pension.
Paying Out of Pocket for Long-Term Care
Many families must tap into savings to pay for care, as many cannot afford insurance or qualify for government aid. The cost of care depends greatly on the amount of care required. Do your research on nursing homes, then calculate the total for a four-year stay. Actual costs cannot really be predicted due to unforeseen circumstances. In home care is usually much less, so research those costs in your area.
The Financial Impact of In-Home Care
The costs of professional in home care may look greater than it is, but it is importantly to honestly consider the value of the time and value that these financials sacrifices are made for.
In order to be a full time family caregiver, you may make many financial sacrifices already. Consider opportunities you may have lost by doing things like cutting back on work hours, and then take another look at the quotes you have been given for in home care - the cost may not seem that high.
Working with a reputable care agency will still allow you to be in charge of the care, you may just not responsible to the day-to-day responsibilities. Hiring home care may even be a smart financial decision.
Contact us or call (513) 860-1616 to learn more about Comfort Keepers of Western Cincinnati and Hamilton, OH.
We serve Hamilton, Fairfield, Colerain Township, Groesbeck, Northgate, Forest Park, Springfield Township, Greenhills, Springdale, Glendale, Mt. Healthy, Finneytown, North College Hill, College Hill, White Oak, Monfort Heights, Green Township, Cheviot, Bridgetown, Dent, Delhi, Harrison, Middletown, Oxford, College Corner, Lindenwald, Okeana, Overpeck, Seven Mile, Somerville, Trenton, West Elkton, Camden, Farmersville, Cincinnati, Western Cincinnati and Germantown.