Paying for Care
5 Ways to Pay for Home Care Services
When the time comes to find in-home care for yourself or a loved one, paying for these important services is probably the last thing on your mind. After all, it’s hard enough having to find a perfectly matched, capable and compassionate caregiver to meet your loved one’s changing needs.
Our clients can cancel at ANY time. There are NO binding contracts that keep you locked into services with us. We stand behind our promise to give you white glove service all of the time. Care Right There only asks that you let us know when you are not happy and then give us ample time to try and correct any issues before cancelling.
Nevertheless, it’s important that you and your family draw up a financial plan to cover the cost of care. This helps to ensure that your loved ones are comfortable, secure and cared for as they age and that your family’s financial resources are preserved in the process. The good news is that there are a number of resources and options available to help you with that plan and we are here to help you sort it all out. Ask us about our Care Management Services!
In order to help you weigh each option and plan accordingly, we’ve compiled the following list of 5 ways to pay for typical home care needs. Of course, as with anything, there are pros and cons to consider with each option so it’s important to do as much research as possible.
We have no long-term contracts, cancel services at any time with no penalties. Your satisfaction is our guarantee. We even can work with you to create prepaid bundles of time to use as you need it! Give us a call to discuss this and view the other ways to pay below:
Long Term Care Insurance & Private Pay
Since individuals who require non-medical in-home care are not sick in the traditional sense, traditional health insurance does not provide or these needs. Having a Long-Term Care Insurance policy in place prior to any major changes in health and mobility of your loved one guarantees that they will have complete home care coverage assistance available if and when they need it .For those that do not have LTC Insurance, Private Pay and creative financing may be the next logical step. Either from savings, pension, social security or family contributions, we work with the individuals we serve to formulate a plan that works for the care they need. We help guide the individual through all the options available to them including creative financing.
The Veteran Aid & Attendance Pension program offers families and individuals an additional method of meeting home care costs. Whether or not you or your family member qualifies for the A&A program, the VA allows households to deduct the annual cost of paying for in –home care when calculating their regular pension benefit. This annual cost is then used to calculate the benefit based on a new “countable income” and allows families earning more than the pension benefit to receive a disability income from the VA. Care Right There, LLC is in partnership with the American Veteran’s Care Connection (AVCC), which is an advocacy group that manages the application, evaluation and award process with the VA so that you don’t have to. They are highly regarded and have a reputation for getting your benefits payments faster than going directly to the VA or any other program. For More Info On Veterans Services Click Here
There are a number of options available to families with non-liquid assets that allow them to convert those assets to help cover thing like home care expenses. Reverse mortgages, home equity lines of credit, Rex Agreements and Equity Key are real estate-based asset conversion programs that provide individuals with financial solutions to their long-term home care needs. In addition to these programs, Care Right There, LLC partners with Life Care Funding to convert Life Insurance policy death benefits into direct payments while still potentially preserving your death benefit for your beneficiaries. Let CRT help you explore these options.
Tax Credits & Cost of Care Reductions
There are a variety of state and federal programs, initiatives tax credits that can significantly lower your family’s tax burden effectively reducing the overall cost of care. Research the following options to find out if your family member qualifies: Alzheimer’s Respite Care, Elderly and Disabled Tax Credit, Federal Elderly Care tax Credit, LIHEAP- Aid or Energy Costs, Medical Expense Tax Deductions, NFCSP Respite Care, State Elderly Care Tax Credit, Veterans Administration Respite Care.
There are a number of state-specific initiatives designed to help keep seniors who qualify for Medicaid out of nursing homes and living comfortably in their own homes. These programs will help to cover the cost of home care in cases where that care can be provided at an expense below that of a nursing home.
New Jersey offers a variety of services to consumers under its Medicaid Waiver. These programs may provide a combination of both traditional medical services (i.e. dental services, skilled nursing services) as well as non-medical services (i.e. respite, case management, and environmental modifications) to those who meet both the established clinical and financial criteria. The purpose of the Waiver is to provide support services to an individual in the community to:
- Prevent placement in an institutional setting (e.g. nursing home or hospital) or
- Provide support to individuals who are reentering a community setting after a period of institutionalization.
DDS Administers 3 Medicaid Waivers:
- Community Resources for People with Disabilities Waiver (CRPD)
- AIDS Community Care Alternatives Program Waiver (ACCAP)
- Traumatic Brain Injury Waiver (TBI)
More Info on NJ Medicaid Waivers: http://medicaidwaiver.org/state/new_jersey.html
Please note that Care Right There, LLC may not be able to accept all of these forms of payment at this time.