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HELPING SENIORS
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HOW TO PAY FOR IN-HOME CARE
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As you get older, you may need help doing some of the things you’ve always been able to do yourself. Maybe it’s getting harder to handle basic chores like cooking, cleaning and shopping for groceries. Or you need help with personal care services like bathing, dressing and taking your medications. If you’re like most people, you don’t want to go anywhere. You want to get the care you need in the comfort of your own home.
You value your independence and enjoy your home. You’re not planning to go anywhere, certainly not to a nursing home.
Your family and friends mean the world to you. You love spending time together and don’t want to do anything to jeopardize those cherished relationships.
You’ve worked hard to plan for a comfortable retirement. Spending your life savings on in-home care isn’t on your to-do list.
Assisting with your in-home care expenses and providing information for people like you... people who have decided to age in place and are wondering how to pay for the care they may need. Our advisors can help you explore your funding options to determine if one is right for you.
In-home care appeals to many seniors, and for good reason. But the financial burden of staying in the comfort of your own home shouldn’t be your deciding factor on how to live out your retirement.
This booklet will give you some more specific information on how you can pay for the in-home care you need. We hope it’ll serve as a resource so you have more guidance on all of the options available to you. Remember, we’re here to help you every step of the way. So if you have any questions along the way, please give us a call.
Give me a call. We’re here to help.
U.S. veterans and their spouses, age 65 and older, may be eligible for benefits designed to help offset the cost of long-term care services. While we’re going to speak a lot about the government programs, there are also non-profit veteran organizations that offer various programs and assistance. We have resources available to help you navigate the process of obtaining those benefits, in addition to the government benefits.
If you receive a VA pension, you may qualify for one of these additional benefits:
You may be eligible for the Aid and Attendance Benefit if you meet at least one of the requirements below:
• You need another person to help you perform daily activities, like bathing, feeding and dressing
• You have to stay in bed or you spend a large portion of the day in bed due to illness
• You are a patient in a nursing home due to the loss of mental or physical abilities related to a disability
• Your eyesight is limited. Even with glasses or contact lenses, your vision is 5/200 or less in both eyes or you have concentric contraction of the visual field of 5 degrees or less
You may be eligible for the Housebound Benefit if you spend most of your time in your home because of a permanent disability.
Visit vets.gov or ebenefits.va.gov for more information.
If you have questions, we recommend you reach out to your regional VA office. You can find the office closest to you at va.gov. You can also give them a call at 1-800-827-1000.
Your home may be your largest asset. So why not put the equity you’ve built over the years to work for you? If your home has become too large or too difficult to maintain, you might consider finding a new, smaller home that better fits your needs. Downsizing, or “right-sizing”, not only makes life easier, it also may allow you to use some of the proceeds from the sale of your home to fund your care. We know this can be an emotional and sentimental decision to make, so it won’t be easy. We have resources available to help you kindly and carefully consider this option.
Another popular option with many older homeowners is to convert a portion of your home’s equity into funds that can be used for anything you choose, including in-home care. The amount of money available is based on the value of your home. The key is to find the right balance between using some, but not all of your home’s equity. You continue living in your home and you retain the title, which means you can sell whenever you want. Here are 3 different types of options that could be available to access the equity.
Each program has various guidelines that would apply in order to be eligible for the loan.
Each program has various ways to receive the proceeds from the product. Here are some of the options available:
1. Lump sum payment
2. Fixed monthly payments
3. Line of credit
There are a variety of programs designed specifically to help you accomplish this. We have numerous tools and options that can help make your home equity work for you, and Mutual of Omaha Mortgage can help you.
Contact me
Give me a call and I can work with you directly.
A long-term care insurance policy is designed specifically to help people pay for long-term care services they receive at home, in an assisted living facility, or in a nursing home. Many policies also include coverage for adult day-care and hospice care in addition to providing the services of a care coordinator to help locate providers and monitor care.
If you own a long-term care insurance policy, you may be eligible to receive benefits if you need help with at least two of the six following activities of daily living:
6. Continence
If you need continual supervision due to a severe cognitive impairment, you may also be eligible to receive benefits. Check the provisions of your policy for eligibility requirements and to review the benefits available to you. If you have questions on your policy, we recommend to reach out to your insurance policyholder so they can assist you directly.
Your life insurance policy may be a source of funds to help pay for in-home care. Many seniors have a life insurance policy, but are not sure what kind of policy it is or if it can help pay for in-home care.
Here are three main types of life insurance:
Term Life Insurance: Provides affordable coverage for a specific period of time. Payment amounts don’t change for the guaranteed premium period.
Universal Life Insurance: Designed to last your entire lifetime, to build cash value and to pay a benefit upon the death of the insured. You have the flexibility to customize your policy and premium payments to meet your needs both now and in the future. Whole Life
If you own a whole life policy, you generally can withdraw a portion of the policy’s cash value or borrow against it. A whole life policy can serve as a source of emergency funds for you if something goes wrong, or you may be able to take out a loan against the policy. You also may have the option to tap into the “living benefits” of your policy. This is often referred to as an “accelerated death benefit” and is available on most permanent life insurance policies, such as whole life insurance. It allows you to use a portion of the life insurance payout while you’re still living to pay for medical expenses, including long-term care services.
If you have questions on your policy, we recommend to reach out to your insurance policyholder so they can assist you directly.
There are many grants and assistance programs available for aging adults. A good place to start is the National Council on Aging (NCOA). This organization is dedicated to helping people age 60 and over meet the challenges of aging. Whether you need income assistance or help paying for food, medical care, prescription drugs or housing, NCOA is there to help. While some of these programs are for low-income seniors, they recommend any senior citizen that’s financially struggling to do a screening. They have found over 2,500 public and private programs, so there are a variety of options out there – and it’s definitely worth checking into.
NCOA partners with nonprofit organizations, government and business to provide innovative community programs, services and financial assistance for older Americans. To date, they’ve helped more than 8 million people discover over $35 million in benefits. While many of these programs are geared toward low-income individuals, it’s always a good idea to see what may be available to you.
Give me a call. We’re here to help.
21% of seniors miss out on activities due to driving limitations
Did you know that in-home care not only provides medical help, but caregivers can help seniors by offering to drive them to errands and social events?
40-75% of seniors make mistakes with their daily medication
Caregivers can help make sure seniors get the right medication at the right times. They can also help make delicious meals to stay healthy!
43% of seniors feel lonely regularly
In-home care doesn’t just provide a caregiver for medical needs, but it can provide you a support system to help you feel healthy physically and mentally!
We can help guide you through options on how to pay for in-home care. Let us help you stay in your own home.
Source: Caring for America’s Seniors: The Value of Home Care, 2016
Give me a call. We’re here to help.
For more than a century, Mutual of Omaha has been committed to listening to our customers and helping them through life’s transitions by providing an array of insurance and financial products.
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Charges such as an origination fee, mortgage insurance premiums, closing costs and/or servicing fees may be assessed and will be added to the loan balance. As long as you comply with the terms of the loan, you retain title until you sell or transfer the property, and, therefore, you are responsible for paying property taxes, insurance and maintenance. Failing to pay these amounts may cause the loan to become immediately due and/or subject the property to a tax lien, other encumbrance or foreclosure. The loan balance grows over time, and interest is added to that balance. Interest on a reverse mortgage is not deductible from your income tax until you repay all or part of the interest on the loan. Although the loan is non-recourse, at the maturity of the loan, the lender will have a claim against your property and you or your heirs may need to sell the property in order to repay the loan, or use other assets to repay the loan in order to retain the property.
These materials are not from HUD or FHA and the document was not approved by HUD, FHA or any Government Agency. For licensing information, go to: www.nmlsconsumeraccess.org