Have you been struggling to pay for home care? In this article I will explain easy ways that you can use to pay for home care without struggling so that you get all the care services that you or your loved one needs. These ways will also save your costs. The ways described below will ensure that you get the most quality services even from home care agencies as opposed to independent care givers who provide low quality services to your loved ones.
1. Home care Loans. They are designed specifically for elderly people and they are intended for short term home care as the family is waiting for other financial solutions. This is the best payment option especially for the loved ones who needs urgent home care services and they do not have money at the moment. The loan borrower is expected to repay it back in lump sum by either selling the available assets or by using other financial aids such as charity organizations to repay.
2. You can also seek help from a charity organization or a church to contribute the funds and pay for you. For example those who are suffering from serious HIV/AIDS may require more companionship and more help. If they are from poor families they may get help from charity organizations like USAID. In that case they will be able to live without stress and it will have also saved their costs of living. You may also need other care giving help such as renovating your house so that it can’t result to injuries that can come from a falling wall. In that case you can talk to the charity organizations and they will be willing to offer their help. They will give out some money that will be used to pay home care agencies or individual home care givers to provide all services for you.
3. Reverse Mortgage. They are loans that were designed by the government to be used specifically by Widows. What happens is that the widow has to apply for the loan so that she gets a home care until she dies. The property or the house belonging to the widow will be used to repay the loan in the event of her death. The advantage with this kind of loan is that the widow will continue to receive home health care services even if the loan exceeds her home’s worth. Reverse mortgage have its own limitations; Your loved one has to be 62 or older, and she has to own her home, either outright or with little debt left on the original loan. (The bank that holds the original loan must be paid back before payments are made on the reverse mortgage.) The bank decides on a value based on the home’s worth and also based on your loved one’s age, since that affects the length of time the payouts must cover.
4. Use annuity to pay for home care. This works best for those who have pensions. If you have just retired from a full time job you can use pension to pay for your home health care. This is almost the same us using the life insurance policy. Once you are still working there are some savings benefits that are made for you by the organization that you are working for. The savings are part of your working benefits. Once you retire you will be able to withdraw the money from your bank account. Therefore if your savings are high you will have more benefits and you will be able to choose any type of care giving services that suits your needs. With some good savings you can be able to choose home care service provider agency because they provide the best services to your loved ones as opposed to in depended care givers. This payment option applies to those who were employed and have retired. It is also the best payment option because you would have saved some other money from your salary for business while you were working. If your salary was good and you were using it well before you retire then you can comfortably convert the entire pension to care giving service.
5. Workers compensation. Most companies and organizations will always reward their employees for the good work. This can be done by helping them especially if they are in difficult situations such as losing their beloved ones. In such a case the company will compensate the employee by giving out some money that can be used in the funeral. Another good example is whereby an employee can be involved in an accident which results to serious injuries. The company or organization can help out with the treatment in addition to the accident insurance which the employee may have registered to.
It is upon you to choose which type of payment that is suitable and that meet your loved one home health care service. The ways mentioned above are the most cost effective for any person who falls in the specified group. Therefore consider using them if you need to pay for care services. The most important thing is that they ways above are all accepted by most home care agencies that provide the best care giving services ever.