Home care services may possibly include daily help with feeding, dressing and undressing, bathing, light housekeeping and medication reminders.
Social Security and Medicare
Social Security is a retirement fund and disability pension for disabled workers. The amounteach man or women will receive is dependent on the sum paid into the fund during his or her working years. If a spouse passes away , the surviving spouse is entitled to widows or widowers pension. For more than half of Americans, Social Security benefits will be their huge resource of wages when they retire.
Medicare
Medicare is offered to many people age 65 and older. Medicare will pay for home care services that belong to the category of “home healthcare” or “skilled care”. This means that the therapy must be provided by a professional, must be ordered by a physician and the care recipient must be homebound in order to receive it. Medicare cannot cover companion home care services. It will not cover private duty home care services.
Private Income
For many consumers, wages from different sources such as income off an established organization may have a secure margin in their bank account by which to purchase home care services they may need now or later on. Any CDs linked to these accounts are also an added gain.
Retirement funds such as a 401(k), IRA, Keogh or other such groupings are solutions to consider also when figuring out how much and which level of care is needed for the senior loved one.
Pension plans available to employees of some companies have provided sufficient cash for the retirees to live on and complement other cash flow they may have.
Stocks And Stock Mutual Funds
Some retirees are living off stocks or funds from the stock market. It is true that with the instability in the stock market of recent years, this is changing the way some individuals are looking at retirement income. There are still about 14 percent of retirees that have an income from this source.
Because of tax advantages for withholding stocks outside of retirement accounts and the income tax they must pay on withdrawals from the traditional 401(k)’s and IRA accounts, it is a good idea for seniors to have a good investment firm or certified financial planner helping them.
Home Equity
The equity earned on a home is another way of financing a retirement and any home care services needed in their advancing years. Sometimes the adult children are unable to provide all the care for their parents and must rely on some in-home care of their loved ones. This is just one more avenue that can be explored for possible means of financing home care for the family. There are more advertisements than ever about reverse mortgage as a way of having a retirement fund. Most financial planners will advice this as a last resort only.
Veterans Aid & Attendance Pension
This pension allows for veterans and the surviving spouses financial support that are in need of home care services this includes individuals who are in nursing homes and assisted living facilities.
Medicaid or Medi-Cal
Medicaid or Medi-Cal (in California) is a state funded program for individuals that require home care services (IHSS), are in a skilled nursing or intermediate care home and do not have any other income other than Social Security benefits.
With just a little analysis and financial planning , home care services for our aging loved ones need not be a concern to the adult child. Whether the time is today or in the future, a seemingly challenging task is actually quite easy to navigate with proper planning.
For information about how A Moments Notice Home Care can help your family with home care services in Juno Beach, FL, call (561) 743-7774. We are a home care agency that is dedicated to helping the elderly, veterans and the disabled in our community.
