Paying for Senior Care
Learn more about financing senior care and home care services.
There are a variety of ways your older loved one can fund long-term care services and senior housing. Some of the most common ways to pay for senior care include Medicare, Medicaid, Veterans Administration benefits, long-term care insurance, and out-of-pocket. Let’s take a closer look at each of these options.
Senior Care in Pittsburgh, PA
Medicare does not pay for extended care and only covers long-term care in certain circumstances. It is designed to fund short-term, home health care for skilled nursing, occupational, physical, and speech therapy, assistance with personal care tasks, and medical social services.
Additionally, it covers up to 100 days of nursing home care in specific situations as well as the cost of some medical equipment designed to use at home. Hospice care for individuals with a limited life expectancy and a terminal illness is also paid for by Medicare.
The largest public long-term care payer is referred to as Medicaid. Seniors who qualify for Medicaid can enjoy funding for nursing home care and other costs that are not covered by Medicare. Some in home care services may be paid for by Medicaid as well.
In order to qualify for Medicaid, seniors must meet eligibility guidelines that vary from state to state. In most cases, those who receive Supplemental Security Income qualify for Medicaid automatically. Those with a limited amount of assets and income typically qualify too.
While long-term care insurance can help older adults pay for long-term care, it can be very expensive since premiums increase with the age of the policyholder. Seniors should determine whether they can afford to pay for long-term care insurance on a fixed income. It’s a good idea to consult a financial planner prior to purchasing a long-term care insurance policy.
Some Veterans as well as their spouses may qualify for Veterans Administration (VA) benefits which can cover a part of their in-home care expenses. Those eligible for this benefit are veterans or surviving spouses who have served at least 90 days on active duty with one day during a period of war.
Often times, seniors must pay for long-term care and in-home care out-of-pocket because they do not qualify for Medicaid and Medicare and cannot afford long-term care insurance. The cost of care will be based on the amount and type of care a senior needs.
Comfort Keepers of Fox Chapel and Pittsburgh, PA provides leading in home care services to:
Allison Park, Apollo, Arnold, Blanchard, Blawnox, Cheswick, Freeport, Fox Chapel, Gibsonia, Leechburg, West Leechburg, Lower Burrell, Natrona Heights, New Kensington, Oakmont, Springdale, Tarentum and Verona, PA