![](\"//img1.wsimg.com/isteam/ip/feb4a24f-362a-4efd-8874-899a83a9589f/Social%20Media%20Graphic%20Sample%20(14).png\")
When a loved one needs extra support at home, one of the biggest concerns families face is: “How are we going to pay for this?” The thought alone can feel overwhelming but it doesn’t have to be.
The good news is there are several options available to help cover the cost of home care services, many of which families aren\’t always aware of. Here\’s a quick guide to six ways you can fund non-medical home care and ease the financial burden:
1. Life Insurance
Many life insurance policies have living benefits or can be sold through a life settlement to help pay for care. This option allows families to tap into the value of the policy before it matures.
2. Reverse Mortgage
If your loved one owns their home, a reverse mortgage can turn home equity into cash providing funds to pay for care while allowing them to remain at home.
3. Health Insurance
Some health insurance plans may cover parts of non-medical home care, especially if it\’s prescribed by a doctor. Check with your provider to see what services might be eligible for coverage.
4. Veteran Benefits
Veterans and their spouses may qualify for assistance through programs like Aid and Attendance. These benefits can help cover home care and other related services.
5. Long-Term Care Insurance
This specialized insurance is designed specifically to cover services like home care. If your loved one already has a policy, it can be a key resource.
6. Workers’ Compensation
If care is needed due to a work-related injury, Workers’ Comp may help cover the cost of home support during recovery or long-term care.
What to Remember
Paying for home care may seem like a challenge at first, but with the right information and support, families can find solutions that fit their needs and budget. If you\’re unsure where to start, speaking with a care advisor or financial professional can help you explore these options and determine what’s best for your situation.
Need help navigating the costs of home care? We’re here to support you every step of the way.
Call us today to learn more: (201) 554-CARE (2273)
Visit: dayafterdayhomecare.com