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As we age, maintaining our quality of life becomes more expensive. Medical costs increase, and in-home care for seniors can become a necessity. While insurance policies and Medicare help with medical expenses, companion care costs are often paid for out-of-pocket. With a little planning, though, you can make it easier to pay for in-home care.
For seniors who own their homes, a reverse mortgage may be an option. With a reverse mortgage, the bank makes payments to the homeowner instead of the other way around. When the owner moves or passes away, the money (plus interest) is repaid to the bank. Reverse mortgages can be a good solution for seniors whose greatest asset is their property.
Home equity lines of credit (“HELOCs”) may also be an option, for seniors with equity in their homes and some form of reliable income. In order to qualify for HELOCs, borrowers need to meet tougher credit tests, but HELOCs often have lower loan initiation fees and other costs.
If your loved one was a veteran, the Veteran’s Aid and Attendance program might be able to help. There are several conditions that must be met, but those who are eligible may qualify for up to $1,600 towards in-home care expenses.
Lastly, many families facing elder care expenses have found the best option is split the cost among the children and grandchildren. Dividing the responsibility several ways makes it easier on everyone. Most family members are thrilled to help care for the parent or grandparent who gave them so much throughout their lives.
Before making any decision about paying for in-home care for seniors, talk to your geriatric care manager. They are your best source of information about options to help defray the costs of growing older.
Originally posted 2010-08-10 21:40:48.