How You Can Afford In-Home Care | Home Care Assistance How You Can Afford In-Home Care | Home Care Assistance
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How You Can Afford In-Home Care

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In-home care supports the independence of aging seniors and provides peace of mind to their families and loved ones. While an overwhelming majority of older adults would prefer to age in their own homes, many never consider it an option because they assume the costs associated with a professional caregiver exceed their available finances. Before moving to a facility that is likely to cost even more money for a lesser standard of care, think about and explore the four options for funding home care listed below:
 
Reverse Mortgage: Reverse mortgages allow seniors to convert a portion of the equity in their homes to immediate funds. To qualify for a reverse mortgage one needs to be over the age of 62 and own a home outright (or with little unpaid debt on the original loan.) Reverse mortgages are an effective way to pay for in-home care—they allow seniors to extract value from their largest asset without having to sell it.   
 
Long-Term Care Insurance:  If your loved one has purchased a long-term care insurance policy, his or her in-home care costs may be covered. Flexible plans allow you to choose what type of care you may receive and the insurance company covers a certain cost per day. If your loved one doesn’t already have one of these insurance plans, you both might consider the pros and cons of purchasing one, accounting for age and pre-existing conditions.   
 
Collective Sibling Agreement: A sibling agreement is a great way for children to pay for their parents’ care while avoiding tension and resentment. Siblings who have the means to pay for the loved one’s care do so with the promise that they will be paid back with a higher stake of the collective inheritance.
 
Sell One’s Life Insurance: If your loved one owns a life insurance policy, it may be possible to sell it and receive some percentage of the original worth. Certain restrictions apply. If the insurance company won’t buy it back, there are many settlement companies that will. The money you get from either of these options is based on your loved one’s health and age. 
 
As experts in senior health and wellness, Home Care Assistance not only provides high quality care that allows seniors to live happier, healthier lives at home but also serves as an educational resource for families and professionals alike on home care, longevity and aging.

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