Many families have low incomes or fail to make plans and end up in a financial dilemma when the time comes for their senior parents to receive Perth in-home care. However, even if you are in such a situation, there are still resources to help finance your elderly loved one’s long-term aged care.
The Medicare low-income subsidy (LIS) helps cover the health care of individuals who need financial assistance, and each state or territory has its own Medicare program. All states and territories normally choose whether to cover institutional care like nursing homes or community and home-based services such as assisted living and home care. Eligibility for Medicare varies depending on the state or territory, but to be eligible for the LIS, your loved one is required to have limited financial resources or some form of impairment.
2. Health Savings Accounts
Health savings accounts, also called HSAs, are a tax-advantaged source of money you can use for health care expenses that are not provided by your loved one’s insurance. Funds are rolled over to the account every year and investment gains are tax-free, enabling the account balance to grow in a very short time. Withdrawals for medical expenses are also not taxed.
3. Home Equity
The equity many people have built in their homes is often used to finance aged care. Your loved one can sell his or her home and use the equity to pay for home care services. Alternatively, he or she can get a home equity loan and pay it back in regular small installments.
4. Department of Veterans Affairs
The Department of Veterans Affairs may in some cases pay for long-term aged care. Seniors who seek financing through Veterans Affairs should meet the required criteria for service-related disabilities. In some cases, the financing is used for those with disabilities unrelated to service and cannot pay for home care.
These are just a few ways to help pay for the aged care services your loved one needs to enjoy a higher quality of life. If you have additional questions about how to finance his or her care, reach out to Home Care Assistance today. It is our goal to help our clients find the services they need to make home care possible. We also offer Alzheimer’s, dementia, Parkinson’s, and stroke care in Perth for seniors who need specialised care. For more information on our aged care services, call one of our experienced Care Managers at [hca_phone] to schedule a free consultation.