There comes a time in life when people just can’t do what they used to do.

When this happens, family members want to do all they can to help. However, with work and other responsibilities, many people don’t have the time required to provide the care their loved one needs.

In these cases, a home care service is a lifesaver.

But many people feel in home care isn’t an option for their family. It seems like an impossible expense.

We have good news, though. With a little time spent investigating, you might be able to find at least one way to cover the cost of a home care for your senior family member.

7 Clever Options to Pay for In Home Care

Here are a few clever tools families have discovered to help them pay for home care.

1. Your Life Insurance Policy

Typically, a person purchases a life insurance policy to ensure their spouse or children are cared for in the event of premature death.

At this point in your loved one’s life, though, the money in the policy might be put to better use.

Some policies allow holders to tap into the funds available to pay for certain senior services, like a home care service.

2. Evaluate Your Veterans’ Benefits

If your loved one is a veteran, they may be eligible for skilled in home assistance. This means the government will pay for a home aide to assist your loved one with:

• Bathing
• Cooking
• Medications
• Shopping
• Cleaning
• Running Errands

3. Consider Getting Long-Term Care Insurance

A lot of long-term care insurance policies only provide coverage for care within a nursing facility. There are some, though, which will pay for home care services. It’s definitely worth checking into, especially if you already have a policy in place.

4. A Retirement or Pension Annuity

Annuities help seniors turn their retirement savings into an income stream. They provide seniors with the security they had when they received a regular paycheck from their employer.

If necessary, allowances can be made to use the money in this fund to pay for in home care.

However, a certain amount of time needs to pass before you can make any withdrawals. And you’ll want to talk with a tax specialist to see how the government views the money in the annuity as well as that which is removed.

5. Medicare or Medicaid Benefits

Depending on your loved one’s financial status and the condition which has rendered them in need of in home assistance, the state might be willing to help.

Low income individuals depending on financial and medical needs may be eligible for in home services through Medicaid.

Medicare is somewhat harder to get money from. But there are certain conditions in which seniors are eligible for this type of financial assistance.  This is normally tied to receiving short-term skilled care through home health or through hospice care.

For those who qualify, the Medicaid home and community based services can provide some great long-term care assistance.

6. Your Family Might Want to Try a Bridge Loan

A bridge loan is a short-term loan which usually lasts no longer than a year. How is this helpful? On its own, it might not seem like the best long-term plan. However, it can bridge an in-home care payment gap which might happen if you’re waiting for your loved one’s benefits to kick in.

7. See Who in the Family Can Make a Contribution

Finally, you can ask family members to make a contribution toward your loved one’s home care services.

If they have the funds, they might choose to make a one-time contribution or provide a monthly payment instead.

The thing about this option is the link between family and money can get tricky. Therefore, it’s always best to get an agreement in writing. Many people will object to this at first. “We’re family. There’s no need for legalities,” they might object.

The reality is, though, a written agreement will protect each person involved. It is also a great way to ensure there are no miscommunications or misunderstandings.

Home Care Service Keeps Seniors Happy and Independent

The goal of senior home care is to keep seniors independent for as long as possible. The longer they’re independent, the happier they’ll be. This is possible by investing in senior home care.

With a little time spent investigating, you’ll likely be able to find a way to cover in home care costs.