Financial Differences Between Home Care and LTC Facilities

Living away from your aging parent(s) can be disturbing especially if they depend on you for their overall wellbeing. Home care services have become common with most people preferring the package of home care services as compared to Long Term Care (LTC) facilities. An LTC facility generally refers to the center where people with developmental or physical conditions receive health and human service programs for a long period of time.

Financial differences

You can agree with that because other than very few hours offered by CCAC in Ontario and Medicaid and Medicare programs in the United States; they never cater for the LTC services that seniors or mentally disabled people receive at the facilities, makes LTCs expensive. I have experienced people suffering financial constraints due to the large outstanding LTC debts they are yet to pay for their loved ones at the facilities. Unfortunately, some of the aging senior citizens spend all their life savings in paying for the health care services that they receive at the LTC facilities. In other words, the burden of paying for the upkeep and healthcare services is entirely left to either the elderly citizen or his family members.

I prefer home care because it offers your elderly relative an opportunity to get professional assistance from experienced and trained caregivers at an affordable price. There are several private agencies that are insured, licensed and bonded in offering homecare services to senior citizens in various states. The professional caregivers offer specialized care to sufferers of Alzheimer’s disease and Parkinson’s disease as well.

How to pay for care

LTC insurance cover is a viable option. If it was purchased well ahead of time, it can come in handy in paying home care the first day it’s needed. Hence, you should check your parent’s policy so as to know whether it can pay for housekeepers, caregivers, companions or therapists that will be taking care of your parent.

Seniors can also get help from get assistance from local state agencies or some local non-profit agencies. This is not the best option though because home care services are limited due to the supply-demand issue. I will prefer that you take it upon yourself to get the best care that your loving parent deserves.

Low-income earners who have a few assets can also qualify for Medicaid in the United States. Through the Medicaid program, your parent can be able to get money to pay for the care that he or she gets even when you’re living far away. Interestingly, seniors can also qualify for the Medicaid program even if they have too many assets and income. Hence, it’s prudent that you confirm whether your parent can qualify for the program before you try other options.

Another viable option is the Medicaid Personal Care Assistant Services. This is a tailor-made program that is specifically structured for people who have functional impairment difficulties. However, you ought to check with the relevant authorities in your state because, it’s a statewide option that is not available everywhere in the country. Moreover, the service is only available medically eligible beneficiaries.

Home Equity Conversion Mortgage (HECM) (reverse mortgages), is also one of the methods you can use in paying for your home care services. Remember, this is not an equity loan that you’ll have to repay. In addition, you’ll own your home and still get the best home care that you deserve.

When home care seems out of reach, ensure that you extensively consult with local agencies. I can assure you that home care is more affordable than LTC facilities. Besides remaining at your home and receiving professional help from the comfort of your own home, you’ll only need to pay a minimum cost compared to the LTC prices.