The ideal way to fund in-home care is to have a Long Term Care insurance policy. Unfortunately, few seniors made the investment in these policies earlier in their lives and now these programs are either cost prohibitive or not available due to senior’s age or health. Before you start consuming your assets or asking your children to pay for your care, there are three other options you may be eligible for.
Veteran Benefits
If you are veteran, you can call 1-800-827-1000 to find out what benefits you are eligible for. Family members and Powers of Attorney can also call, provided they have the veteran’s birth date and Social Security Number. The VA has two main programs:
Home Health Aide Program. VA will fund 2 to 4 hours per day of in-home care. If you are receiving care from the Veteran’s Administration, you are already qualified for this program if your VA physician feels you need in-home care.
Aide and Attendance Program: Monthly stipend up to $1,700 to be used for in-home care. This program is means tested, so not all veterans will qualify.
Pennsylvania Department of Aging
The Pennsylvania Department of Aging has two programs to help seniors receive in-home care. These are the PDA Waiver Program, which is funded by Medicaid, and the Options Program, which is funded by proceeds from the Lottery. Both programs are means tested. The senior must have a gross income below $2,250 per month and have less than $7,000 in assets to qualify. Eligibility criteria can change, so you should contact your County’s Department of Aging to get the most current information. Below are contact numbers by county:
Chester County Dept of Aging Services 610-344-6350
Delaware County Services for the Aging 610-490-1300
Montgomery County Aging & Adult Services 610-278-3601
Philadelphia Corporation for Aging 215-765-9000
Reverse Mortgages
Reverse Mortgages allow you to access the equity in your home, but they are not for everyone. You should talk to a qualified Reverse Mortgage Specialist to understand if this option is right for you. The amount of funding available for a reverse mortgage is based on the equity you have in your home, your age and interest rate. Loans can be FHA insured and reverse mortgage payments are nontaxable. On the downside, you are consuming an asset you may wish to pass onto your heirs.
Tags: Devon 19333, elder care, in home care, Malvern 19035, senior care
