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Receiving care at home is the most preferred long term care option by Americans since they’ll be much closer to their loved ones and you can never deny the fact that it’s more comfortable to be home sweet home all the time. This is the reason why there more and more people seek help from home care agencies . Everyone is free to hire a caregiver provided that they can cover the cost of the services they will need. Interested parties actually have three payment options to choose from namely, private pay, through state and local programs, Medicare and long term care insurance. The latter is definitely the best way to pay your home health aide but people react differently. How? More people pay for home care straight from their pocket compared to those who rely on their long term coverage. Private pay may be the most popular payment option but it doesn’t mean that it’s the best among the three and people should continue their practice. The may be earning a lot these days which make them feel confident that their savings are enough to take care of their needs in the future. The cost of home care is not constant, so as the years go by the cost continues to increase and the money they have saved may not be enough to cover their expenses. Relying solely on Medicare is not a good option as well because it has limitations. It only covers medical care but exceptions are given in special cases when custodial is considered as an integral part of an authorized medical care done at home. There’s a slim chance you can pay home care agencies in this way and it’s not worth it to take the risk. Certain states and local governments are more generous in providing for financial help to those who need home care services. People eligible to these programs are only those who have low income and it’s impossible for them to shell out any amount. But before you start rejoicing, you need to understand that the coverage is limited to short-term home care only. The best chance that people can afford to pay for elder care specialists is by purchasing long term care insurance. Companies offer a daily benefit amount that range from $100 to $200. This is more than enough to cover your custodial care cost but if ever you go over the limit you need to pay the extra from your pocket. There are agencies that require you to pay the agency first and then submit the bills to your ltc insurance company. While there are some that process all the documents for you and they get paid directly by your insurance company. The highly recommended payment option for people who receive custodial care at home is through ltc policy. Your insurance company will pay your extended care bills to home care agencies. So there’s no need to touch your savings and assets because your policy will take care of everything.
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