Financial Options

You want the best for your loved ones. You know there are many excellent care options available but you can’t imagine your mom or your dad living anywhere else but home. They, too, want to age in the place that they know best in comfort and familiarity. They don’t want to leave behind all the history and memories that their home holds. Many people your parents’ age feel the same way. Given the choice, most seniors opt to stay in their own homes as they get older.

 

Whether your loved ones require round-the-clock care or just help with personal care and housekeeping, home health care services can help keep them living safe at home with comfort, independence, and dignity. In fact, studies show that individuals 65 or older who live in their own homes rather than move to a retirement or nursing facility actually increase their mental health as they age. From a financial standpoint, it is actually cheaper to stay at home and your loved one receives better, more personalized care whenever and however they want.

 

The below figures are median costs in the State of Florida sourced from 2018 Genworth Cost of Care Survey, the most comprehensive study on long term care costs across 15,000 providers in 440 regions.

  • Home Health Aide / Homemaker: ~$4,000 / month, 44 hours per week of personalized home care.
    These costs have only increased at 1.50% each year since 2004.
  • Assisted Living Facility: ~$4,000 to $15,000 / month, private one bedroom room with very limited care.
    These costs have increased 4.0% each year since 2004.
  • Nursing Home: $7,400+ / month for a semi-private room and $8,400+ / month for a private one bedroom room both with very limited personalized care.
    These costs have increased 3.0% each year since 2004.

 

Understanding your payment options

Everyone has unique circumstances. The process of determining the best option for home care and the associated costs can be challenging. For that reason, we wanted to explain some of your funding options. Our dedicated staff can answer any initial questions you might have, but we cover everything in depth during the consult in order to develop customized plan.

Let us help ease the hassle of paperwork and dealing with insurance companies.
Many home health care agencies accept a variety of payment options and are often willing to work with your family to plan appropriate financing. Your parents may qualify for benefits through one or more of the following options:

Life / Long-Term Care Insurance: If your parents have been contributing to a long-term insurance plan, it may be time to take advantage of it. Long term care insurance protects your family from having to be caregivers and it offers many flexibilities around custodial care services. We can answer any questions around your long term care policy and can also connect you with specialists should you need additional guidance. We work with all of the long term care insurance companies operating in Florida, including but not limited to:

·         Bankers Life & Casualty

·         Genworth Financial

·         MassMutual Financial Group

·         Mutual of Omaha

·         New York Life

·         Northwestern Mutual

·         State Farm

·         Thrivent Financial

·         LifeSecure

·         Transamerica

Health Savings Accounts: For those with an eligible high-deductible health insurance plan, a health saving account offers a way to put aside money tax-free for medical costs, such as long term care. They are often called health IRAs and those who have long-term care insurance can pay their premiums with these moneys.

Private Pay: Some families choose to pay for home care expenses out-of-pocket. Retirement income, pension, social security, savings, stocks, home equity, or gifts from family members are all possible sources for covering home care expenses. If you do choose to pay privately, BBHC is happy to work out payment terms with you.

Short Term Care Insurance: These plans are similar to long-term care policies but benefits are typically capped at one year. Not only are they less expensive, but they may also be available to older seniors or those with complications who may otherwise not be eligible for long-term coverage.

Veterans Benefits:The Department of Veteran Affairs provides those with a service-related disability access to long-term care. Family caregivers may also be eligible for compensation through the agency’s Aid and Attendance program. Please contact the Department of Veteran Affairs for more assistance.