Option for Private In Home Care For The Elderly
Time is Gold.
Choosing the right in-home care option is like giving them more time
Time is the best gift we can give our beloved elderly.
Our loved ones should receive the right care they need at the right time and in Correct Choice Home Care, we believe that choosing the Private Pay option is the best way to give them the optimum care that they need to age gracefully in their homes.
Consider this
Why should you look into the private pay option?
Considering the other financing options for home care services, the private pay option gives you control over your financial arrangement and tailor your loved ones needs so they can get timely care without needing for any requirement for eligibility or restriction in coverage. Below we have listed down the most common reasons why our previous clients chose private pay over the other choices for payment.
I can pay for my love ones's care through credit and debit card
Having the option to pay through card (credit/debit) give greater control to family members as they can be sure that care is given even if they are away from them.
I choose financial stability than lowering status for any eligibility.
Most of our previous clients choose to have a more stable financial capacity then restricting it to qualify for health aid eligibility.
We have more non-medical needs that needs to be addressed that are not covered by Medicaid
While Medicare provides coverage for skilled nursing care and certain home health services for individuals who meet strict qualifications, it does not cover personal care assistance or long-term custodial care.
This limitation leaves a gap in coverage for seniors who require non-medical in-home care. Private pay, on the other hand, offers greater flexibility and a broader range of services, allowing individuals to customize their care according to specific needs and preferences.
Currently non-eligible for Medicaid due to recent transfer of assets.
The five-year period before someone applies for Medicaid payment for long-term care services is crucial. During this time, the Medicaid agency checks for any asset transfers. If they find such transfers, the applicant may be disqualified from receiving Medicaid benefits for a specific duration known as the penalty period.
We chose to preserve our home equity and let them age gracefully at their loving home.
Opting for private pay over a reverse mortgage is a wise choice when aiming to preserve home equity and support graceful aging. Private pay allows individuals to maintain ownership of their home without the financial obligations associated with a reverse mortgage.
With private pay, there’s no risk of depleting home equity or incurring loan repayment obligations, offering a more secure and straightforward financial solution. This approach ensures that the home remains a valuable asset for the individual and their family, contributing to a more comfortable and financially stable aging experience.
Choosing private pay over a reverse mortgage aligns with the goal of preserving home equity while providing the necessary support for aging gracefully in the familiar surroundings of one’s own home.
Long Term Care Insurance premiums are can be financially draining.
Long-term care insurance often comes with high premiums, which can be a significant drawback for many individuals. The excessive cost of premiums can become a financial burden, especially for those on fixed incomes.
Private pay, however, offers a more flexible and cost-effective solution. By choosing to pay for long-term care services privately, individuals have the freedom to tailor their care according to their specific needs and budget.
Private pay eliminates the need for ongoing premium payments, providing a straightforward and transparent approach to financing care. This option allows individuals to have more control over their financial resources, avoiding the potential strain of hefty insurance premiums associated with long-term care coverage.
My insurance policy has limited benefits
Long term care insurance premiums may increase over time, especially if the insurance company experiences higher-than-expected claims costs or changes its pricing structure. Some policies offer fixed premiums, while others may be subject to periodic rate adjustments.
I don't want to put my loved one in a nursing home/hospice.
Letting our loved ones age in place is the best option we can give them because they will no longer need to have another adjust to their environment and would only need to think about realigning their living conditions to their current needs.
Long-term care insurance, life insurance, reverse mortgages, and private pay options are all potential ways to finance elderly care, each with its own set of limitations.
Here’s a detailed explanation of the limitations for each:
Long-Term Care Insurance:
Cost: Long-term care insurance can be expensive, and premiums may increase over time.
Health Qualifications: Qualifying for coverage may be difficult for individuals with pre-existing health conditions.
Coverage Restrictions: Policies may have limitations on the types of care covered, and there may be waiting periods before benefits kick in.
Rate of Return: Some policies do not account for inflation, potentially reducing the real value of benefits over time.
Life Insurance
Limited Benefit for Care: Traditional life insurance policies generally do not provide benefits specifically for long-term care needs.
Cash Value Utilization:Policies with cash value may allow borrowing against the cash value for care, but this can reduce the death benefit and may have tax implications.
Premium Payments: Maintaining life insurance requires ongoing premium payments, which could become burdensome for seniors on fixed incomes.
Reverse Mortgage
Loan Repayment: A reverse mortgage is a loan that must be repaid with interest, typically when the homeowner sells the home or passes away.
Reduced Inheritance: Since the home is often used as collateral, the remaining equity that could be passed on to heirs is reduced.
Eligibility Criteria: Qualifying for a reverse mortgage may depend on factors such as age, home value, and equity.
Advantages of the Private Pay Option
While private pay is often considered a favorable option due to its flexibility and lack of restrictions, the choice depends on an individual’s financial situation, preferences, and the specific care needs. It’s crucial for individuals and families to carefully assess the pros and cons of each financing option and seek professional advice to make informed decisions based on their unique circumstances.
Flexibility: Private pay allows individuals to choose the type and level of care they want without the restrictions of insurance policies.
No Qualification Hurdles:There are no health or eligibility requirements for private pay, making it accessible to a broader range of individuals.
Broader Range of Services: Private pay allows for a more comprehensive range of services, including personalized care plans.
Avoidance of Debt:Unlike a reverse mortgage, private pay does not involve taking on debt, and individuals can maintain control over their assets and estate planning.
You can contact us on our 24/7 (267) 323-1700 hotline Or send us an email: contact@correctchoicehomecare.com
Let’s customize your care plan through a private pay option.