Financial planning for in-home care

| Aug 14, 2020 | Financial Planning

Getting older can go hand-in-hand with declining health, troubling medical conditions and limited mobility. As such, many people will eventually require personal and medical care. Often, people want to receive this care in their own homes so they can maintain their independence and feel more comfortable.

However, not every person can afford in-home care. If you hope to receive in-home care at some point, now can be an excellent time to start your financial planning.

Financial planning tools

Depending on your needs and your financial situation, you can pursue any number of planning strategies that can make it possible to afford in-home care.

Using a qualified Medicaid planning attorney, there are many options which can allow you to preserve property and still qualify for Medicaid, which can then cover in-home care. You can use funds from a life insurance policy or annuities. Investments and loans can also help you cover these costs. There may also be programs like Programs of All-Inclusive Care for the Elderly (PACE) to help people pay for in-home care.

Legislative efforts to expand care resources

Recently, former Vice President Joe Biden announced a plan called the 21st Century Caregiving and Education Workforce plan.

Included in the plan to invest $775 billion in the caregiving economy are expanded options for the elderly to receive in-home care. The options would involve increasing Medicaid funding, examining non-traditional care models, and adding hundreds of thousands of jobs for caregivers.

No matter what your political beliefs are, this plan could have a dramatic effect on your long-term care plans if it moves forward, as can any other legislative action that impacts Medicaid and other elder care resources.

Don’t wait to plan

While you may be healthy and independent now, waiting to plan for your care needs when you get older can be a mistake.

Thinking about your planning now can allow you to examine the many strategies available, some of which may not be feasible if you wait too long. It also means you can maximize your contributions over time and protect your property.