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Who pays when seniors get home-based care?

On Behalf of | Apr 30, 2021 | Financial Planning, Medicaid Planning

People’s health often declines as they get older. They may become less mobile, and they may start forgetting things from time to time. Because of this, it can be challenging to do everything you need to do, especially if you live alone or with a partner in a similar condition.

But this shouldn’t mean that you have to move out of your home. With some financial planning now, you can improve your chances of staying in your home as long as possible.

Financial tools that can help you stay home

One of the primary reasons people move out of their homes when they get older is that they cannot afford to pay for the help they need to provide the appropriate in-home care. Thus, they wind up having to move into assisted living or nursing home facilities earlier than they want or need to.

To avoid this, you can explore options that can help you pay for in-home care services as long as possible. These options can include:

  • Life insurance policies
  • Long-term care insurance
  • Personal savings
  • Veterans’ benefits
  • State and federal benefits programs

These and other options can maximize the time you receive care in your house because they can prevent you from draining your finances prematurely.

Medicaid for home-based services

People often assume that Medicaid will cover their in-home care. However, this is not necessarily the case. In Colorado, our state Medicaid program does cover in-home care services, but there is a limit to the number of people who can be enrolled. 

So, even if you meet the eligibility requirements for Medicaid (Health First Colorado), you could be on a waitlist.

Further, not all states have this program, so if you live elsewhere, their Medicaid program may not cover in-home care. That said, there is currently a bill moving through Congress that would make home and community-based services (HCBS) mandatory on a national level.

Creating a plan that works for you

If you want to stay home and receive care as you get older and your needs change, proactive financial planning can help you accomplish this. Whether you set aside money, purchase insurance or expect to qualify for Medicaid, finding the right plan for you now can make a world of difference in the future.