How Families in & Near Bangor, ME Can Help Seniors Pay for Home Care

Those we care about may need help with activities and duties of daily living as they become older. Visiting Angels Mid Maine is a private pay home care provider that helps older adults in Bangor, Brewer, Hampden, Orono, Old Town, and the nearby communities get the support they need to continue aging in place safely and comfortably. As a private pay agency, however, we do not take private health insurance, Medicaid, or Medicare. Since this is the case, we encounter many families who are concerned about the cost of hiring a professional caregiver.

Costs for in-home care services in Maine may range from very affordable to very expensive, depending on factors including the level of care needed and where in Maine the senior lives. For example, the average monthly cost of home care in Bangor is $7,245 per the Genworth Cost of Care Survey. This cost may be hard for some families to handle because it can add up quickly. But there are methods to lower the cost of home care services.

Options for Paying for Professional Home Care in Bangor, ME and Nearby Areas

There are a number of different options available to seniors in Bangor and the surrounding areas in order to assist them in paying for professional home care services provided by Visiting Angels Mid Maine. Families can find a solution that works best for their loved one's needs and budget by looking into solutions like reverse mortgages, long-term care insurance, senior settlements, and programs that make services more affordable for elderly veterans and surviving spouses.

Here are some options you should consider exploring:

Reverse Mortgages and Home Equity Line of Credit (HELOC)

Professional home care may be paid for in part by seniors in Bangor and the neighboring areas using their assets. The Home Equity Line of Credit (HELOC) and reverse mortgages are two opportunities that are available to homeowners who need senior care. A reverse mortgage is a kind of home equity loan that lets seniors borrow against their home's worth rather than their monthly income. This kind of debt is often repaid when the homeowner either sells their property or dies.

Another option is a home equity line of credit (HELOC), which functions similarly to a line of credit and allows seniors to obtain funding against the equity in their house whenever it is required. The interest is tax-deductible, and the loan may be repaid at a slower pace. Keep in mind that there are certain requirements and costs associated with each choice.

A reverse mortgage consultant can help seniors who are interested in learning more about these possibilities. Seek the advice of a trustworthy and competent counselor if an elderly relative is thinking about getting a home equity loan or reverse mortgage.

Some local reverse mortgage counselors include:

Senior Settlements from Life Insurance Policies

Seniors in Bangor and nearby areas may be sitting on life insurance policies they'd rather not renew. One possible solution to cover the costs of professional home care in these situations is a senior settlement, which is also called a life settlement. Here, the insurance is sold to an outside party for a certain amount, and the policyholder gets their money back. Seniors may use this money to pay for the care they need. Your elderly relative may benefit from the services of a broker if they are considering applying for a senior settlement.

Some brokers who can help with this process include:

Veterans Administration (VA) Benefits

Elderly veterans and their surviving spouses may be to use pensions and benefits through the Veterans Administration (VA) to help cover the cost of professional home care. If your loved one is currently receiving a pension or benefits through the VA, they should look into providers that are part of the VA Community Care Network, like Visiting Angels Mid Maine. Providers in this network are able to provide services that veterans can't receive from their local VA facility and can utilize their benefits to pay for services.

If your loved one is a veteran and wishes to utilize their VA benefits to pay for professional home care from Visiting Angels Mid Maine, they will need to get a referral from their VA health care team. Here are the steps on how to get a referral:

Find a VA Community Care Network provider
Ask their health care team for a referral (may take up to 14 days)
Schedule an appointment or ask the health care team to schedule one on your behalf
Receive an authorization letter

Seniors can get help navigating the process of applying for a pension, benefits, or a referral to a provider in the Community Care Network by contacting the Bangor Vet Center or the Bangor VA Clinic.

Long-Term Care Insurance

When searching for methods to pay for expert home care, seniors in Bangor and surrounding areas should also think about long-term care insurance. Coverage for long-term care expenses, such as those for in-home care, may be made easier with this kind of insurance policy. Getting long-term care insurance before you need care is important because it might not be available or affordable later on. If you are thinking about getting long-term care insurance, it is very important to work with a reliable and skilled company.

Additionally, if your senior loved one is currently on MaineCare and is concerned if their benefits will impact their eligibility, you may want to consider a policy that is approved for Maine's Long-Term Care Partnership program. With partnership policies, any benefits that are paid out MaineCare will not factor in those assets when determining eligibility for assistance with long-term care costs.

Some local insurance providers in Maine that offer long-term care insurance include:

Working with a Financial Planner

Finally, one of the best ways to afford professional home care for seniors in Bangor and nearby areas is by working with a financial planner like the Senior Planning Center. Seniors can make a budget and look for ways to lower the cost of home care with the help of a financial planner. A financial planner can also help your loved one keep track of their assets and get the most out of benefits that can help them pay for a professional caregiver.

Personalized Care Plans at Visiting Angels Mid Maine

Here at Visiting Angels Mid Maine, we know that every client has their own specific requirements and preferences when it comes to senior care. Because of this, we tailor our care plans to meet the needs of each individual client while also taking their schedule, needs, and budgets into consideration. Since we first opened our office in 2016, we have made home care more accessible for seniors in Bangor and nearby areas by providing a personalized approach. This has allowed us to guarantee that our clients only pay for the services that they truly need.

We hope that families in Bangor, Brewer, Hampden, Orono, Old Town, and other nearby communities have found this article useful in their search for options to pay for expert in-home elder care.

Call our Bangor, ME office at 207-573-1861 or fill out our form to schedule a free in-home consultation.

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