How Seniors in Raleigh, NC and Nearby Areas Can Pay for Home Care
Our loved ones will naturally need more help with day-to-day activities and responsibilities as they age. Visiting Angels of Raleigh can help with this by giving your loved one professional home care. Our private pay home care agency is dedicated to provide older adults individualized assistance with personal care and Activities of Daily Living (ADLs). Still, we understand that families may be worried about how to pay for in-home senior care.
We will talk about different ways that families in Raleigh, Cary, Wake Forest, Fuquay-Varina, Apex, and other nearby Wake County, NC cities can help their elderly loved ones pay for Visiting Angels' professional home care services.
The Cost of Professional Home Care in Raleigh, NC and Surrounding Areas
The average monthly expense for in-home care services for elderly individuals in the Raleigh area is $5,243, as reported in a Genworth Financial study. This cost can change based on the type of care needed and where it is provided. The rising expense of home care services may leave families feeling stressed and worried about how they will pay for their loved ones' care.
Making Professional Home Care for Seniors in Raleigh, NC and Surrounding Areas More Affordable
Families in the Raleigh area may choose from a number of programs designed to ease the financial burden of Visiting Angels' expert home care services on their elderly loved ones. Our staff is here to help families explore these choices so their loved ones may age in place comfortably with the care they need.
Professional home care might be expensive, but there are methods for seniors to save money. Consider these examples:
Getting a Reverse Mortgage or a Home Equity Line of Credit (HELOC)
One advantage of homeownership for seniors is the ability to utilize home equity to fund any professional services they need in the long term. Seniors may borrow money against the value of their house with a reverse mortgage and use the money to pay for expenses related to professional home care. Conversely, a home equity line of credit (HELOC) allows seniors to borrow money as required and repay it over time, similar to a line of credit. Both of these choices can help seniors in Raleigh and nearby areas get the money they need to hire a professional caregiver.
Seniors must fulfill certain criteria and complete the following steps to qualify for a home equity line of credit (HELOC) or reverse mortgage:
- Meeting with a reverse mortgage counselor: As a first step in the reverse mortgage application process, seniors are required to consult with a reverse mortgage counselor who has been authorized by the Department of Housing and Urban Development (HUD). They can have this meeting in person or on the phone.
- Choosing a lender: Any financial institution or mortgage lender may help seniors get a home equity line of credit (HELOC) or reverse mortgage. To get the greatest deal, you should look into several lenders and compare their conditions and interest rates.
- Undergoing a financial assessment: Lenders will evaluate a senior's current financial condition in order to decide whether or not they are qualified to get a reverse mortgage or a home equity line of credit.
- Closing the loan: When the loan is finalized, your senior loved one will have the money to pay for home care services.
Some reverse mortgage counselors that can help seniors in Raleigh and surrounding areas include:
Getting a Senior Settlement from a Life Insurance Policy
A life insurance payout might cover the costs of in-home senior care. Seniors may use the money from selling their coverage to someone else to pay for care-related expenses. This choice might work for elderly people who aren't in the latter stages of a life-threatening illness but have a shortened life expectancy.
The sale of a life insurance policy to an outside entity in exchange for a single, large payment is known as a life insurance settlement or senior settlement. This could help seniors get the money they need to pay for professional home care. Families should think about the senior's life expectancy, the cash surrender value of the policy, and the premium costs when thinking about a senior settlement.
Brokers who can help seniors in Wake County explore this option include:
Benefits from the Veterans Administration (VA)
Some VA pensions and benefits may cover the cost of professional home care for elderly veterans and their surviving spouses in Raleigh and surrounding areas. The Aid & Attendance program is one that helps veterans financially if they need help with ADLs.
Eligibility criteria for this program include:
- Being over 65 years old
- Having served in the military during wartime
- Having a disability that requires assistance with ADLs
- Meeting certain income and asset limits
To apply for Aid & Attendance benefits, seniors can contact the Raleigh Vet Center, consult with the Senior Veterans Council, or visit va.gov for more information. Additionally, the team at Visiting Angels of Raleigh can help you determine if your loved one could be eligible for Aid & Attendance and guide them through the process of applying.
Long-Term Care Insurance
Having long-term care insurance may help seniors in Raleigh and the surrounding communities afford expert home care. With this type of insurance, seniors may age in place with peace of mind knowing that any care they need will be covered.
Those over 65 who have long-term care insurance can use it to pay for professional senior care. Assisted living, nursing homes, in-home care, and other forms of long-term care are usually covered by this insurance. Prospective policyholders should give serious thought to their requirements and circumstances before making a final decision on a policy.
Additionally, seniors in Wake County who are on Medicaid or have an estate should also consider a North Carolina Long-Term Care Partnership policy when looking into their options for long-term care insurance. Not only can a partnership policy cover expenses related to professional senior care, but for every dollar they receive in benefits from their policy, a dollar of assets is protected from the long-term care Medicaid asset limit and are exempt from Estate Recovery in the same amount.
Some long-term care insurance providers that can help seniors in Wake County find the right policy for them include:
Talk to a Financial Planner
Expert in-home care may be expensive, but a financial planner can assist seniors and their families figure out how to pay for it. They can help you make a budget, find ways to save money, and make the most of your income sources. For example, they may be able to tell you whether it's a good idea to utilize long-term care insurance or a reverse mortgage.
Local financial planners that can help seniors in Raleigh and nearby areas explore their options include:
How Our Personalized Approach to Home Care Helps Families in Raleigh and Nearby Areas Afford Our Services
We at Visiting Angels of Raleigh know that each senior's situation is different. Because of this, we customize our care plans to the specific requirements, interests, and schedule of each individual client. Home care can be less expensive when it is tailored to each individual's needs, allowing seniors to pay only for the services they really need.
Our custom-tailored approach to caring for seniors and commitment to making a major impact in the lives of seniors in our care has made us one of the leading senior care providers in Wake County since 2000.
Call our Raleigh, NC office at 919-787-4317 or fill out our form to request a free in-home consultation today!