Finding Ways to Pay for Professional Home Care in Virginia Beach, VA
Additional help with personal care and everyday activities may be necessary as our loved ones get older. But for some families in Virginia Beach, VA, the expense of in-home care professionals is a big concern. Home care for seniors in Virginia Beach can cost over $4,000 per month on average according to GenWorth, which can add up fast. Visiting Angels is a private pay home care agency. Because we primarily assist with Activities of Daily Living (ADLs) and personal care, we do not take private health insurance, Medicaid, or Medicare. This can make families wonder how they can pay for the care their loved ones need.
However, thanks to a number of options, seniors in Virginia Beach can lower the cost of professional home care from Visiting Angels.
Offsetting the Cost of Professional Home Care in Virginia Beach, VA
When it comes to paying for professional senior care provided by Visiting Angels, families in Virginia Beach have a number of different solutions available to them. There are methods for seniors to make the cost of home care more reasonable. Some options include looking into VA benefits, a senior settlement, a reverse mortgage, long-term care insurance, or speaking with a financial planner. Families can make sure their loved ones get the care they need and deserve by working with the right people and tools.
Consider a Reverse Mortgage or Home Equity Line of Credit (HELOC)
Seniors in Virginia Beach can use a reverse mortgage or a Home Equity Line of Credit (HELOC) to pay for professional home care. These enable seniors to use home equity to be able to afford the care they need.
What is a Reverse Mortgage?
For homeowners who are 62 and above, a reverse mortgage is a way to tap into some of their home's value and maybe get some cash. They may use this money to pay for in-home care services provided by trained professionals. It is not necessary to make a repayment of the loan until the homeowner either vacates the property or dies. Seniors are required by HUD to undergo reverse mortgage counseling before they can apply for one. Tidewater Mortgage Services and the Virginia Beach Department of Housing and Neighborhood Preservation are two local options for reverse mortgage counseling in Virginia Beach.
What is a HELOC?
A home equity line of credit (HELOC) uses the equity in a homeowner's property to provide a line of credit. Borrowing against this line of credit allows seniors to pay for home care services as they go, with interest only applied to the amount actually used. In order to qualify for a home equity line of credit (HELOC), seniors must first ensure they are eligible by meeting the lender's criteria and then receiving approval. Virginia Beach is home to many local lenders that provide home equity lines of credit, such as Beach Municipal Federal Credit Union, TowneBank First Colonial, and Navy Federal Credit Union.
Senior Settlements: Another Option for Paying for Home Care
A senior settlement, often called a life settlement, is another option for paying for professional home care services in Virginia Beach. Older adults with a reduced life expectancy who are not in the latter stages of a life-threatening illness may choose this option.
Seniors may pay for in-home care using the lump amount they get when they sell their life insurance policy as part of a senior settlement. Families should think long and hard about the benefits and drawbacks of a senior settlement before making a decision. Please be aware that the death benefit of the insurance may exceed the lump amount obtained in the settlement. When the policyholder passes away, their loved ones may also find that the coverage is no longer accessible.
Families can talk to a life settlement broker to learn more about whether a senior settlement is the best option. Virginia Beach is home to many brokers, such as Nottingham Life Settlements.
VA Benefits for Senior Veterans
Veteran pensions and benefits may be available to elderly veterans and their surviving spouses in Virginia Beach from the Veterans Administration (VA), which may assist with the cost of professional home care. The Aid & Attendance program stands out as an excellent example of such a program.
Veterans who need help with ADLs including eating, dressing, and bathing are eligible for extra financial support via the Aid & Attendance program. Veterans must have limited financial means and need help with at least two ADLs in order to be eligible for Aid & Attendance.
Veteran applicants may submit their paperwork to their regional VA office or seek the assistance of a lawyer or claims agent who has been certified by the VA to handle beneficiary claims. Among the several VA facilities in the Virginia Beach area are the Hampton VA Medical Center and the Virginia Beach Vet Center. Additionally, Visiting Angels of Virginia Beach can assist seniors in figuring out if they are qualified for Aid & Attendance and assist them in the application process.
Long-Term Care Insurance
For elderly residents in Virginia Beach, long-term care insurance is an additional option for lowering the cost of professional home care. This insurance may pay for in-home care services and various forms of long-term care, including nursing homes and assisted living facilities.
Consider the coverage and advantages of each policy carefully when purchasing long-term care insurance for seniors, since there are numerous providers to choose from. In Virginia Beach, you may get long-term care insurance from companies like The Frieden Agency, Jennings Insurance Agency, and Bankers Life.
Work with a Financial Planner
Talking to a financial planner can help your elderly loved one in Virginia Beach figure out how to pay for professional home care without going into debt. A financial planner can advise them on how to best manage their assets and create a budget, relieving financial stress. TrustBuilders Law Group is a local firm that offers guidance on asset protection for residents of Virginia Beach.
Personalized Care Plans from Visiting Angels of Virginia Beach
One thing we know here at Visiting Angels of Virginia Beach is that every senior has their own set of circumstances and requirements. This is why we cater to each client's unique requirements by creating a unique care plan that takes into account their needs, schedule, preferences, and other details. We can help seniors save money on home care by tailoring our care plans to their specific needs, allowing them to pay only for the assistance they really need.
Call our Virginia Beach, VA office at 757-216-1934 or fill out our form to request a free in-home consultation and see if professional home care is the right solution for your loved one.