Home care services may include daily help with feeding, dressing and undressing, bathing, light housekeeping and medication reminders.
Social Security and Medicare
Social Security is a golden age fund and disability pension for disabled workers. The total amounteach person will receive is subject to the sum paid into the fund during his or her working years. If a husband/wife passes , the surviving husband/wife is entitled to widows or widowers pension. For over 50% of Americans, Social Security benefits will be their primary means of money when they retire.
Medicare
Medicare is readily available to many people age 65 and older. Medicare covers home care services that belong to the category of “home healthcare” or “skilled care”. This means that the service must be provided by a professional, must be requested by a physician and the care receiver must be homebound in order to receive it. Medicare does not cover companion home care services. It won’t cover private duty home care services.
Private Income
For many men and women, income from different sources such as income off an available organization may have a secure margin in their bank account by which to afford home care services they may need now or down the road. Any CDs linked to these accounts are also an added benefit.
Retirement funds such as a 401(k), IRA, Keogh or other such categories are opportunities to consider also when figuring out how much and which level of care is needed for the senior loved one.
Pension plans available to employees of some companies have provided adequate money for the retirees to live on and complement other income they may have.
Stocks And Stock Mutual Funds
Some retirees are living off stocks or funds from the stock market. It is true that with the instability in the stock market of recent years, this is changing the way some individuals are looking at retirement income. There are still about 14 percent of retirees that have an income from this source.
Because of tax advantages for withholding stocks outside of retirement accounts and the income tax they must pay on withdrawals from the traditional 401(k)’s and IRA accounts, it is a good idea for seniors to have a good investment firm or certified financial planner helping them.
Home Equity
The equity earned on a home is another way of financing a retirement and any home care services needed in their advancing years. Sometimes the adult children are unable to provide all the care for their parents and must rely on some in-home care of their loved ones. This is just one more avenue that can be explored for possible means of financing home care for the family. There are more advertisements than ever about reverse mortgage as a way of having a retirement fund. Most financial planners will advice this as a last resort only.
Veterans Aid & Attendance Pension
This pension allows for veterans and the surviving spouses financial support that are in need of home care services this includes individuals who are in nursing homes and assisted living facilities.
Medicaid or Medi-Cal
Medicaid or Medi-Cal (in California) is a state funded program for individuals that require home care services (IHSS), are in a skilled nursing or intermediate care home and do not have any other income other than Social Security benefits.
With just a little groundwork and preparation , home care services for seniors need not be a concern to the adult child. Whether the time is now or in the future, a seemingly daunting task is actually quite easy to navigate with proper planning.
If you would like information about Home Care in Fenton MO contact the caregivers at Senior Services Unlimited. We provide home care services to seniors, veterans and the disabled loved ones in our communities. Call (888) 427-5285.
