Comfort Keepers of Georgian Triangle, ON, explains private senior home care funding options
The cost of private home care for seniors varies as much as the types of care available and the degree of assistance needed.
When considering private home care, one of the main concerns many families have is the cost of care for seniors. It is important to know that you have various funding options available. Working together with seniors and their families, our experienced care experts at Comfort Keepers of Georgian Triangle, ON, can develop an individualized care plan that can fit both your loved one’s care needs and budget.
Private home care for seniors can range from just a few hours a week to full-time in home care. Consequently, the cost of our senior care services depends on your loved one’s needs.
If you wish to learn whether you are eligible for care funding through your personal or group insurance coverage, we advise you to contact a representative from your local government home care program.
Another thing to consider is the financial impact that caring for your loved one by yourself can have on your family budget. Being the primary caregiver is rewarding but can be both time-consuming and quite expensive, especially in the case of an emergency health crisis.
Long-term care insurance is one of the most popular financing options for private home care that can help seniors pay the costs of long-term care and avoid the depletion of life savings at the same time. Having a long-term care insurance plan can minimize the financial impact on your family.
It is wise to do plenty of research before deciding to purchase long-term care insurance. Consulting a financial advisor well versed in the field is often necessary. Even though coverage for long-term care insurance is expensive, it can still be a viable solution when it comes to financing care for seniors.
As premiums tend to increase with the age of the purchaser, it’s easier and cheaper to buy long-term care insurance before health issues arise. Some policies have an inflation protection option, which ensures premiums do not increase over time or at least limits the rate at which they do increase. This can provide additional protection.
Some policies cover only specific types of care for seniors. Another thing to keep in mind is the elimination period. This is waiting time during which your loved one will have to pay for care before benefits become available. It is important to know that the longer the elimination period, the lower the premium will be.
Having long-term care insurance can provide you a certain degree of safety given the potential financial risks of unexpected illnesses or injuries. For more information on paying for senior care, please give us a call today!