KEY FINANCIAL RESOURCES FOR SENIORS IN LOS ANGELES-How To Pay for a Caregiver in Your Home

According to recent studies, most of us wish to stay in our own homes as we grow older. Sometimes, illness and age-related infirmities mean that we need some extra help in order to stay independent at home. It is likely that fully 50% of us will need some sort of care, either at home or in a facility, as we reach our senior years.
So how do we pay for this help? After discovering, disappointingly, that Medicare does not pay for a caregiver in your home, you need to know about some other possible alternatives:

1) Long-Term Care Insurance - this is a first choice because it pays for in-home care at different levels, but of course, as with every other insurance, you need to purchase it before you need it! You do have to be fairly healthy to qualify for it. This type of insurance was specifically designed to cover the type of care you may need as you get older. It is not health insurance, or health care insurance, nor is it covered by your medical insurance. It pays for help with the Activities of Daily Living (ADL’s). Long-term care may become necessary when an individual is unable to perform two or more out of 7 ADL’s, and these are: walking, bathing, dressing, toileting, transferring, maintaining continence and eating. There are many different levels of care that you can obtain, and for varying costs, but make sure that policies being presented to you are fully explained, and that what you decide to purchase suits your potential need. Also, make sure that you get your long-term care insurance from a large and reputable insurance company, one that is likely to be around when you need them. Some basic research in this regard is useful.
2) Viatical Life Settlement - this is something that is offered by companies to owners of life insurance policies that have a cash-value, such as whole life and universal life policies. The policy owner is offered a lump sum payment for their life insurance policy. The amount paid is usually more that the policy’s cash surrender value (but less than the face amount of the insurance).
3) Reverse Mortgage - if you have equity in your home, and are over the age of 62, you will qualify for a reverse mortgage. This is a loan against your home that you don’t have to pay back for as long as you live in that home. Instead of you paying a monthly mortgage, as you did for the first 20 or 30 years, the company pays you! You can obtain the loan either in the form of monthly payments, or in a lump sum, or it can remain in the bank like a home equity line of credit, and the owner taps into the money as it is needed. Reverse mortgages are backed by the Federal Housing Authority (FHA) and are therefore completely safe. You won’t have to move or make monthly repayments for the rest of your life, or until you decide to move. You may also be assured that your heirs will receive whatever remains of the value of your home after the loan amount is repaid when the house is sold.
4) Veterans Administration - if you served in the military, you may be eligible for financial aid which could pay for caregiving. Since benefits vary, it is important to impart complete and accurate information when applying. It is advised to consult an advocate who is experienced in working with the VA, such as a geriatric care manager.
CarenetLA is a non-medical in home-care company which provides care to those wishing to remain in their own homes. Services are affordable and, as far as we are concerned, you are the boss. The CarenetLA team will work with you and your loved one to ensure you are getting the best possible care. Compatibility is guaranteed. For more information, please visit www.carenetla.com or call 310-393-1282.

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