Planning and funding in-home care teacher role at higher education level is to

In this article, we review some of the more common funding options for senior housing and long-term care services. Senior care can range from a few hours a week of personal care or companionship from an in-home care provider, to full-time in-home care, to skilled nursing care in a nursing home.

Many who have not done their research mistakenly believe that Medicare is the answer for long-term care. In reality, it covers only a very narrow range of costs. It is important that you understand ahead of time the benefits and limits of Medicare, so you adequately prepare for senior care needs.

As previously mentioned, Medicare applies to long-term care in limited circumstances, such as immediately following a hospital stay. Medicare covers short-term, physician-prescribed home health care for skilled nursing; physical, occupational and speech therapy; medical social services; and assistance with bathing, feeding and other personal care.

Medicare does not pay for extended care.

Medicare also covers up to 100 days of nursing home care in limited instances, and it helps cover the cost of some durable medical equipment for home use. It also covers hospice care for people diagnosed with a terminal illness and a life expectancy of six months or less. us average education level Medicaid and State Programs

Medicaid, the largest public payer for long-term care, will (if you qualify) pay for nursing home care and other costs that Medicare does not cover. It may also cover some in-home care services. Those who receive Supplemental Security Income (SSI) are likely to qualify for Medicaid automatically. should education upto secondary level made fundamental right You can also qualify if you have limited income and assets.

Eligibility guidelines vary by state. Assets considered for eligibility generally do not include homes, cars, household furnishings or burial plots. In some cases you may still qualify if your income exceeds your state’s eligibility level. And in several states, seniors may qualify for Medicaid after they have spent their income and assets on nursing home or other health care expenses. This is commonly referred to as the Medicaid “spend down.”

Long-term care insurance helps seniors pay the costs of long-term care, preventing the depletion of life savings for extended care. However, coverage is expensive. Premiums increase with the age of the purchaser. According to The Wall Street Journal, a 55-year-old single adult can expect to pay $2,065 a year for $162,000 in benefits with 3-percent compound inflation protection (this increases your benefits to compensate for inflation).

If you earn ample income, premiums can be affordable, but you need to make sure you will still be able to pay the premium after you retire. And even if you can, you may not be able to justify the expense if you have the resources to pay for care out of pocket. Your financial planner can help guide you in this decision.

Veterans and their surviving spouses may qualify for Veterans Administration (VA) benefits to cover some of the cost of in-home care. A veteran or a surviving spouse of a veteran who served at least 90 days on active duty with one day during a period of war may be eligible for the VA’s non-service connected disability pension. Paying Out of Pocket for Long-Term Care

The cost of care will depend greatly on the amount of care the senior requires. secondary level education australia To get an idea of what the expense could be, research nursing home costs in your area, then calculate the total for a four-year stay. But actual costs cannot be predicted, as persons with Alzheimer’s disease or other forms of dementia often need care for many more years.

In comparison, in-home care expenses are often much less. You can find out by researching costs in your area. In doing so, you may also need to get estimates of the cost of home adaptations to help you stay in your home. The Financial Impact of In-Home Care

If you are a family caregiver, you understand that the responsibility requires a considerable amount of your time — time and attention your loved one deserves. As a caregiver, you get phone calls at all times, day and night. You coordinate transportation to and from medical appointments, grocery shopping and other errands. You have another home to clean. You are the one who helps pay bills, provides companionship and takes care of other tasks as needed. And you do this in addition to the other responsibilities you have, such as your job and family.

These lost opportunities have a real impact on your financial situation now and in the future, specifically when it comes time to retire. average annual income by education level Considering these lost opportunities, take another look at the quotes you have been given to hire a professional in-home care provider. With this in mind, the cost of having a qualified and insured home care agency assume caregiving tasks does not seem that high, does it?