6. Many insurance companies have brokers specializing in this type of insurance. LTC policies that allow for substantial home care benefits should be obtained, since home is where most people prefer to remain if frailty or a chronic illness occurs.
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12. The Federal Long-Term Care Insurance Program (FLTCIP) offers Federal and U.S. Postal Service employees, and annuitants, members and retired members of the Uniformed Services, their spouses and other qualified relatives the opportunity to buy long-term care insurance at a group rate. Under this program, insurers that are selected and approved by the government will make long-term care insurance policies available to those individuals who qualify. To learn more about this program, visit the Office of Personnel Management’s (OPM’s) Web site: opm.gov/insure/ltc . Source: Medicare.gov
14. Home Equity Conversion Mortgages (HECM), or Reverse Mortgages, are becoming popular in America. The U.S. Department of Housing and Urban Development (HUD) Federal Housing Administration (FHA) created one of the first, which enables homeowners to withdraw some of the equity in their home to use as they need additional funds.
25. The VA has a plan to help senior veterans afford private pay home care. Individuals must have a qualifying medical condition requiring the daily assistance of others for activities of daily living.
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31. NOTE: A veteran cannot receive both Aid and Attendance and Housebound benefits at the same time.
42. So far, we’ve discussed LTCi, HECM, VA benefits, and using personal resources. There are three more potential options:
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46. Being creative with assistive devices, monitoring devices, some home retrofitting and a good long term care plan that fits the individual’s specific circumstances can also go a long way towards curbing the costs of home care.
47. Private duty agencies like American Companion Care do more than staff a caregiver to provide traditional in-home care offerings. By understanding the needs of the frail and maintaining connections with community resources and coordinating services as needed, American Companion Care broadens the scope of care, and the possibilities that in-home care can be a long-term sustainable option.