It’s may not be a pleasant thing to think about, but it’s a reality for many retirees. According to the U.S. Department of Health and Human Services, the average 65-year-old today has a 70 percent chance of needing some form of long-term care in their lifetime. For many, that care will be provided in the home. If you have suffered an injury or illness that has limited your mobility or other functions, you may have a strong desire to stay in your home as long as possible. After all, that’s where you’re comfortable, and it’s where you may have the most access to friends and family. Moving into a facility may be a step that you’re unwilling to take. The good news is that it may be very possible for you to receive the care you need while staying in your home. There are a wide range of beds, lifts, scooters, safety products, and other support aids that can help you overcome your challenges and live comfortably at home. You also may be able to hire a home aide or even count on support from your kids and other family members. Of course, in-home care can be costly. In fact, according to a study from Genworth, the median cost for a home health aide in 2016 is $3,861 per month. If you’re like many retirees, you don’t have the assets or income to pay that kind of bill out-of-pocket. Fortunately, there are other options available. Below are five common strategies for paying for in-home care, home modifications, and other services and tools to help you stay comfortable in your home. Some of these may not be applicable to you, but others could be. Explore them all to find a mix of strategies and funding sources to keep you in your home.

Medicare

The frequent assumption is that Medicare doesn’t cover long-term care, especially in-home care. That assumption is often correct. However, there are certain instances in which Medicare may apply. Those instances often apply when you need to receive in-home care related to your recovery from a recent hospitalization. For instance, if you had a fall that left you with limited mobility, your doctor may write a prescription for in-home care and physical therapy. Medicare may temporarily cover that cost if you receive the care from a Medicare-certified agency. Be careful, though. Even if Medicare does cover the costs, the coverage likely won’t be permanent. Don’t count on Medicare as a viable solution for any period lasting longer than a few months.

Medicaid

Medicaid does cover long-term care costs and in-home care. It also covers home modifications in some instances. However, you often must have very little income and few assets to qualify. Medicaid may be a feasible strategy if you have already depleted your assets, but it likely won’t be an option if you have sizable assets or income.

State Benefits

Even if you don’t qualify for Medicare or Medicaid, you may qualify for benefits from your state. Some of these benefits don’t necessarily cover in-home care, but they do cover other retiree expenses, such as food and prescription drugs. If you can get those items covered, that could free up cash to pay for equipment, safety tools, or an in-home care provider. Want to see if you qualify? Visit the Benefits CheckUp website, which is sponsored by the National Council on Aging. There you can answer a few simple questions to see what state benefits may apply to you.

Veterans Benefits

Are you a veteran receiving a military pension? If so, you may qualify for a unique benefit known as Aid & Attendance (A&A). This is a program offered by the VA in support of veterans who are blind, bedridden, in a nursing facility, or who depend on another’s assistance for basic living activities. If you qualify, the VA pays you an extra monthly payment on top of your standard pension. You can then use that extra cash to pay for care, equipment, and more. The VA uses a fairly complicated formula to determine benefit amounts. However, it’s a worthwhile program that could help you fund your care needs.

Sibling Collective Agreement

Do you plan on receiving care from your children? Or are you a child researching care options for your parent? One strategy that is becoming more popular is something called a “sibling collective agreement.” In many families, there is one grown child who often takes on the brunt of the care duties. It may be because they have schedule flexibility, or it could be that they have the special skills and knowledge needed to provide care. Either way, that child often sacrifices their time, personal relationships, and possibly even career opportunities to provide care to the parent. Under a sibling collective agreement, all siblings define ways in which they can contribute. For instance, some siblings may contribute time and in-home care. Others may contribute money. Still others may contribute tools, safety equipment, or other items that may make the home safer and more comfortable. The point is that the agreement formalizes a strategy in which all children pitch in. The children may not be able to cover all needs. However, when combined with other strategies on this list, a sibling agreement could fill in any gaps. Do you or a loved one have a need for in-home care equipment? If so, contact us at Med Mart. We welcome the opportunity to help you find the tools and devices you need to make your home comfortable and to also stay within your budget. Our in-home care consultants are ready to serve you. Let’s connect soon and start the conversation.