“I need home care assistance in Arlington, WA, but I cannot afford it.”
Cascade Companion Care has determined rates that are highly competitive with other in-home care providers in the area. It is our desire to see more seniors able to receive dependable and affordable in-home senior care assistance. Check around; you will find our services to be a good value!
Affording Caregiver Services in Northwest Washington
There are many more avenues of financial aid for home health care than most people realize! Some are available to everyone; some are income determined or available only to certain groups such as veterans.
We highly recommend the use of the Resource Locator Tool, which analyzes responses to 19 questions to provide a personalized list of matching resources.
Federal Programs for Elderly Care Services
Medicaid– Medicaid enables low-income seniors, the disabled and other financially stressed individuals to obtain medical and long term care. If a senior is financially and medically qualified, Medicaid will pay nearly all of his or her long term care costs. What about families who are middle class but still cannot pay for home care? They may want to speak to an elder law advocate who can help them legally restructure their financial resources to gain eligibility; this is often referred to as asset preservation. While Cascade Companion Care does not have a contract with Medicaid or COPES, we believe so strongly in the benefit of in-home care that we wish for all families to have access to this information.
To find out if your income, assets and medical conditions meet Medicaid eligibility guidelines, visit http://www.healthcare.gov/using-insurance/low-cost-care/medicaid/
Medicaid waivers – Once you have been determined eligible for Medicaid benefits, you may wish to request a waiver that gives you the option to receive care at home rather than in an institution.
Cash and Counseling Program – This is a particular form of Medicaid waiver that gives the care recipient power to choose who will provide their home care services. Washington is a non-cap state, which means their cash and counseling program looks at the applicant’s income versus the cost of care to determine eligibility.
Social Security – Social Security pays out monthly amounts based on a person’s lifetime earnings in the workplace. These payments can be applied to home care costs.
Supplemental Security Income – This program provides payments to seniors who have very limited income or assets, or younger persons who are blind or disabled. SSI payments may be used for home care costs.
SSI State Supplements – This is a Washington state program that offers funds to supplement Federal SSI amounts. These can be applied toward home care.
Survivor’s Benefits -If a worker paid into the Social Security system, his/her children or spouse may receive payouts of social security benefits. The spouse may use these funds to provide for home care.
Veterans Benefits – These benefits are paid to veterans based on factors such as family status, income, assets, type of discharge, and time of military duty. Two forms of benefits that often apply to home care are the Basic Pension, and Improved Pension benefits called “Aid and Attendance” and “Housebound”.
*Basic Pension – Available to veterans and surviving spouses 65 years or older, who meet net worth and income requirements, with no medical certification needed.
*Improved Pension, Housebound Level – Available to veterans and surviving spouses 65 years or older, who meet net worth and income requirements and have some limiting medical condition certified by a physician that requires regular assistance at home. Surviving spouses can also apply for this benefit.
*Improved Pension, Aid and Attendance Level – Available to veterans and surviving spouses 65 or older, whose net worth and income necessitate supplemental funds to pay for care, and have an ongoing need, certified by a physician, for supervision due to blindness, cognitive impairment or mental illness, or for the regular attendance of another person to assist in at least one activity of daily living such as eating, bathing, dressing or toileting. To learn more, please visit Veteran’s Aid & Attendance Benefit.
Cost of Living/Care Reductions
Elderly and Disabled Tax Credit, Federal Elderly Care Tax Credit, and Medical Expense Tax Deductions-these tax credits lower the amount owed in taxes, thereby freeing up more funds for home care. To find out about these credits, speak to your tax professional or visit www.irs.gov.
Asset Conversion or Reallocation Programs
Accelerated Death Benefit– Terminally ill seniors who have life insurance policies are able to receive a portion of their death benefit from their insurance company in advance of their death. These benefits can be used for any purpose the senior chooses. ADB beneficiaries still receive a death benefit, although it is reduced by the amount of the Accelerated Death Benefit. For life insurance holders this has become a valuable source of funds to pay for their long term health care costs.
Death Benefit Loans– Life insurance policy holders may be eligible to take a loan against the cash value of their policy. Heirs must be aware that if the policy holder does not pay back the loan during his lifetime, the death benefit will be reduced by the amount that has not been repaid.
Equity Key– Equity Key is helpful to elders in good health that have homes valued at $350,000 or more. They may enter into a contract with a lender who agrees to give them a partial cash-out in exchange for an investment interest in the home’s future appreciation value.
Family/Friends Loans -Friends & Family Loans occur when someone in your circle of friends or relatives is willing to offer a loan but formally secures it using a third party, who receives a small fee for managing the loan. Terms for repayment can be very attractive to a senior, as they can occur according to an agreed upon repayment schedule, at death, or at the time of sale of the house.
Life Settlements– A life settlement occurs when a life insurance policy owner with declining health sells his policy to an investor in exchange for a cash settlement. The investor must assume premium payments in order to collect the benefit at the time of death.
Reverse Mortgages– A reverse mortgage is a way to convert the equity in your home into a liquid asset by taking a loan against it. The bank or investor issuing the loan may disburse it in one settlement, in monthly payments, or by extending a line of credit to the seller.
Viatical Settlements– A viatical settlement occurs when a life insurance policy holder has a diagnosis pointing to a very short life expectancy (usually less than 5 years) and sells their policy to an investor in exchange for a cash settlement. The investor must take over premium payments in order to collect the benefits when the original insured dies.
Life Care Assurance Benefit– a Life Insurance Conversion Program occurs when a life insurance policy holder sells their policy to an investor. Instead of a cash settlement, the investor uses the assets in the policy to pay the seller’s monthly costs of home care.
For those with the luxury of planning ahead:
Long Term Care Insurance
These policies cover specified home care expenses in exchange for premiums.
Annuities are contracts in which an investor pays a predetermined amount, either in full or in installments, and receives payouts at a later date. Many people like to use annuities to plan giving to a charity or learning institution, knowing that they will still preserve their assets for future use.
F. Savings plans and investments- long term strategies can make private pay possible for home care.
In addition to the information provided through your CCC assessment, you can also seek funding options from your tax professional, a financial planner, geriatric care managers, Veterans Administration Field Offices, eldercare financial planners, and your local Agency on Aging or Aging and Disability Resource Centers.
Cascade Companion Care Can Help
At Cascade Companion Care, we believe in making elder care and in-home care services affordable for everyone. To learn more about affording home care assistance in Arlington, WA and the surrounding area, contact our home care team today.