Diligence Home Care
Private Pay
Many clients and their families pay for home care from their own assets, investments or savings. Liquidating possessions that a senior no longer uses, such as vacation homes, vehicles, boats, land, livestock, etc., is another source of finance for home health care.
Long-Term Care Insurance
A long-term care insurance policy can be a great option to help pay for home care, as the policy can provide a set dollar amount available to fund care on a daily/weekly/annual basis. If you're not sure whether your loved one has a long-term care insurance policy, ask them or check records for a copy of the policy or a history of payments to an insurance company.
Collecting benefits from your long-term care insurance policy can be daunting if you're not familiar with the process. Right at Home has partnered with the American Association for Long-Term Care Insurance to develop free tips to help clients access their long-term care insurance benefits as quickly and easily as possible.
Long-Term Care Benefit Plan
Our caregivers are experienced, compassionate, and dedicated to providing the highest quality of care to our clients. They undergo rigorous training and background checks to ensure they are qualified to provide the care you need.
Reverse Mortgage
A reverse mortgage is a loan that enables senior homeowners, age 62 and older, to convert part of their home equity (primary residence only) into tax-free income without having to sell their home, give up title to it, or make monthly mortgage payments.
You don’t need to repay the loan if you or another borrower continues to live in the house and keep the taxes paid and insurance in force. The loan only becomes due when the last borrower permanently leaves the home, at which time the reverse mortgage principal, interest charges, closing costs and service fees are typically paid back from the sale of the house.
Viatical Settlements
A viatical settlement may be an option for life insurance policyholders with a chronic or terminal illness. A terminal or chronically ill individual can sell their life insurance policy to a viatical settlement broker. The policy seller receives a lump-sum cash payout that is more than the cash surrender value, but less than the death benefit. The policy buyer receives the death benefit from the viatical broker when the seller dies.
Senior Living Loans
Loans can be secured specifically to pay for long-term care services for a maximum term of three years. These loans are unsecured by collateral and instead guaranteed by family members. Interest rates are similar to a credit card.
Veterans Aid and Attendance (A&A)
Veterans and their surviving spouses who require the regular aid and attendance of another person for activities of daily living, such as bathing, dressing, medication monitoring, etc., may qualify for a special Aid and Attendance (A&A) benefit, in addition to their monthly pension. This benefit is available to honorably discharged veterans and their surviving spouses who meet eligibility criteria. Assets are included in the equation for eligibility, with exclusions for personal property such as the veteran’s home or vehicle. For additional A&A benefit information, visit the U.S. Department of Veterans Affairs website.