How Can Family Care Be Financially Beneficial?
The cost to financing adult care in family homes can be pretty low compared to other long-term care services, even when compared to home care or large facilities. Fortunately, there are multiple ways to finance and/or reduce the costs of living in an adult family home.
Medicaid is a national program that provides medical assistance for low-income citizens. Medicaid will fund long-term care for seniors who meet certain income eligibility requirements.
Veterans benefits are a great way to pay for long-term care. Eligible military veterans and their spouses can receive substantial financial help from the Government to pay for a stay in an adult family home.
Long-Term Care (LTC) Insurance
Long-term care insurance can completely cover the costs of living in an adult family home. Unfortunately, this option requires long-term planning of at least 10 years or more, and is therefore not suited for urgent situations.
Monthly, Quarterly, or Annual Payment Plans
These plans are individualized to optimize payment flexibility for families and can accommodate Monthly, Quarterly, or Annual Payment for residents.