Below is a general outline of our white paper entitled “5 Ways to Save Big on Senior Care.” In this white paper, I discuss how to pay for senior care with limited resources. To get all the details, feel free to download the report for free by providing your email to the right.
1. Live in Care
Live-in care through CareFamily provides a 24 hour care option that is much cheaper than an agency or facility. For example, you can save over $35,000 a year compared to a nursing home. Plus, with live-in care, the senior can stay in the home and receives one-on-one attention.
2. The Aide and Attendance Benefit
If your loved one qualifies for this benefit, it pays a pension of $1,700 a month for an individual and $2,000 a month for a couple. Learn more about the specifics in the white paper.
3. Hire Privately
In short, hiring a caregiver privately means you pay less. Additionally, the caregiver will make more, which increases job satisfaction. We always encourage hiring privately as long as it is done safely. If you do this without bonding, liability insurance, or tax compliance (which are provided through the CareFamily protection package), you could face some serious legal issues.
4. Utilize Medicaid Subsidies
Not everyone qualifies for Medicaid support, but if your loved one does, it can provide up to 28-50 hours of home care staffing per week. It can also assist with nursing home costs if your loved one requires more extensive care.
5. Utilize Long-Term Care Insurance
You have plan ahead of time for this one, but you’ll be glad you did later. It covers the cost of care for “activities of daily living.” Essentially, this allows you to pre-buy care at a discounted rate.