Life Settlement Option

Paying for care

In-home care services are largely provided through private payment however there are other options. For example, life settlement is the sale of one's life insurance policy to a third party, for a one-time cash payout. To apply for the life settlement option, you will need to find and work with a reputable life settlement company. In addition, you must be 72 or older with a qualifying policy or, be 65 or older and suffer from minor impairments.

The cash from a life settlement can be used to cover the cost of home care, assisted living, adult daycare, respite care, hospice care, nursing homes, and Alzheimer’s care facilities.

For more information, or to schedule a free in-home consultation, contact a Client Care Liaison today!

 

REQUEST CONSULTATION

Reverse Mortgage

Reverse MortgageA reverse mortgage is a loan for seniors age 62 and older. HECM reverse mortgage loans are insured by the Federal Housing Administration (FHA)1 and allow homeowners to convert their home equity into cash with no monthly mortgage payments. Taking a reverse mortgage out on a home allows the homeowner to receive liquid cash from the value of their home, without having to move out of the home. As long as the homeowner occupies the home and pays their taxes, this money will be paid out to them as fixed monthly payments, a lump sum, a line of credit, or a combination of these options.  The money can be used for whatever the borrower wants to use it for, but many people choose to use the money to pay for continuing senior care services, such as in-home care.

REQUEST CONSULTATION

Paying for Care

Paying for careFor families who might not have access to Veterans Benefits or Long Term Care Insurance, there are other options that can help pay for long term private duty care:

  1. Many families choose to spread the cost of care for a loved one across several members of the family to help share the financial responsibility.
  2. Another viable option to consider is converting a non-liquid asset, such as a home, through a reverse mortgage program.
  3. A home equity line of credit, or some other form of real estate conversion, could also be considered as an alternative.
  4. Life insurance policies offer another avenue to convert non-liquid assets through a life settlement or death benefit loan program.
  5. In some cases, using a combination of Social Security benefits, private pensions, savings, home equity, and life insurance may be the best alternative to provide in-home care.

Ultimately, planning a consultation with an expert is your best option. Your local Client Care Liaison is well-informed on financial alternatives, conditioned to the sensitivity of health care costs, and available to help 24/7. You can contact your Client Care Liaison directly, or submit a question on our Expert Advice page.

Veterans Benefits

Lorem ipsum dolor sit amet, consectetur adipiscing elit. Mauris diam odio, fermentum eget tristique id, lobortis consectetur nibh. Cras ut metus mi. Quisque hendrerit volutpat lorem et sodales. Nam sem turpis, mollis a ex vitae, porta gravida lorem. Suspendisse potenti. Aenean sit amet nisl in tellus lacinia volutpat at vitae nulla. Vivamus posuere in augue non viverra. In volutpat consectetur tempus. Proin arcu dui, tincidunt ac neque at, finibus aliquam orci.

Sed non nisi vitae sem gravida pretium ut id sapien. Aenean suscipit interdum interdum. Sed venenatis turpis id nisi egestas, efficitur ultrices neque fringilla. In consequat elit a ullamcorper consequat. Nunc id nulla eu ante consequat porttitor. Nunc dui velit, consectetur nec bibendum nec, vulputate ut lorem. Quisque convallis massa in quam volutpat lacinia nec eu elit. Donec pharetra blandit ante, ac convallis diam. Aliquam malesuada tempus ex, nec condimentum ante faucibus et. Curabitur ipsum sapien, bibendum vulputate arcu eget, elementum luctus magna. Pellentesque pellentesque quis felis vitae convallis.

Long Term Care Insurance

Lorem ipsum dolor sit amet, consectetur adipiscing elit. Mauris diam odio, fermentum eget tristique id, lobortis consectetur nibh. Cras ut metus mi. Quisque hendrerit volutpat lorem et sodales. Nam sem turpis, mollis a ex vitae, porta gravida lorem. Suspendisse potenti. Aenean sit amet nisl in tellus lacinia volutpat at vitae nulla. Vivamus posuere in augue non viverra. In volutpat consectetur tempus. Proin arcu dui, tincidunt ac neque at, finibus aliquam orci.

Sed non nisi vitae sem gravida pretium ut id sapien. Aenean suscipit interdum interdum. Sed venenatis turpis id nisi egestas, efficitur ultrices neque fringilla. In consequat elit a ullamcorper consequat. Nunc id nulla eu ante consequat porttitor. Nunc dui velit, consectetur nec bibendum nec, vulputate ut lorem. Quisque convallis massa in quam volutpat lacinia nec eu elit. Donec pharetra blandit ante, ac convallis diam. Aliquam malesuada tempus ex, nec condimentum ante faucibus et. Curabitur ipsum sapien, bibendum vulputate arcu eget, elementum luctus magna. Pellentesque pellentesque quis felis vitae convallis.

Our Payment System

Background Information

Since Medicare is a government-funded health insurance program for people over 65, most families assume that it will cover their long term care expenses. However, this is not the case. Aside from some rehabilitative care, Medicare does not cover long term care expenses, whether at home, in an assisted living facility, or in a nursing home. Many families prefer to move forward with long term care regardless of this, and many choose in-home care for various reasons.

Long term in-home care is usually referred to as private duty care, and is often an out-of-pocket expense, meaning the payment is the responsibility of the individual or family. And although Medicare doesn't help families cover their long term in-home care expenses, there are other options that can help, such as Long Term Care Insurance and Veterans Benefits, among other things.

We suggest reviewing the FAQs below for more information, and contacting your local Client Care Liaison to discuss your personal circumstances. Our Client Care Liaisons are knowledgeable of all payment options, and can provide recommendations that carefully consider your family’s needs and resources.

What is Private Duty Care?

If a family desires to have long term care at home, it is referred to as private duty care, and it is often an out-of-pocket expense. This means that paying for private duty care is the responsibility of the individual or family. Payment can be covered in-part or in-full by personal funds; however, there are also many options and programs that can help families cover expenses, such as Long Term Care Insurance policies or Veterans Benefits, as well as accessing home equity through a reverse mortgage, selling assets, or accessing savings.

Do you accept Medicare or Medicaid?

No. Medicare is a government-funded health insurance program for people over 65; however, aside from rehabilitative care, it does not cover long term care expenses, whether in your home, in an assisted living facility, or in a nursing home. This means that, unfortunately, Medicare does not pay for private duty care. Medicaid will sometimes pay for care based on limited-need and income-based qualifications, however, American In-Home Care does not participate in those programs.

Can Long Term Care Insurance help me pay for my private duty care?

Yes. We accept most Long Term Care Insurance policies, and we have helped hundreds of clients qualify for their Long Term Care benefits. Our Client Care Liaisons can help you better understand the benefits of your policy and how to qualify for care.

Can you invoice my Long Term Care insurance company directly?

Yes, if you contract with us for administrative services and notify your Long Term Care Insurance company to assign the payments to us, we can invoice the Long Term Care Insurance company directly on your behalf for qualified benefits.

Please note we will invoice you separately for services contracted or received beyond those approved by the Long Term Care insurance company. If you choose not to assign the benefits to us, you will pay us directly, and we can then assist you in providing the insurance company with the documentation that they need to reimburse you.

Is a contract required?

Yes, both parties sign an agreement with no specified contract period. The agreement sets out the fees, terms and other details of the relationship as required by the State of Florida. Your Client Care Liaison can answer any additional questions and provide additional details during your consultation.

How will I be invoiced?

Clients (or the responsible party) will be invoiced weekly, and may choose between email, regular mail, or fax delivery. Documentation in the form of a Care Log signed by both the independent contractor care provider and the client is also provided.

How can I pay my invoice?

There are several options for paying your invoice. We accept all major credit cards. In addition, we can direct debit any authorized checking account. Invoices can also be paid by check. Invoices are due upon receipt.

Can I set up auto payment?

Yes, you can set up auto payment either by authorized credit card or direct debit ACH payment from your bank. Most clients select one of these options for convenience and simplicity.

Is there an online payment option?

No, online payments are not yet available. Most clients establish automatic payment either by authorized credit card or direct debit ACH payment from your bank as a convenient option. We also can take payments over the phone through our accounting department, with a signed authorization form.

Do I pay the care provider?

You have a choice. If elected, we can invoice you the total amount, and then disburse funds to the independent contractor care provider(s) on your behalf as part of our administrative services. The other option is for you to pay your care provider directly, and we will then only invoice you for our registry referral fees.