When it comes to paying for elder care services, people are often surprised to learn that health insurance doesn’t help. Medicare and Medicaid may help with home health care services, but services like cleaning and laundry are paid for by the client.
Your parents need help. What are your options when it comes to paying for the services? These six ideas may help you out.
Make Spare Cash
Find ways to make some spare cash to cover the cost of elder care. Your parents could make some cash providing daycare to their grandchildren. They could turn their favorite hobby into a money-maker. Selling unwanted items like books, records, and knick-knacks is another option.
The first step must be to cut expenses. You may not think it’s possible to lower your parents’ bills any more than they are, but there are often places to consider.
Sign up for a program like Ibotta and any grocery store frequent shopper program and get cash back on grocery purchases. Drop cable television and sign up for streaming services instead. Swapping light fixtures for LED ones, upgrading to energy-star appliances, and enrolling in a co-op heating fuel program are other ways to save.
Did a Parent Serve in the Military?
Certain military members qualify for Aid and Attendance benefits. It’s not a guarantee as there are a lot of restrictions, but it’s worth asking. If there are benefits available, it’s unlikely to cover everything. It may be enough to help your parents stretch their monthly budget though.
Look Into Reverse Mortgages
Reverse mortgages are not the right product for every older homeowner, but it is one way to pay for home care services when there’s no money in the budget. Your parents live in their home while getting payments from the bank. When they no longer live in their home, the bank takes over ownership and pays them any remaining equity that’s due at that point.
If your parents have a huge house and only use a couple of rooms, it may be time to downsize. They could have their own smaller, more energy-efficient house. Using the equity they free up after the sale is finalized, they’ll be able to afford elder care aides.
Pair Elder Care With Visits From Family Members
How many hours do your mom and dad need care services? If you and your siblings can each take one or two days a week to help out, you reduce the number of days a caregiver is needed. That will lower the cost of elder care, which makes it easier for your parents to afford.