Home healthcare service is ideal in a number of different situations, but many worry about how to pay for it. Often these services must be handled out of pocket which is not easy given its cost and today’s economy. Fortunately, there are options that could help you pay for the home healthcare that is so desperately needed.
For seniors, Medicare will typically cover the cost of some healthcare services. There are, however, conditions. Individuals must be homebound, which means they are either unable to leave home or leaving home requires the help of another individual. The person must also require skilled services. While home healthcare services can assist with things like bathing and meal preparation, these are not typically considered skilled services. Instead, those are services that must be provided by a certified professional like a home health aide. Medicare will look at the orders of a physician, the complexity of the service required, and the patient’s condition to decide if this is a necessity. The final qualification for Medicare to pay is that the care has to be intermittent in the patient’s home. It cannot be required all of the time or for an extended period.
Private Medical Insurance
Private insurance may also pick up the cost of home healthcare, but there’s usually a copay involved in this service. As with Medicare, there are typically a number of other requirements including the need for medically necessary, skilled care. It also typically has to be short term in nature. The key is to talk with your insurance company to learn more about the available benefits when it comes to home healthcare services, what’s allowed and what may not be covered, and how to make sure you’ve properly applied for those benefits.
Long Term Care Insurance
These policies are designed to cover care that is not covered by the other options. As long as the patient is not able to perform two activities of daily living such as bathing, dressing or eating, you should be able to utilize a long term care insurance plan. There are many plans available with various levels of coverage depending upon what you sign up for. It is best to commit to this in your 40’s and 50’s while you are still healthy as the insurance company prices out these products to customers based upon their medical risk profile.
Public Benefit Programs
Other public benefit programs outside of Medicare may also be able to help with the cost of home healthcare. Medicaid and VA benefits may be used to cover doctor-prescribed care. Individual states also sometimes have programs to help offset some of the associated costs. Most of these, like Medicare and private insurance, have some rules that must be followed before home healthcare becomes a covered option.
Home health care can typically be deducted from a Health Savings Account (HSA). If you or a loved one has a qualified insurance plan that has an HSA attached to it, talk to your tax advisor to learn more about whether the money in that HSA can be used to cover medical expenses associated with home healthcare.
There are many ways to cover the cost of home healthcare, but talking to a professional can help you decide what may work for you is the best way ensure you get covered for home healthcare.
At David York Agency, we are well versed in the myriad of ways to finance your home healthcare needs. You can all us anytime to discuss your specific case. David York Agency has caring and compassionate individuals on staff who can work with the patient or the involved physicians to make certain excellent care is provided in every situation. To learn more about whether we can help you meet your needs or those of a family member, please contact us for a free consultation today at 718-376-7755 or visit us at our website at David York Agency. You can also like us on Facebook or follow us on Twitter, Google + or LinkedIn.