Aging happens. It's something we cannot avoid. If you are getting older and are in need of home health care, how are you planning to pay for it? Unfortunately, Medicare does not pay for home care, you must go to the hospital, but who wants to do that if they don't need to? If you do not have long term care insurance or a lot of money in the bank you need options! One option many Utah seniors have is the reverse mortgage.
If you are over 62 and have enough equity in your home, you can borrow a portion of that equity to use for whatever purpose you want, including home health care. Home care has many benefits, not the least of all being able to stay in your home where you are comfortable and where you want to be. If you do not require much assistance, or just custodial care where you do not need a licensed professional, you can even pay your children or other family members to help you with your care. This can be a great option because it allows you to spend quality time with some of your family members, and also gives you the chance to pay them for their help. For many seniors, a reverse mortgage is all you need to start getting the home help you need. To see how much you qualify for with a reverse mortgage and to see if it will be worth it for your home care needs, try our reverse mortgage calculator.
If a reverse mortgage alone is not enough, you have other options. While Medicare does not pay for home care services, Medicaid may. There is a program called the Cash and Counseling program, that can help cover the costs of home health care, and even pay your children if they are the ones providing the care. These programs differ in every state so it is important to know you local laws. Utah is "spend down" state, which looks at your income and if you can not afford the cost of the care, you will qualify for help. For more info and a list of states you can click here.
Whatever your health care costs are, it is nice to know you have options available to you.