There are so many benefits to having a caregiver for your loved one, and just knowing they are safe and healthy is one of the biggest ones. Whether respite care is something you, your family, and your loved one come together to elect, or if it is more mandatory, this care can be the answer to many problems and concerns. It comes at a price, though. That’s not to say it’s expensive, but you have to consider the fact that you’re paying for an experienced professional to constantly monitor your loved one and assist with anything he may need. As Dale Anderson, president of Right At Home in-home care agency, explains, several options can help pay for respite care. Your agency should help you find the best path for your family. No one should be denied care because of financial issues.
You and your family can fund the care with your own private pay, or with insurance – automobile insurance, long term care insurance, worker’s compensation insurance, and also with health savings/flexible savings account funds and reverse mortgage funds. Paying with insurance requires working with two different people: your insurance broker — to find out what is covered, if you qualify, etc. — and then the in-home care agency, to see what can be paid for with insurance, if you can combine pay and insurance. Basically, you will familiarize yourself with the way insurance works with respite care, and then you will discuss the best plan of action for your family.
Long term care insurance is specifically for this type of situation. It works with medical insurance to pay for care, respite care, elder care, etc. It is a good idea to have this insurance for yourself, and to look into purchasing the policy for your loved one who may need care now. While other insurances can be applied to elder care, long term care insurance is the most flexible and covers the most ground since it is specifically for respite care. There is even an option when buying the policy to purchase a specific coverage for care at a private residence.
The place long term care insurance gets iffy is when a person already has a disease or condition. If you are purchasing the policy for yourself for the future, you shouldn’t have to worry. And if you are purchasing the plan for your parent for strictly elder care, the policy is obtainable. However, you could run into rejection if your parent needs the care for a disease. In that case, you would have to explore other insurance options, and look into what your or your parent’s health insurance covers.
It is a good idea to purchase this policy now for yourself so you are prepared. If you cannot purchase it now for your parent who needs the care, don’t be afraid to pick up the phone and start talking to your parent’s insurance agencies and to the in-home care agency. They can answer all your questions about how to pay for the care, and you may find out things you never knew, like perhaps your agency offers a payment plan that breaks up the larger payments. Your agency should work to help you figure things out. They understand this is a difficult time for you and that this is something you need, no matter what, so a plan of action has to be determined.
