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Financing Options for Care: Helping Seniors with Finances (3 of 6)

In this video "Financing Options for Care," certified senior advisor Mary Alexander from Home Instead Senior Care explains that elder care is generally financed through a mix of resources, including savings. She walks through how a reverse mortgage works and describes some of the newer senior care funding options, such as the "life settlement." 

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Thoughts and stories from others

  1. April 20, 2015 at 7:52 pm | Posted by Linda Otis

    Very information...thank you.

    Reply

  2. January 14, 2015 at 10:17 am | Posted by Lynette

    I am currently a live-in caregiver giving care in Iowa. The gentleman I take care of basically needs food preparation, minor help getting dressed, oversee meds, transportation, house cleaning, and companionship. What would be a fair rate for my services?

    Reply

  3. August 20, 2014 at 7:02 pm | Posted by Toni

    My dad is under hospice care and we having been caring for him at his house for 3 months. Would like to go home for a week approx. would this cost in Gastonia NC?

    Reply

  4. January 9, 2014 at 9:32 pm | Posted by Edward

    I got an email frommy sister about your services, I need some help withmy mom who is 85 and has recently fallen injuring her back she is I need of someone appr. 5-6 hours a day. Lives in brooklyn ny,

    Reply

  5. November 15, 2013 at 3:58 pm | Posted by Rozina Noorani

    My Dad is medi/medi patient. He needs longterm care. Currently he is living at nursing home but he wishes to come home but needs 24 hr care. What are my options?

    Reply

  6. October 7, 2013 at 2:26 pm | Posted by Karin M. Tillinger

    I live in the St. Louis County, Missouri area. Besides working through an agency, how would I best be able to offer Caregiving services to someone in need? I am not an RN, or CNA. It would strictly be sitting, preparing a meal, reading to or just being available to watch someone who needs full time care and to give their caregiver a break. I do have experience. Any adivce or comments would be greatly appreciated. Thank you.

    Reply

  7. September 30, 2013 at 12:30 pm | Posted by LK

    We're in a situation where my father needs 24 hours of care because both my husband and I work, plus we have a toddler so time is precious. He has end-stage CHF and in a hospice designation. The prices are RIDICULOUS. It's not a slam against the caregivers--it is very hard work, but here is what we are paying: Three people in 8 hour shifts---with the right for the overnight person to sleep 8 hours (so yea, I'm paying for someone to sleep) $300 a DAY Live-in with 8 hours to sleep and 2 days off--$225 a DAY The agency has stated that since my dad is up all night and their workers require sleep we may have to go 3 shifts of 8 at an hourly rate of $21/hour. That comes to $504 a DAY. Who had the money to pay for all of this? What is the choice? Sending them to a home with uncertain care and supervision at $7k a month? Shove them in a Medicaid approved home where you get aborhant care? Beg the VA for assistance since my dad served in the Korean War and earned three medals including a purple heart, bronze and silver star? Oh wait, that's right, if you have over $80k then you are DENIED any assistance. The government really needs to figure out aid and attendance care beyond ridiculous loopholes and financial limits.

    Reply

    • December 8, 2013 at 11:58 am | Posted by Sammy

      I am an Occupational Therapist , I have been in home health care therapist for 15 years. I have seen situation like you , many times. For you Best option would be finding a group home for seniors, like your dad. Some places group homes is called Adult foster care. Some group home is specialized in dementia, find those kind of homes , Your cost will be half. Typically group home charges $2000-$3000 per month. Generally their quality of care is higher compare to any other facilities because of small group of residents.( 6-8 person). And then you can request the doctor to order Skilled Home health care ( Nursing, PT, OT which ever indicated ) if indicated, so the Skilled person will give advice to group home care givers. I hope these information will help you. Thank you and good luck.

      Reply

    • December 17, 2014 at 5:32 pm | Posted by CJ

      The VA will help your father since he is a Veteran he is entitled to care. Take him to the local VA with a copy of his DD214 get him signed in and get a primary care physician. The rest will be taken care of.

      Reply

  8. September 9, 2013 at 1:57 pm | Posted by Robert

    LOL typical website... The title was hours and rates but,, there is no hourly cost information that I can see. We just celebrated my Dads 86th birthday. IF we want a qualified person to come out and look after my Dad, say 3 hours a day,6 days a week, in the Benton area, apx. how much would that cost on a monthly basis? Depending on your answers, we may give you a call. thank you in advance and have a great day.

    Reply

    • September 9, 2013 at 5:29 pm | Posted by Cat Koehler

      Thanks for your comment, Robert! I sent you an email address so we can get more information to help. Cat Koehler Social Media Advocate Home Instead Senior Care

      Reply

      • September 10, 2013 at 2:13 pm | Posted by Don

        Cat, I would love that same information....

        Reply

        • September 10, 2013 at 2:19 pm | Posted by Cat Koehler

          I encourage anyone interested in Home Instead Senior Care's services to contact their local Home Instead franchise. Because each of our franchises are locally owned and operated, and each senior has specific needs, services and charges may vary. You can find the contact information for your local office by entering your zip code at www.homeinstead.com. Cat Koehler Social Media Advocate Home Instead Senior Care

          Reply

  9. July 11, 2013 at 2:47 am | Posted by Bea Ethridge

    I am wondering what kind of services I clould get, I need help getting up, bathing, putting me down for the evening. I also need some help with transportatiom to and from doctors appointments. I cannot stand or get in a car I need someone who has a transporter that fix my wheelchair into. I was told to call you by the Visiting Nurse Ass because since I worked for the US Marine and also for the Defense finance and Accounting service for 30 years they thought I may qualify for assistance. Please provide me with any information. Thank You In Advance for your help.

    Reply

  10. June 7, 2013 at 8:38 am | Posted by Nancy Page

    My mother-in-law has been with us over two years. It is a financial burden. I've tried different organizations for help. We do receive from the Alzheimer's Asso $500.00 worth of respite care. Her other son is her HCPO. He also receives her SS check. The money would help a lot with her care. My husband and I haven't said anything about the money but we sure could use it. I feel like I'm complaining but I don't mean to come across that. I have come to really love her. She puts a smile on my face every day. My son died. If it wasn't for her and her smile I wouldn't have survived my loss.

    Reply

    • August 3, 2013 at 10:42 pm | Posted by Alexandria

      Hi, I care for my mother also and if you live in California you can apply for In Home Services with the county, the pay approx. 9.00 per hour to the caregiver this might help a little bit. I have a question for you, where and how can I apply for the respite care that the Altzheimers Association is giving you? That would really help us. Thank you for your help...

      Reply

  11. March 14, 2013 at 7:49 am | Posted by Stella Townson

    My momma lives with me. She has for the last 20 years. She has medical & medicare. What I need is some one to stay with her for 7 hours while I'm at work. I work at school so when I'm off I would not need not one to stay with her. What can you do to help me? The person I had sitting with her quit on me while she was in the hospital. I can't work and wait for someone to get there or not even show up.

    Reply

  12. March 6, 2013 at 6:55 pm | Posted by Irene

    Hi! I am looking for 1st aid and CPR assistant with a proof of a criminal check who can provide care(medication and bathing) to my mother while we wait for homecare to get in place (about 3-4 months). Thanks for your time.

    Reply

  13. September 17, 2012 at 8:23 pm | Posted by christina

    i live in midland texas and im looking for someone to stay with my mother in law for 8 to 10 hrs a day tuesday - saturday. how can i find out how much it would coast and what i have to do to get it dtarted for her?

    Reply

  14. March 15, 2012 at 7:25 pm | Posted by sandra Campbell

    I moved my mom with me from Orlando,Fl. I'm currently on FLMA and is due to return back to work on 4/2/2012. I would like to know if you provide services for my mom,someone to come in and be with her while I work.she is unable to prepare her meals,needs assistant with bath,dressing and with her meds. She has medicare and also mediaid will they pay for these services.

    Reply

    • March 16, 2012 at 2:25 am | Posted by Cat Koehler

      Thank you for your comment, Sandra! You can find your nearest Home Instead Senior Care at www.homeinstead.com. Just type in your zip code. The local office will be able to talk to you about services and payment options. Be sure to visit here regularly for tips, advice and support! Cat Koehler Social Media Advocate Home Instead Senior Care

      Reply

  15. March 1, 2012 at 1:57 pm | Posted by Pamela Mohr

    my daughter receives medicare & medical. she has been approved threw S.S. & SSI to receive 63 hours a month of in home care. do you take her insurance would be the first question. thank you for your help in this matter. waiting for reply. Pamela Mohr

    Reply

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