A recent study found 7 out of 10 Americans want to age at home, but only 10% have long-term care insurance. Here's how to fund home health-care services.
With a previous background in the home health-care industry, Taylor Kovar, CFP and CEO of Kovar Wealth Management in Lufkin, Texas, suggests several creative ways for clients to fund aging in place, including:Cost-sharing and splitting hours of caregivers and other helpers with a neighbor or relative. "If neighbors share, then effectively, you're so close, it's like you have the [helper] available all day," Kovar said.
Digging into any corporate retiree benefits beyond just a pension, as there's often additional services for in-home care, he said. Researching local nonprofits that can help pay for in-home health care, going through state aging and disability resource centers, and sites such as the U.S. Administration on Aging'sLooking into benefits that may be available from previous law enforcement or other public service employment.
Scott Vance, CFP, owner of Trisuli Financial Advising in Holly Springs, North Carolina, focuses his practice on military members and veterans. He said the Department of Veterans Affairs offers eligible veterans many means-tested , such as light housekeeping, laundering, meal prep, grocery shopping, transportation appointments and — in severe cases — bathing, toileting, eating, dressing, etc.Vance said he helped secure such benefits for his elderly uncle and found it easy.Thinking about these things ahead of time can help you have a calmer and safer life as you age at home, said HCG Secure's Beauregard.
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