When someone you love needs care at home, the last thing you want to worry about is the bill. Finding a skilled, caring, well-matched caregiver is challenging enough on its own.
Still, a little financial planning goes a long way. A clear plan helps your loved one stay comfortable and secure as their needs change, while protecting your family’s savings. The good news: there are more ways to pay for care than most families realize, and we’re happy to walk you through them.
Below are five common ways families cover the cost of home care. Each has its own advantages and trade-offs, so it’s worth looking at them side by side.
Coverage depends on the program and on your loved one’s eligibility. Call us at 484-261-5663 to confirm which options apply to you.
1 Long-Term Care Insurance & Private Pay
Regular health insurance usually doesn’t cover non-medical home care, which is why long-term care insurance, ideally purchased before a major health change, can be so valuable. For families without a policy, private pay is another path: personal savings, pensions, Social Security, or contributions from family members. We can help you think through flexible, creative ways to fund the care your loved one needs.
2 Veteran Benefits
The VA’s Aid & Attendance pension can help veterans and surviving spouses pay for care at home. Because the VA lets households subtract yearly home care costs when calculating income, some families whose income seems too high may still qualify for monthly support.
3 Asset Conversion
If much of your family’s wealth is tied up in property or other assets, there are ways to turn it into funds for care, such as a reverse mortgage or a home equity line of credit. Talk with a trusted financial advisor about which option makes sense for you.
4 Tax Credits & Cost-of-Care Savings
A number of federal and state programs and tax credits can ease your family’s tax bill and lower the real cost of care. These are worth a look:
- IRS Credit for the Elderly or the Disabled
- Federal Dependent Care Tax Credit
- LIHEAP: help with energy costs
- Medical expense tax deductions
- National Family Caregiver Support Program respite care
- VA respite care
5 Pennsylvania Medicaid Waiver Programs
Pennsylvania offers home and community-based programs that help eligible residents get care at home instead of moving into a nursing home, often at a far lower cost. Depending on the program, they may cover medical services like skilled nursing alongside non-medical support like respite and personal care, for people who meet both the clinical and financial requirements.
These programs are designed to:
- Help people avoid moving into a nursing home or other facility
- Support people returning home after a hospital or facility stay
Peaceful Hands Homecare accepts the Pennsylvania Medicaid Waiver (ACCESS), the Act 150 Waiver, the OBRA Waiver, and the Community HealthChoices Waiver. Learn more from the Pennsylvania Department of Human Services.
In New Jersey, we accept Medicaid through the Division of Developmental Disabilities (DDD). Learn more from the New Jersey Division of Developmental Disabilities.
Let’s find the right way to pay for your loved one’s care
We’ll help you understand your options and what your loved one may qualify for, with no pressure.