HOW TO PAY FOR HOME CARE

PRIVATE PAY

The majority of families pay for home care services using personal funds. This may include a variety of sources provided by seniors and their family members.

LTC (LONG-TERM CARE)

Long-term care insurance is an insurance policy purchased in advance to help pay for future care at home or in senior living settings.

MEDICARE ADVANTAGE (PART C)

Medicare doesn’t cover long-term home care services. However, for seniors recovering from an illness or injury, Medicare will cover short-term home health care prescribed by a doctor. These skilled services are provided by medical professionals like registered nurses or physical and occupational therapists. Home health care is generally intended to provide temporary care for seniors who choose to recover at home instead of a hospital or skilled nursing facility.

MA HOME CARE PROGRAM (MASS HEALTH HCAP)

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VETERANS ADMINISTRATION BENEFITS

A veterans pension provides a home care allowance to qualifying veterans and their surviving spouses. Additionally, veterans with higher incomes may qualify for a reduced pension amount. To learn more about eligibility and how to apply, visit the U.S. Department of Veterans Affairs website.

WORKER'S COMPENSATION

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FINANCIAL ASSISTANCE FOR ELDER CARE

Financial Assistance for Elder Care There are many federal, state and local programs that provide assistance. Find those programs that are available to you by using our Resource Locator Tool.

OVERVIEW

While there is more than one way to generate revenue from a home to pay for care, not every approach is appropriate for all seniors or necessarily a sound economic decision.

REVERSE MORTGAGE

Reverse mortgages can be used to pay for home care in Massachusetts. A reverse mortgage is a loan that allows homeowners to access the equity they've built up in their home. The most common type of reverse mortgage is the Home Equity Conversion Mortgage (HECM), which is insured by the U.S. Federal Government.

HELOC

HELOCs (Home Equity Line of Credit) offer a way for seniors to quickly get cash from the value of their home to pay for long-term care or to make home modifications.

RENT YOUR HOME

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SELL YOUR HOME

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ELDER CARE LOANS

Elder Care Loans There are loans specifically designed to help pay for home care and assisted living. These loans are intended to be used as a bridge until further financing can be secured. For example, while waiting for a home to sell or while waiting to be approved for a veteran’s pension (which can take several years). Read more about loans for elder care.

UNISON HOMEOWNER AGREEMENTS

Unison HomeOwner Agreements Unison HomeOwner Agreements are contracts with an organization, FirstREX, that provides homeowners with immediate cash in exchange for a percentage of the future appreciation of their homes. At present, these programs are available in Arizona, California, Colorado, Connecticut, Delaware, District of Columbia, Florida, Georgia, Illinois, Indiana, Kansas, Kentucky, Maryland, Massachusetts, Michigan, Minnesota, Missouri, Nevada, New Jersey, New Mexico, New York, North Carolina, Ohio, Oregon, Pennsylvania, South Carolina, Tennessee, Utah, Virginia, Washington, and Wisconsin. Read more about Unison HomeOwner Agreements