Finding Home Health Care: A Guide to Financial Planning
When seeking home health care for yourself or a loved one, financial concerns often take a backseat to finding the perfect caregiver. At Fastrack Health Services, we prioritize flexibility and satisfaction, with no binding contracts or cancellation penalties.
Flexible and Client-Centric Approach
- No Binding Contracts: Cancel at any time without penalty.
- White Glove Service: We stand behind our promise to deliver exceptional service.
- Open Communication: Let us know if you’re unhappy, and we’ll work to address any issues.
The Importance of Financial Planning
Developing a financial plan is crucial to ensure your loved ones receive necessary care while preserving your family’s financial resources. This plan helps ensure comfort, security, and care as they age.
Exploring Resources and Options
Fortunately, various resources and options can help with financial planning. At Fastrack Health Services, we’re dedicated to guiding you through the process.
Take the First Step
Contact us today to learn more about our flexible, client-centric approach to home health care and how we can help you secure the resources you need.
5 Ways to Pay for Home Care Needs
We understand that exploring home care options can be overwhelming. To help you make informed decisions, we’ve compiled a list of 5 ways to pay for typical home care needs. Please note that each option has its pros and cons, and thorough research is essential.
Our Commitment to You
At Fastrack Health Services, we prioritize your satisfaction and flexibility:
1. No Long-Term Contracts: Cancel services at any time without penalties.
2. Customer Service Guarantee: Your satisfaction is our top priority.
3. Prepaid Bundles: Create customizable bundles that can be paid over time and used as needed.
Explore Your Payment Options
Review the following 5 ways to pay for home care needs:
1. Private Pay: Pay out-of-pocket for home care services.
2. Long-Term Care Insurance: Utilize insurance policies specifically designed for long-term care.
3. Veterans Benefits: Explore benefits available to eligible veterans and their spouses.
4. Medicaid: Determine eligibility for Medicaid programs that cover home care services.
5. Other Financial Options: Discover additional resources, such as reverse mortgages or home equity loans.
Get Started Today
Contact us to schedule an appointment and discuss your home care needs and payment options. Our dedicated team is here to guide you every step of the way.
Long Term Care Insurance & Private Pay
Since individuals who require non-medical home care is not sick in the traditional sense, regular health insurance plans do not provide care for these needs.
Having a Long-Term Care Insurance Policy in place prior to any major changes in health and mobility of your loved one can guarantee that they will have complete home care coverage assistance available if and when they need it.
For those that do not have Long Term Care Insurance, private pay and creative financing may be the next logical step. Either from savings, pension, social security or family contributions, we work with the individuals we serve to formulate a plan that works for the care they need. We help guide the individual through all the options available to them including creative financing.
Veteran’s Benefits
The Veteran’s Aid & Attendance Pension Program offers families and individuals an additional method of paying for home care costs. Whether or not you or your family member qualifies for the A&A Program, the VA allows households to deduct the annual cost of paying for home care when calculating their regular pension benefit.
This annual cost is then used to calculate the benefit based on a new “countable income” and allows families earning more than the pension benefit to receive a disability income from the VA. Care Right There Home Healthcare, LLC is in partnership with the American Veteran’s Care Connection (AVCC), which is an advocacy group that manages the application, evaluation and award process with the VA so that you don’t have to. They are highly regarded and have a reputation for getting your benefits payments faster than going directly to the VA or any other program.
For More Info On Veterans Services Click Here
Asset Conversion
There are a number of options available to families with non-liquid assets that allow them to convert those assets to help cover thing like home care expenses. Reverse mortgages, Home Equity Lines of Credit, Rex Agreements and Equity Key are real estate-based asset conversion programs that provide individuals with financial solutions to their long-term home care needs.
In addition to these programs, Care Right There Home Healthcare, LLC partners with Life Care Funding to convert your life insurance policy death benefits into direct payments while still potentially preserving your death benefit for your beneficiaries. Let Care Right There help you explore these options.
Tax Credits & Cost of Care Reductions
There are a variety of state and federal programs, initiatives tax credits that can significantly lower your family’s tax burden, effectively reducing the overall cost of care.
You can go to our resources page to find the following information or click below to find out if your family member qualifies for:
- NJ Statewide Alzheimer’s Respite Care
- Elderly and Disabled Tax Credit
- Federal Elderly Care Tax Credit
- LIHEAP- Aid or Energy Costs
- Medical Expense Tax Deductions
- NFCSP Respite Care
- State Elderly Care Tax Credit
- Veterans Administration Respite Care
Visit our Resources page for more information.
Medicaid Programs
There are a number of state-specific initiatives designed to help keep seniors who qualify for Medicaid out of nursing homes and living comfortably in their own homes. These programs will help to cover the cost of home care and is less than the cost of nursing homes.
New Jersey offers a variety of services to consumers under its Medicaid Waiver.
These programs may provide a combination of both traditional medical services (i.e. dental services, skilled nursing) as well as non-medical services (i.e. respite, case management, and environmental modifications) to those who meet both the established clinical and financial criteria.
The purpose of the Medicaid Waiver is to provide support services to an individual in the community for the following:
Prevent placement in an institutional setting (e.g. nursing home or hospital)
Provide support to individuals who are reentering a community setting after a period of institutionalization.
DDS Administers 3 Medicaid Waivers:
Contact Us Today
Choose Fastrack Health Services for trusted, affordable, and compassionate care that makes a difference in your loved one’s life.
