There are quite a few options for paying for home care you may not be aware of. Thinking outside the box has caused many to get creative with funding, and there are more choices than just savings and long-term care insurance.  We recommend discussing options with a financial planner and tax professional to learn about more options and discuss tax planning strategies. Most health insurance policies are tax qualified, meaning that you may deduct homecare costs up to the policy’s limit. To be sure, check to see if your policy is tax qualified or not.  Below are some additional ways to pay that may not have been realized:
Insurance

• Private health insurance, which will sometimes pay for a certain amount of home care
• Disability insurance
• L&I
• Auto insurance
• Life insurance—cashing it in or borrowing against it
• Life settlement, an arrangement in which a third party buys your life-insurance policy and then gets the benefits when you die (Be sure to do your homework first on the down sides.)
• Viatical settlement—like a life settlement except it’s meant for people with a terminal illness
• Accelerated death benefit: The life insurance company gives you some money before you die rather than paying it all out after
• Long-term care insurance

Retirement Benefits

• Work-related salary/benefits
• Individual retirement accounts (IRAs)
• Employee-funded retirement plans [401(k), 403(b)]
• Annuities

Personal Savings and Assets

• Stocks
• Bonds
• Savings accounts
• Real estate / reverse mortgage 

        With a reverse mortgage, you get money back based partly on what your house is worth. Reverse mortgages have 
        pros and cons, so be sure you understand the details before signing.

• Personal property

National Associations

• Some associations have funds available for things such as short term respite care

Government Assistance

• Medicaid

        In-home care can be cheaper at times than facility care. At this time A Better Solution does not take Medicaid.

• Veterans Benefits

        Many veterans and surviving spouses and children qualify for a  benefit called Aid and Attendance. If you 
        don’t qualify for that, look into other levels of the Improved Pension, which has fewer requirements.

• Supplemental Security Income (SSI), which is income-based, or Social Security Disability Insurance (SSDI), which is based on how long you’ve worked and paid Social Security taxes. Visit the Social Security website for more information.