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Options to Pay for In-Home Care for Seniors

Options to Pay for In-Home Care for Seniors
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Options to Pay for In-Home Care for Seniors

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Senior citizens who are unable to care for themselves often do not want to live in a nursing home or assisted living facility and prefer to stay at home and receive help from an in-home caregiver. Many families struggle to figure out how to pay for these services. Fortunately, several options are available to help seniors and their families.

Long-Term Care Insurance

Some long-term care insurance policies cover in-home caregivers, but many only pay for care in a nursing home. Some only cover in-home care from certified agencies, and only if the person’s condition requires a nurse practitioner or home nursing aide.

Life Insurance

If your parent has a life insurance policy that is not needed to provide financial support for other family members, he or she can get money from accelerated or living benefits. The policyholder can sell the policy back to the company that issued it for 50 to 75 percent of the face value. Some policies have restrictions related to the policyholder’s medical condition, while others are more flexible.

A settlement company can also buy the policy at 50 to 75 percent of the face value, pay the premiums until the policyholder dies, and then collect the benefits. Your parent may be able to get a life settlement or senior settlement in which a settlement company pays the premiums until the policyholder’s death and then collects the benefits that would have gone to the beneficiaries.


An annuity can provide a regular stream of income that can be used for in-home care or assisted living. Money is invested and can then be withdrawn after a maturation date. The money invested is not considered an asset if a person applies for Medicaid. If you consider an annuity, be sure to work with a reputable financial institution.

Reverse Mortgage

A reverse mortgage is a way for seniors who are 62 and older and who either own their homes or have little debt left to get money, either in a lump sum or in the form of monthly payments. The balance of the loan increases over time. A reverse mortgage allows seniors to stay in their home until they die. At that time, the house is sold to repay the loan. It is important to find a reputable bank or mortgage broker and to understand all of the terms.


Medicare may cover in-home care if a person is discharged from a hospital or rehabilitation facility. Care can be provided by a Medicare-certified agency for the period of time that it is expected to take for the patient to recover.


For low-income seniors with few assets, Medicaid may cover in-home care. Rules vary by state, but all states pay for short-term in-home care for certain conditions. Long-term care can also be provided for chronic conditions. Government programs known as PACE or LIFE, depending on the area, coordinate long-term care through community organizations for seniors who qualify for both Medicare and Medicaid.

Veterans’ Benefits

If your parent is a veteran, he or she may qualify for benefits from the Veterans Administration. A Veterans Service Organization can help your parent apply for benefits at no charge.

Dependable Care Can Provide In-Home Care for Your Parent

Dependable Care in North Haven, CT can provide in-home care for seniors across Connecticut, including Woodbridge and surrounding towns, that can include help with meal preparation, bathing, dressing, toileting, grocery shopping, housekeeping, laundry, medication reminders, and other services. If your parent needs in-home care, contact us today to discuss ways we can help.

Discuss Your Options with a Financial Professional

Your family may have several options to pay for in-home care. This article is for informational purposes only. Dependable Care is not a financial services company or advisor. Before making any financial decisions related to in-home care for yourself or a family member, you should discuss your specific situation and all of your options with a certified financial professional.

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