Covered by Insurance?
At Infinity Care Management, our services are billed on a fee-for-service basis and are not covered by Medicare, Medicaid, nor private insurance policies at this time. However, most long-term care insurance policies DO
cover some or all Aging Life Care™ services. Since coverage varies widely from policy to policy, it is important to check with your employer or insurance company for specific information and qualifying criteria.
Some long-term care insurance companies only allow claims to be submitted directly by the patient or their family members. However, if your insurance company does allow third party claim submission, we will be happy to file and submit a claim on your behalf as a courtesy for you to obtain reimbursement.
See: Tax Deductibility
Homecare: The Preferred Care Option
The fact is, a vast majority of Americans want to receive care in the home. According to another Genworth survey conducted in early 2010, when asked to identify the setting most preferred to receive long-term care, 78% chose the home, 18% chose assisted living and only 2% selected a nursing home.
For most people, the ability to live independently is critical to maintaining quality of life. The good news is that many may be surprised to learn that paying for homecare could even be their most cost-effective choice.
“Long-term care is not just about nursing homes anymore. Care options have expanded dramatically over the past several years to include a far greater choice of settings that reflect the ways in which individuals prefer to receive care,” said Buck Stinson, President, U.S. Life Insurance Products at Genworth. In fact, 73% of Genworth’s initial benefit claims are for home health care.
Tips on Paying for Homecare
So how can you get the best deal on paying for homecare costs? For starters, try these tips and see if they don’t lead you down a path to good health care at a good price:
- Get some insight from a professional. Ask a specialist about the ins-and-outs paying for homecare. A good retirement planning specialist can get you on the inside track on cost containment relating to home health care costs. It might cost you several hundred dollars up front, but you’ll save way more cash on the back end.
- Examine your existing health insurance policy. There may be some provisions in your health insurance that can help defray the costs of home health care. Read your policy and then follow up with your company’s benefits specialist (or directly through your insurer) to find out what breaks you might get on paying for homecare coverage.
- Buy a better health insurance policy. If you strike out on your current insurance policy, take the bull by the horns and buy a new policy that covers homecare.
- Be tax savvy. 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.
- Adult children and other relatives may want to pool their funds. You don't have to go at it alone if there is more than one sibling that can contribute to the cost of taking care of a parent or loved one. Speak with all of your family members and set up a payment plan that works for everyone.
Cutting your homecare costs is all about planning, and all about casting as wide a net as possible for opportunities to save on homecare. Start that journey using the tips above, and you’ve got a great head start on paying for homecare.