WISH Act May Change the Game When it Comes to Paying for In-Home Care

In news that could affect the care seniors receive as they age, the Well-Being Insurance for Seniors to be at Home (WISH) Act has been introduced in the U.S. House by Rep. Thomas R. Suozzi (D-NY). This new legislation seeks to help seniors pay for long-term care.

Currently, most Americans don’t have the coverage needed to pay for potential long-term care needs. This comes at a time when Baby Boomers are expected to have increased needs as they continue to age. Many rely on federal programs such as Medicaid. Medicaid covers nursing home care for seniors who have meager assets, and families are often faced with spending down their loved one’s assets to help them qualify. In most states, the threshold for assets is just $2,000.

Medicare, on the other hand, provides no coverage at all for long-term care.

Another current option is long-term care insurance. But only 2% of Americans have it, according to Time Magazine, partially because it’s expensive. As a result, their loved ones often try to provide a patchwork of care. However, these unpaid caregivers are untrained in most cases and often end up suffering from depression and stress-related disorders. In addition, many neglect their medical care as they try to provide care for their loved ones.

The WISH Act Provides Benefits and Flexibility.

As this new legislation seeks to help seniors pay for long-term care, it also gives them added flexibility. Instead of just funding nursing home care, the WISH Act would also allow seniors to use their benefits to pay for 6 hours a day of home care and pay for other services.

Monthly cash benefits would be about $3,600 and be indexed for inflation. The money would be funded by a .3 percent increase in the payroll tax for workers and employers.

Seniors who are of full Social Security retirement age and have significant cognitive impairment or need help with at least two activities of daily living (such as bathing or eating) could receive benefits under the bill. Once seniors pay into the system for 1.5 years, they would receive partial benefits. Full benefits would kick in after they contributed to the program for ten years.

Benefits under the new legislation would not be taxable. And seniors who receive benefits under the WISH Act would still be able to utilize other federal benefits programs. Funds from the WISH Act would pay out first, and then other programs, like Medicaid, could be used.

Find Out What Your Current Options Are

To learn about current options to pay for in-home care, find a location near you. We provide compassionate at-home care services that make it easier and safer for seniors to maintain their independence and continue to live at home.

Proud to Honor Veterans on Veterans Day and Every Day

Thank You Veterans - A Place At Home

Each year on November 11th, as a nation, we celebrate Veterans Day. This day can be confused with Memorial Day, but there is an essential distinction between the two. Memorial Day honors Veterans that gave their lives defending our country. Veterans Day celebrates the lives of all American Veterans who served during wartime.

Veterans Day was conceptualized in 1918 to celebrate the end of World War I. The day was dubbed “Armistice Day” due to the Allies and Germans calling a truce. The truce went into effect on the 11th day of the 11th month in the 11th hour. While World War I was thought to be the “war to end all wars,” World War II and the Korean War soon followed. As such, veterans and other military entities solicited to Congress to have the day changed to Veterans Day. 

Most Americans are aware that Veterans are eligible for benefits throughout their lifetimes due to their service to our country. But few people, including some Veterans themselves, know that these benefits can include in-home care. 

These benefits can cover homemaker services as well as personal care. Veterans need only speak with their team at the VA. Their physician can write an order for up to nine hours a week of care, with no out-of-pocket expense for the Veteran. As well, a benefit called Aid and Attendance exists for not only Veterans but their surviving spouses. This particular benefit does have eligibility guidelines but will pay for care either in the home or in a senior living community, up to $27,195 per year.

Despite the current pandemic, there are still ways we can honor Veterans this Veterans Day. You can donate to any of the Veteran-approved foundations found here or ask a Veteran you know to share about their time in the service. As well, you can send letters or a postcard to a local military installation. National Parks offer free admission to everyone on Veterans Day – invite a Veteran you know to explore with you (keeping safety in mind with social distancing, of course). 

At A Place At Home, we honor aging Veterans by caring for them in their homes.

Every day across the country, our caregivers provide personalized care and companionship to retired members of our country’s military. We are proud to ensure these American heroes have the care and security they need when they need it most. If you are a Veteran or know someone who is, reach out to us today. We will help you navigate the options and benefits available.

Paying for Long-Term Care

Have you thought about how you might pay for long-term care?

These are questions that many individuals ask themselves and below are a few solutions.

There are many ways to pay for long-term care. Unfortunately, Medicare is not one of them. Medicare is an insurance offered to individuals 65 and over. It will help cover medical visits, hospitalization, rehabilitation and prescription medications only. The type of plan you acquire will determine how much is covered.

There are four primary ways to pay for assisted living or memory care:

  1. Private (Savings, Pension, IRA, etc.)
  2. Long-Term Care Insurance
  3. Veteran’s Aid & Attendance
  4. Medicaid

Private Pay

Private pay is pretty straight forward. You simply write a monthly check or have it direct deposited from your bank account to the senior living community.

Long-Term Care Insurance

Long-Term Care Insurance, on the other hand, comes in many different forms. It can cover partial or full, short-or long-term, and some have a lifetime value. If you are thinking about your future, consider purchasing a life insurance policy. Specifically one that will deduct for long-term care when and if needed.

Veteran’s Aid and Attendance

Veteran’s Aid and Attendance can help many veterans and their spouses/widows attain assistance.  If you or your spouse have served in the armed forces, then this monthly aid can be a way to help pay. Parameters include time frame served, financial status, and what assistance is needed.

Medicaid

Medicaid is an option if there is little or no money remaining. There are a number of senior living communities that will accept Medicaid. Some accept upon admittance and some require private pay for a set number of months before rolling over.

If you are considering a move to the next place to call home, our free Senior Living Alternatives service can help. We’ll review your finances and find the best way to pay for your care. Contact our Senior Living Advisor today who will help navigate through any of these payment options.

Useful resources about paying for long-term care:

https://longtermcare.acl.gov/costs-how-to-pay/what-is-long-term-care-insurance/

http://www.aarp.org/health/health-insurance/info-06-2012/understanding-long-term-care-insurance.html

American Association for Long-Term Care Insurance

Veteran’s Aid and Attendance