Where To Find Financial Assistance When Caring For An Elderly Relative
Although many seniors require care, most of them cannot afford the high cost of eldercare. Senior care is expensive and can wipe out one's life savings. The guide below explores the different types of financial aid available and how seniors can access them. Read on to also acquire practical tips to use when seeking financial assistance.
5 Types of Financial Aid Available for Seniors
Below are various ways to avoid these financial challenges and ensure that a senior parent or elderly relative lives comfortably.
Government Programs
When a senior parent is unable to afford care, it may be necessary to tap into government-sponsored programs. For instance, the Department of Human Services in North Dakota administers programs to ensure seniors live safely in their homes and communities. Seniors can take advantage of Assisted Living Services and Family caregiver support Programs during difficult times. Some of these services offer telephone assistance, health insurance counseling and prescription assistance programs.
Supplemental Security Income
The supplemental security income (SSI) pays benefits to low-income and disabled seniors with limited financial resources on a monthly basis. The program's beneficiaries can apply for benefits to meet basic needs such as food, shelter and clothing. SSI eligibility varies depending on countable assets and the senior's living arrangement.
Long-Term Care Insurance
Acquiring insurance is one way to take care of some costs, such as healthcare and personal care. Life and long-term care insurance are proactive financial investments designed to benefit seniors in retirement. Most life insurances, such as Bankers Life & Casualty have a long-term care component, and seniors can still pay for in-home care services using the policies.
Medicaid
Seniors spend more on healthcare than any other group. Fortunately, Medicaid is a widely recognized government program for senior health care. It offers all-inclusive care programs for both in-home and nursing home care services to seniors that would otherwise be expensive. Many low-income seniors can benefit from Medicaid and take care of bills while staying healthy. Seniors eligible for Medicaid can access the North Dakota Medicaid State Plan Personal Care Services program.
The Low Income Home Energy Assistance Program (LIHEAP)
Seniors can apply for the LIHEAP program to help pay for their home's heating, gas, and electricity bills. Seniors can also get winterization services, chimney inspection and cleaning, and emergency assistance through the programs. They can apply online or fill out application forms manually. The applications are accepted at the local human service zone.
4 Tips To Consider When Accessing Financial Aid
Follow these practical tips when getting financial help:
1. Gather all comprehensive personal information about the senior. These may include credit card accounts, monthly expenditures, projected future expenses, financial accounts or mortgage details.
2. Update any legal documents as required. For instance, take the necessary steps to ensure that the senior maintains healthy financial boundaries and avoids tax penalties.
3. Consult with the elderly parent and professionals: A financial planner, attorney, or advisor can provide professional assistance regarding legal documents and requirements to the senior.
4. It is best to consult a regional office to obtain the proper guidelines for the senior's state. For instance, Medicaid rules vary by state. To be eligible for Medicaid, seniors must meet specific income and asset requirements.
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