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Home Care

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Nearly 90 percent of older adults want to stay in their own homes as they age, often referred to as “aging in place.” Even if they begin to need day-to-day assistance or ongoing health care during retirement, most (82 percent) would prefer to stay in their homes. Only a few express a preference for moving to a facility where care is provided or for moving to a relative’s home. Living under one’s own rules is a key reason for staying in one’s own home. Adult day health rates in the state of Illinois were found to cost up to 93 dollars an hour. Nursing home care in Illinois can cost up to 1,035 dollars a day for a private room. Many people do not realize the out of pocket cost of care. It is important to weigh your options when deciding which avenue of care is best.

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Veteran's Benefits

The V.A. offers financial aid for veterans and spouses who are in need of care. Although assistance may vary, the support can be significant for those who qualify.

Long- Term Care Insurance

Most non-medical care is paid privately . Having a Long-Term Care Insurance policy in place prior to any major changes in the health and mobility of your loved one guarantees that they will have complete home care coverage assistance available if and when they need it.

Asset Conversion

There are a number of options available to families with non-liquid assets that allow them to convert those assets to help cover things like home care expenses. Reverse mortgages and home equity lines of credit are real estate-based asset conversion programs that provide seniors with financial solutions to their long-term home care needs. In addition to these programs, death benefit loans, life settlements, life care assurance benefits and viatical settlements offer seniors a variety of methods for converting their life insurance policies to pay for home care as well.