female caregiver and female senior client looking at photo albums while sitting down

Paying for In-Home Care

Right at Home cares for thousands of families just like yours. We know that hiring an in-home care agency is one of the most important decisions you’ll make—you want to get it right and you have a lot of questions. One of the biggest questions is usually about the cost of in-home care services. Home care can be expensive, but there are a variety of options available to pay for ongoing care services for your loved ones.

Private Pay

Many clients and their families pay for home care from their own assets, investments or savings. Liquidating possessions that a senior no longer uses, such as vacation homes, vehicles, boats, land, livestock, etc., is another source of finance for home health care.

Veterans Benefits

Homemaker Home Health Aide Care All enrolled Veteran's are eligible for Homemaker Home Health Aide Care IF they are eligible for community care and meet the clinical criteria for the service. Call the New York Harbor VA 212.686.7500 and ask for the PACT Social Worker PACT (Patient Aligned Care Team) Right at Home of Lower Manhattan.

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Long-Term Care Insurance

A long-term care insurance policy can be a great option to help pay for home care, as the policy can provide a set dollar amount available to fund care on a daily/weekly/annual basis. If you're not sure whether your loved one has a long-term care insurance policy, ask them or check records for a copy of the policy or a history of payments to an insurance company.

Collecting benefits from your long-term care insurance policy can be daunting if you're not familiar with the process. Right at Home has partnered with the American Association for Long-Term Care Insurance to develop free tips to help clients access their long-term care insurance benefits as quickly and easily as possible.

We can help with understanding and activating your policy.

Association Grants

There are several disease-specific organizations that offer Association Grants that can help provide funds for short-term respite so family caregivers can have a break. Some examples:

MS Foundation
Caring Kind NYC - Inquire about short term Homecare grants
NYU Caregiver Support Program

Other Ways to Pay

Community Partners

Hamilton-Madison House (Citywide Program & Manhattan Program)
Visions Services for the Blind - Inquire about their short term homecare program
SAGE - Inquire about homecare grants.

United Federation Teacher (UFT) Benefits

Contact your United Federation of Teachers. HealthSmart and SHIP benefits have a home care reimbursements.

Long-Term Care Benefit Plan

A long-term care benefit plan is the conversion of an in-force life insurance policy into an irrevocable, FDIC-insured benefit account. An unneeded life insurance policy is sold for a percentage of the death benefit (the range can be between 20% and 60%) and the funds are immediately available to pay for senior care.

Once enrolled in the benefit plan, tax-advantaged monthly payments are made directly from the account to cover any form of senior care: home care, assisted living, nursing home, memory care, and hospice.

Reverse Mortgage

A reverse mortgage is a loan that enables senior homeowners, age 62 and older, to convert part of their home equity (primary residence only) into tax-free income without having to sell their home, give up title to it, or make monthly mortgage payments.

You don’t need to repay the loan as long as you or another borrower continues to live in the house and keep the taxes paid and insurance in force. The loan only becomes due when the last borrower permanently leaves the home, at which time the reverse mortgage principal, interest charges, closing costs and service fees are typically paid back from the sale of the house.

Viatical Settlements

A viatical settlement may be an option for life insurance policyholders with a chronic or terminal illness. A terminal or chronically ill individual can sell their life insurance policy to a viatical settlement broker. The policy seller receives a lump-sum cash payout that is more than the cash surrender value, but less than the death benefit. The policy buyer receives the death benefit from the viatical broker when the seller dies.

Senior Living Loans

Loans can be secured specifically to pay for long-term care services for a maximum term of three years. These loans are unsecured by collateral and instead guaranteed by family members. Interest rates are similar to a credit card.

Genworth Cost of Care 2020 Survey

For years, Genworth has helped the aging population navigate caregiving options and compare costs. Below is a breakdown of types of care and their costs.

Care Type	National Average Cost
Adult Day Care	** $ 1,603 per Month
Assisted Living	** $ 4,300 per Month
Nursing Home	** $ 8,821 per Month
In-Home Care	* $ 4,074 per Month

* Based on annual rate divided by 12 months (assumes 40 hours per week)
** Based on annual rate divided by 12 months