Families can fund long-term care at home through a combination of private pay options, long-term care insurance, veterans benefits, and government programs like Medicaid—each with different eligibility requirements and coverage levels.
Paying for long-term care at home is one of the most pressing financial challenges families face as senior loved ones age or experience chronic illnesses or disabilities. Understanding your funding options early gives you more time to plan, more choices in care, and less financial stress down the road.
What Does Long-Term Care at Home Typically Cost?
Home-based long-term care costs vary widely depending on the level of support required and your geographic location.
- Homemaker services (meal prep, light housekeeping) – Approximately $30/hour on average
- Home care services (personal care, bathing, dressing) – Approximately $33/hour on average
- Skilled nursing visits – Billed per visit and typically higher than home care services
According to Genworth’s 2023 Cost of Care Survey, the national median cost for a home caregiver is over $61,000 per year for 44 hours of weekly care.
Many seniors prefer aging in place over moving to assisted living facilities. If your senior loved one needs assistance to remain safe and comfortable while living at home, reach out to Assisting Hands Home Care, a leading Fort Lauderdale home care service agency. Our dedicated in-home caregivers can assist with meal prep, bathing and grooming, exercise, medication reminders, and many other important tasks.
Does Medicare Cover Long-Term Care at Home?
Medicare covers short-term skilled home health care only, not ongoing personal or custodial care.
- Medicare pays for skilled nursing, physical therapy, and similar services after a qualifying hospital stay.
- Coverage is temporary and ends once the individuals’ condition stabilizes.
- Medicare doesn’t cover help with daily activities like bathing, dressing, or meal preparation on a long-term basis.
What Government Programs Help Pay for Home Care?
For families who don’t qualify for or can’t afford private options, several government programs may help:
- Medicaid – The primary public payer for long-term home care for those who meet income and asset limits—programs vary by state
- PACE (Program of All-Inclusive Care for the Elderly) – A Medicaid/Medicare program for eligible adults 55+ that coordinates and covers home and community-based services
- Veterans Affairs (VA) benefits – Eligible veterans may access the VA’s Aid and Attendance benefit or home-based care programs to offset costs
Eligibility rules differ by program and state, so contacting your local Area Agency on Aging is a practical first step.
How Can Long-Term Care Insurance Fund Home Care?
Long-term care (LTC) insurance is specifically designed to cover personal and custodial care that Medicare doesn’t pay for.
- Policies typically cover home caregivers, adult day services, and other home-based care.
- Benefits are triggered when a person can no longer perform a set number of activities of daily living (ADLs), such as bathing or dressing.
- Premiums are significantly lower when purchased at a younger age, making early planning critical.
- Hybrid policies, which combine life insurance or annuities with LTC benefits, have grown in popularity as an alternative to traditional standalone policies.
Some seniors only require help with a few daily tasks so they can maintain their independence. However, those living with serious illnesses may need more extensive assistance. Luckily, you can rely on the exceptional professional Fort Lauderdale 24-hour home care provided by Assisting Hands Home Care. Home can be a safer and more comfortable place for your loved one to live with the help of an expertly trained and dedicated around-the-clock caregiver.
What Private Pay Options Are Available for Home Care?
Families who don’t have insurance or program coverage often rely on private resources:
- Personal savings and investments – The most common way families initially fund care.
- Home equity – A reverse mortgage or home equity line of credit (HELOC) can convert home value into usable funds.
- Life insurance – Some policies allow early access to benefits (accelerated death benefits) for long-term care needs.
- Annuities – Certain annuity products are structured to provide a stream of income specifically for care costs.
- Family contributions – Some families pool resources or establish formal caregiving arrangements where family members are compensated.
Respite and overnight home care are great sources of help for many Fort Lauderdale families. Caring for a senior loved one can be overwhelming at times, which puts family caregivers at risk for burnout. However, an in-home caregiver can take over your loved one’s care, allowing you the time you need to focus on your own health, maintain a full-time job, or care for other members of your family. Reach out to us at Assisting Hands Home Care if you need compassionate professional care for your loved one. Call one of our dedicated Care Specialists today to learn about the high quality of our in-home care services
Frequently Asked Questions
What’s the difference between custodial care and skilled care at home?
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Skilled care involves licensed medical professionals providing clinical services, while custodial care refers to nonmedical help with daily activities like bathing, dressing, and meal preparation.
When’s the best time to purchase long-term care insurance?
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Most financial advisors recommend purchasing long-term care insurance in your 50s, when premiums are more affordable and health qualifications are easier to meet.
Can a family member be paid to provide home care?
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Yes, in many states Medicaid self-directed care programs allow eligible individuals to hire and compensate family members as paid caregivers.
Does the VA provide home care benefits for all veterans?
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Not all veterans qualify. Eligibility for VA home care programs depends on factors such as service history, disability rating, and financial need.
How do I find out which programs my loved one qualifies for?
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Contact your local Area Agency on Aging (AAA) or a certified elder law attorney. Both can assess eligibility across federal, state, and local programs available in your area.
