How would one pay for an in-home aide?
My mom has stage 4 lung cancer. she is now in a nursing home for sub-acute rehab, all a while she is going for chemo. She owns a home and wishes to come back to it. The problem is who is to watch her. Medicare only provides from my understanding two or three weeks, for two to three hours a day only three days a week. What does one do without hurting any assets? How should this be paid? What would she be entitled to? A neighbor spoke to me about medicaid. Not sure if that would be the way to go. Any suggestions, i appreciate it.
The only way that medicaid would pay is if she has only 2,000. in assets. She may own a house and a car. You might consider a reverse mortgage if she owns her house out right or with a small mortgage. It's too late for her to transfer her money to you to shield it so she would have to pay for her care.
Traditional long-term care insurance is still in the game though. It's still considered as one of the best options you have when paying for care. It is costly in nature, so make sure to buy early, design a policy that is just enough for your needs and avail of discounts. Also, it is recommended to consider the financial ratings of the insurance company. As what http://www.ltcoptions.com/long-term-care-insurance/long-term-care-insurance-companies/ stresses, using long term care insurance reviews can help you find a company that can satisfy your future care needs.
You can also enroll for Medicaid but you need to spend down your assets first. There are also other payment options that you can look into like annuities and reverse mortgage. I hope any of these can help you.