For patients young and old, the cost of healthcare can be a substantial—and in some cases, nearly unaffordable—expense. Seniors often face even greater challenges when it comes to managing their health, especially as medical costs rise, wages remain stagnant and programs like Medicare, typically, don’t go far enough.
Home healthcare can be a particularly expensive service, which is why it’s important to assess your medical needs and establish a financial plan that works best for you and your family.
Understanding Home Healthcare
Home healthcare may be necessary for a number of different reasons, and is often pursued by patients who can’t be accommodated by traditional healthcare facilities. In some cases, hospitals discharge patients before they fully recover, limiting a patient’s comfort and ability to heal. Other patients, including seniors who wish to maintain their sense of independence and dignity, may find that staying within their own space and recovering at home is their best option.
Whether a patient is recovering from an injury or dealing with a chronic illness, home healthcare professionals and aides work together with the patient’s family to ensure all applicable health needs are met.
Financial Burden of Home Healthcare
The cost of home healthcare varies by state, but the average cost amounts to over $4,000 a month for roughly 44 hours of care per week. Surveys also show that the hourly wage for in-home health professionals averages around $20 an hour. These expenses can quickly add up depending on the amount of care you or your loved one needs. Researchers also anticipate these costs to increase over time due to a shortage of qualified caregivers.
How a Life Settlement Can Help
Selling your life insurance policy is an option to consider if you need funds to pay for something—medical bills, at-home care, or simply everyday expenses—that will improve your quality of life. Though they can be confusing, life settlements are an oft-overlooked source of financial support for seniors and their families.
To get started, you’ll need to determine whether you qualify. Since the value of your settlement will depend on factors such as the size and type of your life insurance plan, you will need to submit some basic policy information. You may also need to provide recent medical records, which will give a complete picture of your overall health and life expectancy. After this material is reviewed, the value of your policy will be determined. Once you accept an offer for your policy, you can often opt for a lump-sum cash payment. Alternatively, you could choose to keep a portion of your policy’s death benefit while removing the burden of monthly premiums.
Whether you’re seeking extra funds to pay for home healthcare or a family member needs financial support, life settlements are a great tool for seniors who want to broaden their possibilities.