I worked as a Nurse in the healthcare field for over 20 years. During that time I saw the decline of healthcare insurance coverages on several fronts. I personally experienced the decline when my family and I took care of my father-in-law for over five years until his death in 2007.
My parents are both retired and are considered a part of the “Baby Boomers.” In fact, a large portion of the U.S. population are over 65 years old and retired. Many are in good health, living on their own and capable of taking care of themselves but their are many who need assistance and prefer to receive that assistance in their own homes.
Recently, I came across an article listing 11 Ways to Pay for Home Health Care. The first item listed was, personal savings. In my opinion a personal savings account is a safety net; it should never be used to pay for health care expenses. A personal savings account should be used as the last resort to pay for home health care expenses.Th articles says if you are using your personal account you should negotiate fees. While it sounds good in theory, I’ve never known a provider to reduce fees because someone was paying out of pocket. I’m not denying that it happens, but I’ve never experienced it.
Long term health care insurance was also mentioned in the article. Which is great if you have the presence of mind or forethought to purchase this type of insurance when you’re in your 20’s because it is very expensive to obtain later in life.
Medicare and Medicaid are probably used more than any other insurance each having their own drawbacks. Medicaid continues to be reduced annually and usually only pays for Nursing Home care and not home health care. Home health care agencies accept medicare and can provide therapist, nurses and nursing assistants based on the patients needs.
Workers comp was also listed as a means to pay for home health care; but that is only issued if someone is injured while on the job.Sometimes it takes several months to be approved for workers comp and employers often dispute it. You can’t retire and decide to use workers comp to pay for your home health care.
Overall I found the article to be very informative, although I disagree with workers comp and personal savings I do understand health care cost are a dilemma, specifically for paying for home health care. If I had to pay for healthcare for a family member I would apply for a part time job. I would also use other family and church members to assist me. You would be surprised how a few hours of Free time really helps when your caring for a family member.