Financing In-Home Care for Santa Clarita Seniors:
At one point or another, we all have to look at elderly home care options for ourselves or loved ones. The elderly may need help with daily feeding, dressing, bathing, housekeeping, or even medication reminders. There are numerous services to select from, but you may be concerned about the financial costs of these services. Whether you need them now or in the future, there are many ways to prepare for the financial burden.
Social Security and Medicare:
Over 50% of Americans will rely on Social Security as their primary source of funds after retirement. Social Security is a retirement fund and disability pension for disabled workers. The amount of money each person receives is determined by the quantity put into the fund over their years of employment.
Medicare is utilized by most people ages 65 and older. Medicare will support services that fall under the category of “home healthcare” or “skilled care,” meaning the treatment is provided by a professional in the patient’s home, and requested by a physician. Medicaid or Medi-Cal (in California) is another state funded option for individuals in Santa Clarita that require services and have no other income aside form Social Security.
Private Income:
There are several sources of income that many individuals secure early in their lives in preparation for retirement. Bank accounts are a great starting point since they often have a secure margin to cover home care, especially if they include Certificates of Deposits (CDs). Retirement funds such as a 401K, Pension Plan, IRA, Keogh and other similar funds are choices to consider drawing money from in times of need.
Stocks And Stock Mutual Funds:
Some retirees are drawing funds from their stock market investments. Although stock market investments aren’t the most reliable source with the current condition of the economy, there are still about 14% of retirees finding benefits from their stock market investments.
There are many different options for families and the elderly to explore for funding in-home care services in Southern California. We have reviewed some of the most commonly utilized methods, but each family should discuss their financial situation and medical needs with a financial advisor before making any decision.
Comfort Keepers Santa Clarita
23900 Lyons Ave.
Santa Clarita, CA 91321
661-287-4200
