Affordable Senior Care: How to Lower Senior Care Costs

Interim HealthCare Blogs
Posted: 5/19/2022 9:58 AM by Interim HealthCare
Aging and requiring help in your golden years is a part of life. The world’s population is aging, and at least 70% of senior citizens will need long-term care. An increasing number of seniors are choosing to age in place and opt for in-home senior care rather than moving to nursing homes and assisted living facilities. However, while this is an excellent option for their independence and healthcare needs, many families put off the decision because of the cost associated with long-term senior care.

Preparing for the Cost of Senior Care: What You Need to Know

Seeking long-term care for your aging loved one may be the best decision for them and you. However, there’s no denying that cost is a significant consideration and one that many families struggle with. That’s why it’s essential to know your options and how to prepare for the cost of senior care. The following are some ways to plan ahead, secure your loved one’s future, and ensure they get the retirement and care they deserve.

Consider Government Programs and Assistance

A few government programs may help financially with senior caregiving needs. Two of the most well-known ones include Medicaid and VA benefits.


While Medicare doesn’t cover long-term care, you can opt for Medicaid if you qualify for it. This can be a viable option if you meet Medicaid’s income and asset limits. While coverage and services differ from state to state, most states cover personal care assistance and home health services. Contacting a representative is the best way to determine eligibility and other aspects.

VA Benefits

Veterans and their spouses are sometimes eligible for long-term senior care assistance through the VA Aid and Attendance and Housebound benefits. These can be used alongside VA pensions to finance long-term senior care. That being said, it’s essential to meet eligibility requirements in order to benefit from these programs. Check clinical requirements, service requirements, and financial requirements when considering this option.

Retirement Funds and Pensions

One of the most common ways to pay for senior caregiving services is using your loved one’s retirement income or pension. Always check if your senior loved one has investments, bonds, stocks, or individual retirement accounts (IRAs) that can help cover senior home care costs. Of course, this depends on pre-planning for the future. If your loved one is years away from requiring senior care, it’s best to start planning.

Health Savings Account (HSA)

A health savings account (HSA) is one way to set money aside for senior care costs. This covers healthcare expenses that are not covered by health insurance. Major advantages of health savings accounts include tax-free withdrawals for healthcare purposes and using pre-tax dollars to contribute to savings. Health savings accounts can also be used to pay for long-term care insurance premiums and cover health care costs for senior living.

Look Into Tax Credits and Deductions

In-home senior care costs can become overwhelming for families who have not saved for this outcome. One way to ease the financial burden of senior care is to take advantage of tax credits and deductions. There are both state and federal tax credits and deductions that can be applied to caregiving expenses. Claiming your senior loved one as a dependent is one way to access these. That being said, it’s essential to consult with an expert to ensure you go about this the right way.

Long-Term Care Insurance

Long-term care insurance is an excellent option to consider if you're planning for the future. Senior care insurance can cover some or even all costs of long-term senior care. This depends on the specific policy you opt for but is one of the most valuable investments you can make for your or a loved one’s future.

In addition to personal care, senior care insurance may cover memory care, help with activities of daily living (ADLs), and even in-home caregivers for seniors who want to age in place. Depending on your specific policy, long-term care insurance may pay for senior-care-related expenses, benefits whether or not care is being received, or a set dollar amount paid to cover partial costs.

Consider Respite Care

Sometimes, opting for full-time senior care isn’t the right option for you and your family. If you’re your loved one’s primary caregiver and can handle the responsibility partially, respite care is an excellent option to look into. It includes all the advantages of professional caregiving while still being financially feasible. For example, if you need 15 hours of respite care a week and can care for your loved one the rest of the time, you won’t have to pay for full-time senior care.

Additionally, respite care is extremely flexible. You may need two hours of respite care one week and 20 hours the following week. Respite care makes this possible. Check out Interim Healthcare’s respite care services here.

Life Insurance

Taking out a life insurance policy can also be immensely helpful in paying for long-term senior care. Depending on the type of policy, you may be able to sell the policy, take a loan against the policy’s cash value, give the life insurance policy to the insurance provider, or even turn the policy into long-term care payments.

Look To Interim Healthcare for Affordable Senior Care

It’s natural to want the best for your aging loved one, and with various programs and ways you can deal with senior care costs, this is certainly possible.

Once you deal with your finances, it’s time to choose experienced and compassionate senior caregivers who can improve your loved one’s quality of life and ensure their health and safety. That’s where Interim Healthcare comes in. Our caregivers are qualified, experienced, and fully vetted. They are compassionate individuals who will treat your loved ones with the respect and dignity they deserve.

Whether it’s personal care, memory care, or respite care, we have various options available for you to choose from. Call us at (636) 717-9292 or get in touch with us via this contact form to further discuss your loved one’s future care options.