Options for Financing Senior Home Care

By Lutgarda Mariano, 9:00 am on

When an aging loved one needs in-home care, one of the most common concerns families face is how to pay for these services. Luckily, Canada has quite a few options that don’t involve exhausting your family’s savings accounts. Here are some suggestions for financing your loved one’s in-home care in Victoria, BC. 

Life Insurance Settlement 

If your loved one sells his or her life insurance policy to another person, this person then pays your loved one’s premium. Your loved one can then use the money from the purchase to pay for his or her expenses, including hiring an in-home caregiver. However, once your loved one sells his or her life insurance policy, the heirs will no longer collect the benefits associated with the policy. The new policyholder will be entitled to those benefits. 

Reverse Mortgage 

In Canada, reverse mortgages are available to people aged 55 and older. Also referred to as a CHIP Home Equity Reverse Mortgage, this option allows your loved one to get a loan for personal reasons, including paying for Victoria, BC, elderly care. Even though your loved one is converting his or her home into cash, there are no repayment requirements, credit checks, or income requirements. Regardless of how the Canadian housing market fluctuates, your loved one’s loan balance will not exceed the balance of his or her home. As long as your loved one lives, he or she cannot be forced to sell the home or move out. 

Family Caregiver Relief Benefit 

This benefit was created to ensure Canadian veterans receive the Victoria respite care they need when a family caregiver is unavailable. You or another family caregiver can take time off and recharge without worrying about how your loved one will finance his or her in-home care. To qualify for the Family Caregiver Relief Benefit, your loved one must:

  • Be an eligible veteran

  • Have an ongoing need for care that is expected to last at least 12 months 

  • Already have a family caregiver who assists with an illness or injury related to the disability reward
  • Not be a resident of a nursing home or long-term care facility

Medicare Benefits 

Your loved one may be able to use his or her Medicare benefits to finance in-home care as long as he or she meets the requirements listed under the Canada Health Act. To use these benefits, your loved one will need to find a Medicare-certified agency in his or her area.

To learn about additional strategies to pay for your loved one’s in-home care, reach out to Victoria Home Care Assistance. We are a trusted provider of Parkinson’s, post-stroke, and dementia care in Victoria, BC, and our live-in and respite caregivers are available around the clock to assist your loved one with a wide array of daily tasks. For more information on our in-home care services, please call one of our qualified Care Managers at (250) 592-4881 to schedule a complimentary consultation.

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