Tag: Medicare Plans
How to Choose a Certified Aging in Place Specialist
Let’s talk about how to choose a Certified Aging in Place Specialist. Also, let’s talk about some financing options for aging in place modifications. In general, there are two types of funding to pay for modeling of your parents’ home, private and public. The most likely source of private funds are their own. Perhaps they have enough savings to cover the renovations or a home equity loan might be a good source of funds, especially if they have sufficient income to cover monthly payments verses just taking out all of the cash from their savings.
Another option is a reverse mortgage which could also free up funds to pay for other services such as in home senior care. It’s best to check with your parents’ Financial Advisor before making a determination on which of these options might be best for them. Sometimes home modifications can be prescribed by your parents’ doctor. If that’s the case, get the prescription in writing and your parents may be able to claim a medical deduction on their federal Income Tax return.
On the same note, check with your parents’ private health insurance company to see if they will pay for the modification. Show them the prescription from the Doctor or Physical Therapist. If the insurance company says no, getting a written letter of denial is suggested. Other private funding options include contributions, donations and in-kind work from family members, community service groups, churches or other non-profit organizations. Be sure to check with your parents’ local Senior Center or Council on Aging for possible referrals.
The other funding option is public sources which are normally income and needs based. Funds may be available for home modification under the Medicaid Home and Community Based Services Waiver. Another option is to call your local Social Security office to see if any of the equipment your parents need might be covered under Medicare PACE Program, or if either of your parents is a veteran, contact the local VA to see if funding is available through that agency.
Many states and communities also offer home modification programs to help some homeowners pay for necessary changes. Local community development or social services agencies usually administer these programs, so contact your parents’ town or city hall for information. Some of these community programs have carpenters, plumbers, electricians and painters on staff to do the work.
Other programs furnish free labor and the homeowner purchases the necessary material. Low interest or no interest loans, usually not repayable until the homeowner sells or leaves the home are offered by other programs. Some programs simply provide a list of reliable contractors and assist in the process of receiving bids, selecting the contractor, developing a contract and ensuring that the work is performed in accordance with the contract.
As you can see there are certainly a lot of options out there, it’s wise to help your parents do their homework before committing to any aging in pace or other home improvement project. Doing so could save your parents’ valuable dollars all while making their house a place where they’ll be able to call home for a lifetime.