Martha’s Hands provides care on a private-pay basis. Martha’s Hands chooses not to participate in the Medicare or Medicaid programs so we can focus on providing care of body, mind and spirit for our clients based on their specific requests without limitations. While our services are private-pay, there are other potential sources to pay for your care. The final decision to utilize these funding sources is always a private, family decision. Funding sources include the following: Long Term Care Insurance, Veteran’s Aid and Attendance Pension Benefit, Reverse Mortgage, and Life Care Funding
Below are some general descriptions for the potential funding sources. If we can assist you with gaining more understanding of these options, please contact us.
Long Term Care Insurance
Some individuals have purchased Long Term Care insurance to pay for care in the home. These policies typically will pay a daily amount based on care being provided. Most Long Term Care insurance policies require a physician to prescribe care based on your needing assistance with a specified number of Activities of Daily Living (ADL). Once your physician makes this prescription, then the insurance company will qualify the provider of care – Martha’s Hands. We have successfully worked with all the major Long Term Care Insurance companies. Once your LTC insurance company has approved us, we can provide services as normal. To assist you with your reimbursement from the Long Term Care insurance policy, we can send courtesy copies of the billing and support documentation to your LTC insurance company to expedite the process. Please contact us if we can provide assistance to you in understanding the process.
Veteran’s Aid and Attendance Pension Benefit
The veteran's Administration has established the Aid and Attendance Pension Benefit. The purpose of this pension benefit is to assist veterans and their surviving spouses who need financial assistance with their long-term care expenses. If you qualify for the pension benefit,it may be used for home care services.
The veterans Administration has established criteria for Veterans and/or the surviving spouses applying for the Aid and Attendance Pension benefit.
1. Veteran or Surviving Spouse of a veteran who served 90 days or more on active duty, with at least one day of service during a period of war.
2. Applicant must have a medical condition not related to military service requiring assistance with activities of daily living.
3. Veteran must have an honorable discharge.
4. Meet income-to-medical expense ratio.
5. Must meet asset requirements.
If you believe you meet these qualifications, we can direct you to resources to assist with understanding the paperwork process.
A reverse mortgage is a loan available to people over 62 years of age that enables a borrower to convert part of the equity in their home into cash. Reverse mortgages were conceived as a means to help people in or near retirement and with limited income use the money they have put into their home to pay off debts (including traditional mortgages), cover basic monthly living expenses or pay for health care. There is no restriction on how a borrower may use their reverse mortgage proceeds.
The loan is called a reverse mortgage because the traditional mortgage payback stream is reversed. Instead of making monthly payments to a lender (as with a traditional mortgage), the lender makes payments to the borrower. The borrower is not required to pay back the loan until the home is sold or otherwise vacated. As long as you live in the home, you are not required to make any monthly payments towards the loan balance, but you must remain current on your tax and insurance payments.
Reverse Mortgages can provide needed financial resources to pay for healthcare services. There are fees and charges associated with a reverse mortgage like any other loan product .
Life Care Funding
Life Care Funding converts the death benefits of an in-force life insurance policy into a Long Term Care Benefit Plan. The enrollment process is designed to address immediate needs to pay for long term care services.
The Long Term Care Benefit is a pre-funded, irrevocable Benefit Account that is professionally administered with payments made on the behalf of the individual receiving care. The conversion applies to any form of life insurance and the value is based solely on the death benefit. This is a unique financial option because all health conditions are accepted, and there are no waiting periods, care limitations or cost to apply. The enrollee customizes the monthly benefit payment based on their situation. Should the enrollee pass away with additional funds remaining in their Benefit Account, the balance is paid to the enrollee's named beneficiary.