How to Get Money to Help Take Care of a Senior Citizen

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Taking care of a senior citizen can be a very time consuming and expensive proposition. When you are faced with this situation, you may need to help come up with some money to pay for care. In some cases, the money that the senior citizen has may not be enough to make ends meet and pay for care. In this situation, you may need to explore several options to come up with the money for care.

  • Explore government programs that can help provide financial support. In many cases, the individual can qualify for Social Security payments. The size of the payment will depend on how old the senior citizen is and what her income was in the past. You may also be able to get some help from Medicare, depending on the type of care that is required. Other local government agencies may also be able to provide financial help for senior citizens.

  • Apply for a reverse mortgage if the senior citizen has a house with a sizable amount of equity in it. With a reverse mortgage, you can get regular monthly payments from the lender until the equity in the house is gone. As long as the senior citizen plans on living in the house indefinitely, he will never have to worry about paying back the money while he is alive. The loan will eventually be paid back from insurance money or from selling the house.

  • File a claim with a long-term insurance company if the senior citizen had the foresight to purchase long-term care insurance in the past. With long-term care insurance, you can get a certain amount per day or year to pay for senior care. This type of policy can pay for both nursing-home care and in-home care.

  • Apply for a Section 8 voucher with your local Department of Housing and Urban Development office. Section 8 vouchers are a benefit that some senior citizens can qualify for which will help pay for housing. If the senior citizen qualifies for this program, it can free up money that would otherwise be devoted to paying for housing. This money is provided by the federal government but is issued on a local level.

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