According to the U.S. Department of Health and Human Services (HHS), almost 70% of adults who live to be age 65 or older will need long-term care. Much of this care begins at home on a part-time basis and later requires 24-hour home care or a move to a nursing home. While about 80% of adults over 65 prefer to age in place at home (according to AARP), many families struggle with discussing future care needs, including the financial aspects of paying for senior home care. Though these are challenging discussions, setting aside time upfront and examining your payment options reduces stress for everyone. 

Home Instead of Southwest Florida has helped many families in Naples, Fort Myers, and Charlotte County get home care organized and started, from establishing what services are initially needed to helping families and seniors determine how they’ll pay for home care.

Based on our experience, here is a brief review of some of the different payment options you have available. Our staff will be happy to discuss these and other options with you and answer any questions you may have.

Personal and retirement funds

Many families pay for home care from personal savings, retirement plans (pension, 401k, IRA, etc.), investments (stocks, bonds, annuities), or other assets they sell, including personal and real property.

Long-term care insurance

Many long-term care policies pay some or all of the costs of in-home care. They typically pay for seniors with Alzheimer’s or another form of dementia to receive care for activities of daily living (bathing, dressing, eating, etc.), and some also pay for help with cooking, performing other household chores, or running errands.


Unlike long-term care insurance, Medicare was not designed to pay for home care services. However, it will pay for some short-term rehabilitation care and in-home therapy in some cases.


In some cases, Medicaid provides financial assistance to seniors needing help with personal care. Eligibility for this assistance will vary from state to state. In most states, Medicaid pays for some help with personal care (bathing, dressing, toileting, eating, etc.) and respite care.

Veterans Benefits

There are two types of benefits that can help eligible veterans and their surviving spouses pay for long-term care and some home care benefits: VA Aid and Attendance and Housebound benefits. Various requirements must be met to qualify. Your regional VA office can assist you.

Life insurance

There are several ways life insurance can help pay home care expenses:

Accelerated death benefits rider

Some policies have this rider that will pay a portion of a policy’s death benefit while an insured is still living to pay for home care services if they’re chronically or terminally ill.

Cash value

Permanent policies like whole life and universal life insurance often have a cash value component that grows over time. Withdrawals and loans from the cash value can help pay home care costs.

Selling the policy

Many seniors with older life insurance policies sell their policies for cash through a “life settlement” or “viatical settlement.” Brokers who specialize in these types of settlements can provide complete details.

Talk With Us Today About Personalized In-Home Care in Fort Myers, FL

Our staff at Home Instead of Southwest Florida will be happy to visit with you about home care for your senior loved one. We’ll provide a free assessment to help determine the type of care they need, set up a customized care plan for them, and visit with you about your payment options.

Contact us today. Our mission is to help Charlotte County seniors age safely and gracefully in the place they’re happiest – home.