Dos and Don’ts of investing in a home care

During the paying for care homes, there are many emotional, psychological and financial stresses that one goes through. Especially in today’s world which has so many agents hovering over the applicants trying to convince in buying their investment schemes, it becomes quite a tricky task to select one. 

Do:

• Ensure that the policy is inclusive of a clear statement which comprises of all the facilities of inside the home for your loved ones.

• Before paying for care home fees, make a list of all the charges and additional costs for items that are not included in the daily list provided by the home care.

• Include the notice of the right to apply for Medicare and the right to make an appeal for those decisions.

• Ensure that the care home’s ‘behold policy’ is in constant accordance with the Medicare requirements.

• Ensure that the requirements are such that the policy holder has to leave the care home only when the condition and the health are better and the nursing care is no more required.

• While paying for care homes, make sure that the decisions like how will the person shifted to another room are included in the policy.

• Let your attorney have a complete look at the agreement and all the terms and conditions before you or the policy holder signs it.

Don’ts:

• Never sign the agreement as a guarantor or a responsible party, especially if you do not intend to pay for the resident’s care.

• Don’t agree to pay for the limitation on the liability of the home or any of the resident’s personal property.

• Before paying for the care home fees, be sure never to include a clause according to which the resident has to deposit all the income directly into the account of the home care.

• Do not agree with the policy which says private pay status or other upfront money if the policy holder is resident.

• Never let the policy have any clause that can restrict any visiting hours.

• Including a provision that requires the applicant to consent to various medical procedures such as having a living will, or the health care power of the lawyer.

Keep these simple yet effective tips in mind, and you are set to go. Now that you know what and how to make the selection of an ideal investment plan and how to pay in a care home, good luck with the same!