Long-term care insurance and Veterans' Administration benefits

LTC insurance and VA benefits can save money for seniors


If you’re developing a care plan and budget for a loved one, it’s important to know if there are outside options available to help pay for the cost of hiring a caregiver. According to a 2018 Genworth Financial study, the average hourly cost for a family needing non-medical in-home senior care is $21-22/hour, which is a large investment for any family to undertake. However, seniors that have access to a long-term care insurance policy or are covered by Veterans’ Administration (VA) programs can have their care expenses dramatically reduced.


The VA offers an Aid & Attendance benefit for war veterans aged 65 and older. The program helps cover some of the cost of long-term care services for veterans and their spouses. The amount of aid depends on the person receiving care:

  • Surviving spouse of a veteran - $1,209/month.

  • Single veteran - $1,881/month.

  • Married veteran - $2,230/month.


Similarly, if a long-term care insurance policy is in place, benefits are paid out by the insurance company to help offset the costs associated with hiring a senior caregiver. “Many insurance carriers offer long-term care insurance, so it may be a good idea to contact the company that handles your current life insurance policy first,” says Eva MacCleery, Director of Care.com HomePay. “The reason is that many life insurance companies can roll your existing coverage over to a long-term care plan.”


With long-term care insurance, the company will set a daily rate for the amount of coverage someone can expect to receive and the family will cover the additional expenses. Just be aware that the amount of benefits someone can receive varies on a case-by-case basis and on a company-by-company basis.


No matter which of these care options your loved one may be eligible for, keep in mind that expense documentation is almost always required in order for care costs to be reimbursed. HomePay is set up to provide all the information you’ll need to comply so please reach out to us (888) 273-3356 and we'll be happy to provide a free consultation on this, or any other household employment topic.


Next Steps:


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