Financial Considerations

 

 

Paying for Hospice Care

There are many ways to pay for hospice care. Private pay, private insurance, long-term care insurance, Medicare, Medicaid, veteran's benefits - all may be a resource for you depending on your individual situation. If these resources are not available, hospice care will be covered, often by charitable donations. No one is turned away for inability to pay.

According to the National Hospice and Palliative Care Organization, "eighty percent of people who use hospice care are over the age of 65, and are thus entitled to the services offered by the Medicare Hospice Benefit. This benefit covers virtually all aspects of hospice care with little out-of-pocket expense to the patient or family. As a result, the financial burdens usually associated with caring for a terminally ill patient are virtually nonexistent. In addition, most private health plans and Medicaid in 45 States and the District of Columbia cover hospice services."

 

A terminally ill patient may receive hospice care for as long as necessary when a physician certifies that he or she has a life expectancy of six months or less. Many insurance companies, as well as the Medicare Hospice Benefit, require that a terminally ill patient have a prognosis of six months or less, but do not limit hospice care to six months.

The hospice social worker will help a family determine how to pay for the cost of care.

If your family member has Alzheimer's, there are special considerations.

 

 

Paying for Funerals and Cremations

Another "hat" that caregivers wear is that of arranging for a funeral and figuring out how to pay for it.

You may be eligible for a Social Security Lump-Sum Death Benefit as well. (This link will tell you what to do related to Social Security benefits, step-by-step, when your family member dies).

Typically, cremation is less expensive than a burial. Talk to your family member to see what his or her preference would be. The earlier you do this, the easier the talk will be.

 

Benefits for the Families of Veterans

If your family member was a spouse and a veteran, you will be eligible for benefits to help you pay for a funeral.

 

States vary in what state benefits are offered to veterans. Check with your state office to find out what additional benefits may be available.

 

 

Surviving Financially After the Death of a Family Member

Caregivers often worry about how to survive financially after the death of a family member. Again, Social Security may be able to help. Call 1-800-772-1213 or link below.

 

If your family member was a Veteran or retired military, certain benefits may be available to you, including continued health care benefits through TRICARE.

 

Do you have investments, insurance, benefit plans, etc.? Some benefit plans and insurance provide a "death benefit" or lump-sum payment due upon the death of the insured. You may want the advice of a financial planner and/or attorney to do the paperwork required to access any benefits that you are due. Your attorney can also assist with the will and distribution of assets, if any. Again, pre-planning can't be emphasized enough. This will be a stressful time and pre-planning can help lessen the burden.

 

Also check to see if your family member was due any pension benefits through the Pension Benefit Guaranty Corporation. If your family member worked for a company in the past that went out of business or ended its defined benefit pension plan, they may be entitled to pension money.

 

 

 

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