When someone you love needs home care or hospice, the decisions you face can feel overwhelming. Beyond the emotional weight of the moment, families often find themselves navigating confusing costs, unclear insurance coverage, and financial responsibilities they weren’t expecting. It’s a transition no one feels fully prepared for — but having a financial plan can make the path a little steadier.

At Members First Credit Union, we believe financial planning during life’s hardest seasons is about more than dollars and cents. It’s about protecting your peace of mind so you can focus on what matters most: caring for the people you love. Whether you’re exploring in-home services for an aging parent, coordinating hospice care, or adjusting your own work schedule to provide support, a few thoughtful steps can help you feel more grounded and in control.

1. Planning for Hospice Care: What to Expect Financially

For many families, hospice becomes part of the conversation as a loved one’s condition progresses. Understanding hospice — what it includes, how it’s covered, and how to financially prepare — can help reduce stress during an emotionally complex time.

Know what hospice is (and what it isn’t).

Hospice focuses on comfort, dignity, and quality of life rather than curative treatment. AARP offers a compassionate, clear overview of what hospice involves and key considerations for families. You can read more here:
https://www.aarp.org/caregiving/stories/hospice-considerations/

Understand Medicare’s hospice coverage.

Many hospice services are fully or largely covered by Medicare when eligibility requirements are met. This often includes care team visits, medications for symptom management, medical equipment, and grief support services for families.

To compare local hospice providers and understand coverage options, Medicare provides a helpful tool here:
https://www.medicare.gov/care-compare/?redirect=true&providerType=Hospice

Factor in potential out-of-pocket costs.

While much of hospice care is covered, families may still encounter expenses such as:

• Additional caregiving support beyond what hospice provides
• Certain prescriptions
• Home modifications
• Respite care
• Increased household costs when family members take on caregiving responsibilities

Having savings, a flexible budget, and an understanding of financial tools can help you prepare for these situations with less financial strain.

2. Start With What You Know: Understanding Potential Costs

Care needs and expenses vary widely, which is why gathering information early is helpful. Depending on your loved one’s situation, costs may include:

• In-home health aides or nursing
• Medication and medical supplies not fully covered by insurance
• Respite care
• Hospice services
• Transportation or home modifications
• Loss of income if a family member reduces work hours

 

If you haven’t yet reviewed your own household budget, now is an ideal moment. Our budgeting resources can help you see where you stand and identify areas that may need adjusting as care needs change.

3. Build a Flexible Plan for Expected (and Unexpected) Expenses

Home care and hospice costs can shift quickly, so a plan that allows for flexibility is often the most helpful. Consider:

Set aside savings specifically for care-related needs.

A dedicated savings account — even if it starts small — can help you respond quickly to new expenses without disrupting your entire financial life. You can explore options that match your goals through our Personal Savings accounts.

Use financial calculators to explore scenarios.

Our online calculators can help you estimate monthly payments, compare options, or plan for larger expenses such as home medical equipment or accessibility updates.

Consider home equity if major costs arise.

For some families, tapping into home equity can provide essential breathing room.
Members First offers both home equity loans and home equity lines of credit (HELOCs) — each suited to different needs:

• Home Equity Loan: Best for a large, one-time expense with predictable monthly payments.
• HELOC: Offers ongoing access to funds as care needs evolve.

If you’d like to learn more, you can explore options on our Home Equity page.

Look at long-term support tools.

For ongoing financial education, our Move Forward Academy offers guidance that can help you feel more confident and informed, no matter what stage you’re in.

4. Talk About Finances as a Family

Money is often one of the hardest topics to bring up during a time of caregiving — yet open conversations can reduce stress and help everyone move forward with shared understanding. Consider discussing:

• How much care is needed now, and what may change
• What insurance covers (and what it doesn’t)
• Whether multiple family members can contribute financially or through caregiving time
• Long-term priorities, such as keeping a loved one at home as long as possible

If you’re balancing caregiving with work or personal responsibilities, you may also find support in our recent post, Finding Balance: Financial Wellness for Family Caregivers.

5. Protect Yourself and Your Loved Ones from Scams

Unfortunately, families navigating illness or care transitions are often targeted by scammers. Staying alert can protect your finances — and your peace of mind. Be cautious of:

• Phone calls or emails demanding immediate payment for medical bills
• “Medicare” representatives asking for personal information
• Fake home care agencies or urgent requests for deposits
• Individuals offering to “help” move money, manage accounts, or secure benefits

Members First provides resources to help you stay informed and protected. Visit our Fraud & ID Theft Protection page for tips on identifying common scams and keeping your financial information secure.

6. You Don’t Have to Navigate This Alone

Caring for someone at home or planning hospice care is an act of love — but it can also be financially and emotionally demanding. The good news is that you don’t have to handle every decision on your own.

At Members First, we’re here to support you with:

• Financial guidance that meets you where you are
• Tools to help you plan and prepare
• Resources to strengthen your financial confidence
• Education that supports both immediate and long-term needs

If you’re looking for a broader perspective on staying financially steady through life’s transitions, you may also find our post Financial Confidence at Every Stage of Life helpful.

We’re Here to Help

Home care and hospice decisions are never easy. But with clarity, planning, and compassionate support, you can move forward with confidence — one thoughtful step at a time. If you’d like to review your budget, explore savings or home equity options, or simply learn more about preparing for care-related expenses, we’re here to help.

Members First Credit Union is honored to stand beside you and your family — today and in the moments ahead. If you’d like to talk with a Members First representative about options, schedule an appointment today.