A Guide To In Home Care For The Elderly

When you com­pare your­self to most seniors, you want to live at home for as long as pos­si­ble to age in place. You will enjoy your inde­pen­dence. in home care for the elder­ly is health­care and per­son­al care sup­port giv­en in your own home. It designed to delay or pre­vent seniors mov­ing in a nurs­ing home or assist­ed liv­ing. The idea of pay­ing for an assist­ed liv­ing facil­i­ty makes fam­i­lies heart­break. But there are some dai­ly activ­i­ties like dress­ing, bathing dri­ving or gro­cery shop­ping that can become dif­fi­cult for some aging seniors. In home care for the elder­ly pro­vides seniors with home health care, non-med­ical care, and even com­pan­ion­ship. You keep your inde­pen­dence and your house to age in place. In home care for the elder­ly pro­fes­sion­als come to you.

Why in home care for the elder­ly and What to Expect?

One sur­vey shows that 90% of seniors want to stay in their homes if pos­si­ble to age in place. Your home is where you are com­fort­able. It is what is famil­iar. It gives com­fort and peace of mind. Mov­ing our par­ent and loved ones out to an assist­ed liv­ing com­mu­ni­ty or nurs­ing home, you are start­ing all over with no end. Your par­ent or loved one may have to room with a total stranger; In home care for the elder­ly is an option for keep inde­pen­dent.

In Home Care For The Elderly

With In-home care for the elder­ly, your par­ent or loved one can still be as inde­pen­dent as they can be. Inde­pen­dence is a men­tal strength, espe­cial­ly when the effects of aging are sit­ting in. For exam­ple, your par­ent or loved one have hip replace­ment surgery. And hav­ing to head to a nurs­ing home for care and recov­ery, your par­ent or loved one comes back home, where a phys­i­cal ther­a­pist helps their recov­ery.

And a home health aide tends to their home until they can. The sur­round­ings are yours. Your par­ent or loved one sleep in their bed. All this famil­iar­i­ty can help speed up recov­ery. One study shows that those who received in-home care vis­it­ed the doc­tor 25% few­er times than those that did not receive in home care for the elder­ly. Clients with Alzheimer’s or oth­er demen­tia dis­eases made 50% few­er trips to the doc­tor.

Cost of In Home Care For The Elderly Services

Cost for home care for seniors ranges from $0 to about $40/​hour. This range includes rates for most home­mak­ers, care­givers, LPN, and RN. Some agen­cies charge sig­nif­i­cant­ly more.

Fac­tors influ­enc­ing the cost of in-home care:

  • the lev­el of care need­ed (skills need­ed)
  • Pay scale — Cost of Liv­ing Index

Pri­vate Pay with Annu­ity Income

One excel­lent ben­e­fit of hav­ing sav­ings to buy­ing an annu­ity is stretch your sav­ings. When you buy a tra­di­tion­al annu­ity planned for retire­ment, you pay a lump sum to a finan­cial insti­tu­tion, and they advise you with a pre­dictable month­ly income for the rest of your life.

  • Annu­ities may start pay­ing Imme­di­ate­ly in about 30 days.
  • Annu­ities deferred meant for fur­ther into the future pay­offs.

Retire­ment annu­ities advan­tages:

  • guar­an­teed income secu­ri­ty
  • the shield­ing of sav­ings from Medicare/​Medicaid con­sid­er­a­tion
  • cost-of-liv­ing pro­tec­tion (option­al)

A dis­ad­van­tage of putting cash into a deferred annu­ity is the penal­ty for access­ing the funds ear­ly. Also, not all annu­ities give guar­an­teed income! Some are vul­ner­a­ble to mar­ket volatil­i­ty and not intend­ed as retire­ment secu­ri­ty.

How to Pay for Home Care

Pay­ing for home care might be more com­fort­able than you expect. First, com­pared with 24-hour nurs­ing home care, light to mod­er­ate in-home care is low­er cost. Sec­ond, many pay­ment options are pos­si­ble with pub­lic and pri­vate funds.

Also, keep in mind that the IRS allows tax­pay­ers med­ical expens­es deductibles. Deduc­tions depend on the total cost of med­ical care about income.

Here are pay­ment com­mon solu­tions. For the most up-to-date and per­son­al­ized guid­ance, do work with a finan­cial pro­fes­sion­al! Finan­cial coun­sel­ing is avail­able for free through state Depart­ments on Aging and var­i­ous non­prof­it groups.

In Home Care For The Elderly — Private Pay

Many fam­i­lies pay pri­vate­ly for in home care for the elder­ly, like home care agen­cies or hire care­givers direct­ly. The main advan­tage of pri­vate­ly fund­ing for home care is free­dom of choice con­cern­ing:

  1. Who gives the home care
  2. What ser­vices are avail­able

Most tax­pay­er-fund­ed pro­grams give seniors less con­trol over who pro­vides their care­givers and what ser­vices are avail­able. Pri­vate long-term care insur­ance com­pa­nies have some restric­tions too.

In Home Care For The Elderly — Long-Term Care Insurance

Long-term care insur­ance pays for health care and per­son­al care in dif­fer­ent set­tings such as pri­vate homes, nurs­ing homes, and adult day­care cen­ters. Many pol­i­cy­hold­ers use their ben­e­fits to pay for home care. Accord­ing to the Amer­i­can Asso­ci­a­tion for Long-Term Care Insur­ance,

The def­i­n­i­tion of “long-term” varies from pol­i­cy to pol­i­cy: The most length of time for receiv­ing ben­e­fits could cap at two years or five years, but it could be unlim­it­ed. Long-term care insur­ance poli­cies have a dif­fer­ence in term of max­i­mum pay­out per day. A low-cost plan might pay about $100/​day. A high­er cost plan could spend $250 or more.

Long-Term Care Insur­ance Tips:

  • Finan­cial plan­ners rec­om­mend buy­ing long-term care insur­ance long before need­ed. Insur­ance costs more when an indi­vid­ual is already in need of care and the old­er you are when pur­chas­ing a pol­i­cy, the high­er your pre­mi­ums.
  • Before opt­ing to buy from an insur­ance provider, research year­ly rate changes. If rates have gone up so much, you have rea­son to be cau­tious.
  • Includ­ing infla­tion pro­tec­tion on your insur­ance pol­i­cy can help ensure that your ben­e­fits align with the cost of liv­ing.

In-Home Care vs. Continuing Care Costs

If you’re bal­anc­ing the pros and cons of in-home care and con­tin­u­ing care, here are some num­bers to work. Accord­ing to The 2017 Gen­worth Finan­cial Cost of Care Sur­vey, below are the nation­al aver­ages for senior care:

  • Nurs­ing Homes aver­age $235 a day for a pri­vate room; $267 for a semi-pri­vate room.
  • Assist­ed liv­ing facil­i­ties(“typ­i­cal­ly include at least two meals per day, house­keep­ing, and per­son­al care assis­tance, for one-bed­room pri­vate rooms or apart­ments with pri­vate baths”) aver­age $123 a day.
  • In-Home Care aver­ages $19 an hour for home care­givers; $18 an hour for homemaker/​companion ser­vices. Addi­tion­al­ly, 82% of home health care agen­cies offer Alzheimer’s train­ing to their care­givers with no addi­tion­al fees for seniors with Alzheimer’s. Most elder­ly home care ser­vices need a min­i­mum of 4 hours to start care, so the min­i­mum cost is $76 /​day

In-home care can indeed be low­er cost solu­tions to assist­ed liv­ing depend­ing on the kind of home care you need, and how many dai­ly hours you need this home care.

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