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:
- Who gives the home care
- 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.