In current times aging at home with comfort has become a priority for a lot of older adults. Statistically speaking, 3 out of 4 Americans have a desire to remain at their current home as long as possible, according to The American Association of Retired Persons (2018). The reasons for remaining at their current residence are as follows: emotional connection, just an individual wish, desire to stay with the community, fear of a lack of independence at the new place, and most importantly financial aspects.
As always there are its pros and cons of aging at home. The advantages may be the most obvious as living within the same community and having enough communication, maybe turning for help to volunteers in situations of dire need. However, disadvantages of simply aging at home appear when the elderly live with chronic health conditions, acute or incurable illnesses, reduced mobility etc. Leaving seniors alone in such situations may be too risky, hence, in-home care agencies can improve their patients’ quality of life and work with customized programs for their clients’ needs. Proper aid is situated almost anywhere around the country such as home care Brooklyn, Los Angeles, Seattle and others where in-home care agencies assist the elderly and help them age with grace.
Evidently, there are many home care providers for one’s family to opt from, as well as different fee ranges and costs for services. In this article, we will discuss in detail the financial side of the story.
Overview of home care
Home care is considered to be a non-medical caregiving process and assistance which is provided in the client’s home. Usually, this type of care includes activities of daily living (shortly ADLs) and no medical care therapies. Depending on the needs and requirements, clients can receive aid according to a planned schedule.
Home care is a real solution which serves an alternative for the elderly whose wish is to remain independent at any cost. It can be a perfect care option for those who meet the following criteria:
- Struggle with mobility and requires safe mobility at home;
- Is no longer able to transport themselves to appointments;
- Struggle to do household tasks and ADLs;
- Feel isolated and depressed;
- Have early stages of memory impairment.
It has to be noted that just plain good care is certainly a great option for everyone even regardless of age, however, home care is not. Below you may get acquainted with the list of reasons why a senior may not be a good fit for home care:
- A need for friendly companionship rather than a caregiver;
- A need for a specific nursing care;
- A need for speech, occupational, physical therapy services at home;
- Advanced memory impairment which requires a more secure environment and around-the-clock care.
How much does home care cost?
The average cost of in-home care in the USA is approximately 5,000 dollars a month, according to Genworth Financial’s Cost of Care Survey. Moreover, it may not be the final fee to pay, since depending on location in-home care costs can differ and be either significantly less expensive or on the contrary too high.
Regardless of the state, in-home care still remains to be at about reasonable or affordable prices.
Financial Assistance for In-home Care
Before committing to in-home care, it is essential to consider how to pay for it. There are a bunch of options to consider and which can align with your needs and desires. However, those who plan early can buy policies which can cover home-care benefits. We will provide a list of potential ways to pay for in-home services.
It is a general practice to pay out of pocket for in-home care. Nevertheless, one can make it more manageable by properly utilizing financial assistance:
- Long-term care insurance: a standard health insurance will not pay for a personal care assistance, but a long-term care insurance certainly will. However, you must be attentive when opting for this type of payment becaye such insurance cannot be valid until a client decides to take help for two different types of ADL.
- Medicare: originally, Medicare, a kind of government help, does not cover standard in-home care by considering it to be “custodial care” not medical. Nonetheless, Medicare can cover personal care if it is delivered with home health care services from the same provider.
- Life insurance: is one of the most standard and common ways to pay for different needs and services.
- Veterans Benefits: some vets are eligible for Aid and Attendance benefit where an additional payment is used towards paying for long-term care. Note that this type of veteran benefit requires documentation from a doctor and is always calculated by a complex rating system based on how disabled the veteran is.
- Taxes: when hiring and paying for home care for medical reasons one can qualify for a federal tax deduction.
- Annuity: it is designed to help seniors turn their retirement savings or a pension into a steady and guaranteed income stream that will pay out till death. This money can be used for in-home care or for assisted living.
All in all, in-home care is the most comfortable option for clients who recover from illnesses, dementia or surgeries because they have constant supervision and assistance. The final and the hardest part of getting an in-home care stems from finances. First and foremost, one must assess the kind of help they need to receive to continue with payment fees. When a family or an individual comply with a detailed guide on care services and fees they can better understand which financial options to take into account for further payments. For starters you can directly contact an in-home care agency and they can offer you a personalized consultation on the application and financial procedures as Galaxy Home Care does. Currently, there is a plethora of available resources to count future expenses. However, when in doubt, turn for help to law attorneys who specialize in topics related to aging, retirement to create a financial plan for long-term care. They will definitely assist you with legal documents and provide referrals to professional advisors, tax specialists, care managers and elder care providers to choose an individual plan.