COST OF IN-HOME CARE FOR THE ELDERLY: FINANCIAL ANALYSIS
The question “what is the cost of in-home care for the elderly?” is a very common one. It is important to know the cost of in-home care for elderly before enrolling your parents in one.
You should be able to know if you can afford it. This article has been written to address all of your concerns regarding the cost of home care and long-term care for the elderly.
You can use the resources provided here to make an informed decision as regards the type of in-home care services that suit your pocket and how you can plan toward funding it in such a way that the costs won’t affect other areas that need to be spent on.
Unfortunately, family members do not often have the ready-made analysis of the financial costs. The process of getting the needed reports can seem overwhelming. Finding the correct information when looking for the perfect home care services for the older person can be difficult for the relatives.
About 10 million people who are over the age of 50 are providing personal care and health care for their aging parents; this is according to a MetLife Mature Market Institute in collaboration with the National Alliance for Caregiving and the New York Medical College.
Over the last 15 years, the number of caregivers has more than tripled. The increase in the number of caregivers has had a huge influence on medical advances, having a consequential increase in human longevity.
30% of seniors who are over 65 years of age have a fall accident every year.
The average age of death has increased from 68 in 1950 to about 79 today. About six million elderly people over the age of 85 now reside in the United States.
The national senior population is set to double by the year 2040. There is posed to be a massive increase in the demand for home care services for the elderly. With the population increase, there are two possibilities that could be witnessed in the future.
First, the cost of in-home care services for the elderly could become more expensive as the demand for such services will be very high. Second, there could be a decrease in the cost of home care services as there would be more caregivers as a result of the high demand.
The number of family caregivers is also on the increase. The family caregivers themselves are aging with time while providing care for others. Family caregivers have to start saving up for retirement and for home care services too.
The cost of home care services for the elderly depends largely on the region in which you reside, the type of services required, and the duration of care that will be sufficient for the older person.
Since the cost of home care services depends on these three parameters (location, service type, and duration), the first thing you have to put into consideration is the specific needs of the elderly. Therefore, you need to ask yourself some questions like:
“Does my elderly mother need help all through the day or does she just need a few hours to get things done? What level of care does she need?” In this manner, there are three options you have to consider. You will be provided with concise illustrations to what the three options entail. These are:
Assisted Living Facilities: These facilities are typically those that provide support and assistance to elderly people basically with the activities of daily living, called ADLs.
Nursing Home Facilities: Home care facilities that offer the elderly intensive care and long-term care together with nursing supervision all through the clock.
Home Care Facilities: Home care facilities are personalized care services and in-home caregivers that provide a wide range of daily activities. The broad range of activities and health care they are involved in allows the home care facilities to attend to elderly people at their homes.
Caregivers are able to provide flexible, affordable, and a broad range of care services. They are instrumental if you want your senior parent(s) to receive sound home care services with activities of daily living (i.e. ADLs).The available activities of daily living rendered by caregivers include grocery shopping, personal care, transportation, grooming, and lots of non-medical care. These services can be scheduled to fit the specific needs of the older person.
With this, the older person can continue to live comfortably in their homes and receive sound care and support. Therefore, one can deduce that aging in place has lots of advantages and benefits that far outweigh other types of senior care services.
In-home care for the elderly is affordable and has numerous psychological benefits. The senior can also avoid the depression that is associated with moving to a nursing home or an assisted-living facility. Aging in place also offers the family members some considerable level of relief.
In general, home care services are charged using the hour mark (i.e. caregivers charge home care services per hour). The national hourly average for the cost of in-home care services is set in the range of $20 to $40.
According to the Genworth National cost of care survey carried out in 2015, there is a fixed range for home care services using an hourly, daily, or monthly mark. The report is very useful in determining how much you will spend on in-home care services for the elderly.
It provides a cost comparison for the median—maximum range of the cost of home care services for the elderly. According to the Genworth survey, the cost of home care services ranges from $20 to $40 per hour, with no figure on the cost of assisted living facility and nursing home facility.
The daily cost of home care services can range from $120 to $240. This is way cheaper compared to the $250 to $1,255 of the daily cost of a nursing home facility. An assisted-living facility is reported to cost between $120 and $375 per day.
The monthly cost of in-home care services ranges from $3,600 to $7,200. The nursing home facility costs between $7,500 and $37,650 per month. That is an astonishing figure. The monthly cost of an assisted living facility stands between $3,600 and $11,250.
When you take a look at the financial analysis, home care services cost less than other types of care services for the elderly. Home care services aren’t just affordable, they have also been widely said to reduce the number of impromptu hospital admissions.
The assistance and support that caregivers render have a significant impact on the reduction of the risks involved with fall-related injuries in the home. This is an important aspect of caregiving as 30 percent of seniors who are over 65 years of age have a fall accident every year.
According to research, falls have been reported as the major cause of sudden death in people who are over 65 years. In addition, home care services enhance a healthy living environment.
With the support and assistance of caregivers, home care ensures that patients do not miss a dose of their medication and are able to eat and use their drugs on time to ensure optimal health status. Generally, home care improves the overall safety of the patient in the home, and comes at an affordable price.
Seniors That Prefer Living In Their Home Indefinitely While Aging
The national senior population is set to double by the year 2040