Counting The Cost For Elderly In-Home Care

Research shows that around 85%-90% of seniors desire to live out their retirement years in their own home, whether it is the house where they raised their kids or they were downsized to an apartment in the city or a cottage somewhere in the tropics. The rapid growth in the number of seniors seeking elderly in-home care has caused many companies and individuals to respond by providing different types of services and ways to cater to this need.

If you're planning to age in your own home, you should start considering how you're going to pay for the expenses related to this choice. Perhaps it will comfort you to know that over the last few years there has not been any increase in many elderly in-home care services. The rates of facility-based care, on the other hand, have been constantly increasing.

A few hours a week of elderly in home care services over a short period of time is definitely much less expensive than remaining at an assisted living facility or a nursing home. However, if you would need constant care, expect the cost to add up.

Recently, among seniors who do not need that much personal assistance there has been an increasing demand for risk management services. This involves hiring an elderly in-home caregiver once a week in order to reduce the risk of a fall or slip. This involves hiring a home care provider to take out the trash, do the laundry, and change a bulb which requires the person to climb a ladder.

Medical Equipment

There is also a growing market for in-home medical equipment which can help seniors age in their homes safely and comfortably. One of the most common devices is the personal emergency response system, which connects seniors to a round-the-clock call center. When seniors push the button of this device, a call center staff will evaluate his situation and decide whether an ambulance is necessary or just a designated family member or friend.

Among the latest products in the market are motion-sensing devices which have the ability to identify signs of potential health issues among seniors. For instance, if a senior repeatedly sweeps the floor or keeps coming back to open the door of his refrigerator, this might be an indication that the he has dementia. Or if a senior is frequenting the bathroom more often than usual, he might be suffering from a urinary tract infection. When any such case is detected, a remote caregiver will intervene without the need of moving the senior to a more advanced level of care.

Hiring the Right Elderly In-home Care Provider

When seeking an elderly in-home care provider, you have to make sure that the person will provide quality care and that he is reliable, flexible, and trustworthy, knowing that he'll stay with you in your own home. To reduce the risk of choosing the wrong person and make the process less troublesome, consider the following crucial points.

Does the person have adequate training and experience to meet your specific needs? For instance, if you need personal care, consider how much experience the person has in this area. Check the person's references. If possible talk to his previous or current client receiving care to know whether he is a reliable and responsible elderly in-home care provider. Check the person's criminal record. A background check maybe necessary in order to ensure that he has a clear criminal record. After all, your safety as well as that of your family is of utmost importance. Inquire about the cost of his services, making sure that there are no hidden charges in his rate.

Consider Your Funding options

When thinking of receiving elderly in-home care, one of the most important things to think about is how to fund the cost related to your decision. Some of your funding options include Medicare, Medicaid, long-term care insurance, and your own resources.

Medicare offers limited coverage for short-term services such as skilled nursing care or therapy for seniors recovering from an illness in their own homes.

With Medicaid your home health care services are covered and in some states even personal care services are also covered. However, only those who are in the low-income level can receive these benefits. Otherwise, seniors will have to use their own money for the cost of aging in their own place. Some seniors use their retirement savings to cover some of these costs.

Another option would be to acquire long-term care insurance. Coverage for seniors who want to grow old in their own home include nursing home care, non-medical care, medical equipment, home modifications such as the installation of grab bars and ramps, as well as caregiver training courses.