Elder Home Care Costs – Also Due Diligence.

Pictorial illustration of elder home care costs.

Elder Home Care Costs – Also Due Diligence.

 

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Introduction

 

pictorial illustration of elder home care costs.

 

I will examine and discuss elder home care costs this time. You are clear on your choice of home care for your elderly loved parent.

Your choice may be based on any of the following considerations: convenience, complying with your parent’s wishes, cost, unwillingness to hand over the care of your aging parent to total strangers, or to make sure her type of lifestyle is maintained?

Then you need to know the type of home care you want to come as close as possible to the actual cost: a simple house help, companionship, or more involved home health care?

The cost of each option will depend on the going rate where your elderly parent lives. Other areas to consider are the cost of equipment, supplies, and home remodeling if needed. 

 You can see that simply googling homecare costs (which averages around $3500.00/month) or making some phone calls to get the ‘cost’ will not do. It would be best if you did more homework for a realistic estimate.

Let me discuss the more involved home health care that involves medical and professional services.

Medical And Professional Services

The most important consideration to determine or estimate elder home care costs is the type of services needed. Note that no two cases are the same. So what you have here is a guide.

You have to be clear on your loved one’s type of disability, which will dictate the services’ needs: an average healthy aging person may only need home help with daily living activities (ADLs).

But stroke care, post-surgical care; surgical wound care; Intravenous therapy care; Parkinson’s care, etc., may need some skilled healthcare services requiring certified home health care professionals like nurses, licensed vocational nurses, physical therapists,  doctors, etc. 

Sometimes some people may not know the difference between assisted living and skilled nursing home care and hence ignorant that certified caregivers earn higher hourly rates than those unlicensed. Such a person may need help to make that determination.

In that case, I recommend SeniorAdvisor.com. You will learn a lot more from them. Any dollar value cost for home care costs will be misleading. Only you know your parent’s location and the going rate of these services there.

Time Frame And Location

And you need to know the time frame services are required to figure out the cost. The cost of home care( in fact, or any of the varieties) depends on the number of hours the services are needed.

Also, the residence of your loved one and the cost of living there are determining factors. For instance, in Phoenix, Arizona, home care services’ prices will be different and more expensive in Los Angeles, California.  For further reading on this, please read Genworth’s 2016 Cost of Care Study.

Equipment and Supplies

To determine elder home care costs, the types of equipment and supplies needed, including their fees, will depend on individual cases and locations, as noted above.

In some cases, hospital-grade beds, unique bathtubs, bathrooms, kitchen, and dining fixtures may be needed. When some or all of these fixtures are needed, some rooms may require remodeling to accommodate them.

The costs of these fixtures and the remodeling may also vary depending on availability and location. The type of lifestyle your elderly parent desires may require buying scooters or wheelchairs so that she could go shopping in her favorite stores, visit friends or move around in the house. Depending on a particular situation, a chauffeur may be employed to drive her around.

Other Considerations.

So far, the discussion on the elder home care costs has been focused on the dollar amount of the services. You also need to consider the quality of services, equipment, and supplies. These will impact the total cost of home care costs. You need to employ services that match your needs: staff with adequate training and experiences, a high sense of duty, and love for their patience.

Help With The Cost

Paying for elder home care services (and any more senior care services, incredibly long term) may be challenging if adequate preparations were not made before the onset of the need. In fact, many families have gone bankrupt because of home care costs.

One could explore a few US options like life insurance, medicare, Medicaid, etc.  My caution is to be aware these exist and understand the terms and conditions of your choice. Let me explore these a little further.

Life Insurance is generally paid after death to a designated person, but depending on the terms of the certificate, it could be used to pay for home care and long-term health care services. Again, read the fine prints.

Medicare is a government agency open to qualified individuals. It can be used to pay for in-home health care only. To be eligible to receive this assistance, the elderly senior must, among other requirements, receive the care from a medicare-certified agency. Again, read the fine prints.

Many seniors, sixty-two years and older, are allowed to use the equity in their homes to pay for health care services in an arrangement called Reverse Mortgage. This is a form of loan using your house as collateral.

You can pay back the loan with interest at any time of your choice. The only type of reverse mortgage I personally use and recommend is the Home Equity Conversion Mortgage (HECM). I use it because it is the only type that is federally-insured. You need to acquaint yourself with the terms and the conditions.

Another avenue for help to pay for elder in-home care services is Medicaid, though the more senior person must meet both medical and financial needs. You may be required to undergo a medical evaluation to ascertain this.

Make sure you understand what you are getting into to avoid missing out on any of the provisions. Also, remember the coverages differ from state to state.

Final Thought

Highest among the reasons people choose home care options for their loved ones is to maintain the lifestyle they are used to.

Your home is a familiar, not a strange place. This is where your life memories, your grandchildren, and anything of value live. You are among your own people, not strangers. “There is no place like home.”

Home care costs are no easy task because of many variables like the location where the services will be required and the going rates in the place to consider. And no elderly case is like any other. So the cost you get from googling or from asking another person may be unreliable.

The most expensive service in the home care services is home health care. This option requires home health professionals whose services cost a lot more.

The cost of eldercare, in general, may run into thousands of dollars and can lead to families filing for bankruptcy if they don’t have a full grasp of eldercare. To prevent that from happening, people look for ways to get help to pay for the costs. Four sources  – life insurance, reverse mortgage, medicare, and Medicaid, I discussed here. But I think the best option to avoid or reduce the high costs is taking proper care of oneself before aging begins. Eat healthily and exercise regularly.

Thanks for visiting my site. Come again.

Please Leave Comments/Reply

Please share your thoughts about this post in the Comment section below.   I would love to read them! If you have some experience with eldercare costs and prefer to share them here, you are welcome.

 

website: https://thebabyboomerhub.com

email: calm@thebabyboomerhub.com

Ph.: (1) 602-687-2157

Comments ( 8 )

  • Nina

    Thank you for this article Elder home care cost – also due diligence and all the interesting information that encourages thinking about caring for the elderly. Especially now at the time of the pandemic, nursing homes were in great danger, and when deciding whether to house an elderly person or not, it is necessary to consider all the positive and negative aspects of the decision.
    Your article is really a real treasure trove of useful information that needs to be considered.
    I wish you all the best
    Nina

    • Cal Mbano

      Yes, this is the time many families consider elder home care. And there are very few families without an elderly mom, dad, or relative.

      I’m happy you found the article useful and remember to spread the word. Thanks for your time and comments.

      Cal.

  • Jason Brody

    Thank you for this very informative and helpful article on elder home care costs. I got some really helpful tips out of this on what we could do to help our elder family with the cost of home care. Now I think you have a great point at the end of this article about keeping healthy, eating the right food and exercise regularly in our lives, this is the key for a better elderly life.

    • Cal Mbano

      Thanks for your time and comments. 

      Many people believe in using drugs to keep themselves fit. But I agree with those who believe that regular exercise and ‘good’ food should be a natural way to keep fit. This lifestyle should start early in life, not after the body systems and the bones have already deteriorated. Also, ‘good’ food is not genetically altered foods, frozen foods, or non-organic foods. I wish you could check out this site: https://www.timeoutbook.com. Good luck.

      Cal.

  • Jean

    Thank you for this article, some great information, and tips needed to prepare for the cost of Elder home care, yes it will be very costly so thank you for explaining other considerations. Even so, I feel that Elder home care is very important for Elders who cannot care for themselves or if family members are not able to. Before my Grandparents died they sometimes had the habit of forgetting to take their daily meds or simply did not take care of themselves as they should have, my parents, were always working but were able to place them in professional care before passing away, although sad it was the right thing to do for them at the time. Take care!

    • Cal Mbano

      Hi, Jean,

      First, my prayers go with your parents. If I may ask, did they die of old age? If they did as I hope, then try not to be too sad. As you may know, old age is the time the Creator set for every living thing to die.

      Then, thanks for your time and comments. I’m happy you enjoyed reading my post. Many aging parents and their children agree that home care is the most preferable for many reasons; many were detailed in writing. 

      But whichever option is chosen, it will always be better to start way back making preparations. Many continue to drag their feet until it is too late. Good luck.

      Cal.  

  • Michell

    There certainly are many factors involved in caring for the elderly. Yes you are right, the only way to truly be ready for it is to prepare for it in advance. This too is challenging especially in times where pension funds are stolen, make rich schemes swallow unsuspected elderly people in an effort to support themselves and medical aids does not pay out as they are supposed to! Or rather let’s say we do not read the fine print!   Well at least this happens in my country! (South Africa)  Many elderly are left to fend for themselves as their children are not able to look after them. But enough with the gloom! There is always a way out! And besides we are to love one another!  So let us do what we can.

    • Cal Mbano

      Hello, Michell,

      Thanks for your time and comments.

      Indeed there are many parts to taking care of the elderly. The two most important are awareness and starting early to prepare. Taking care of the elderly is expensive, but many sources of help are available in many less corrupt countries. As you said, we must always do our best.

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