What Is The Cost of Home Care?
Updated: Dec 3, 2020
Reviewing finances is a crucial part of starting the conversation and planning for the future. It can be a sensitive subject, but it is often the core of many decisions. It’s important to know what kind of care you require before making financial decisions. Planning your finances ahead of any unforeseen circumstances will take out the emotions of having to make financial decisions during difficult family times. Don’t wait for red flags to plan financially. Having a plan that could change is better than having no plan at all.
There are many options when it comes to caring for someone that is in declining health. Each level of healthcare will require a different financial resource. The cost of care often varies depending on the care needed. Many long-term care policies will cover the cost of home care. Supervision is positively correlated with cost of care.
Greater supervision and oversight of the senior’s health and care team is the role of the Care Manager. The Care Manager reads daily charting notes and can quickly detect changes in condition and potentially avoid the need for someone to go to the ER or into the hospital. Care Management is critical for your loved ones with chronic conditions. Some different types of care, such as a home care registry or a private caregiver will not have any Care Management oversight, therefore costs are cut.
One thing that family caregivers often find surprising is that most health insurance, including Medicare, hardly covers the cost of nursing home, assisted living, or home care. It’s important to review bank accounts, investments, insurance coverage, and loans. Long-term care insurance and funds or assets can be used to cover potential cost of care.
You might be here to find out the cost of home health care, but what is the cost of waiting too long to make a care decision? Your loved one may have a fall, forget to take their medication, or may not be managing their chronic conditions well enough. This can lead to multiple Emergency Room visits, a hospitalization, or simply more of your time will be devoted to providing care for them. Forty percent of individuals in this caregiving role end up exiting their careers to care for their loved ones. If you're feeling stressed balancing your career and caring for your family, home care is the perfect solution for you.
In Lincoln, Nebraska the median monthly cost for in-home care at 20 hours a week is about $2,308. Using Genworth, we can compare the costs of different types of care in different locations and for different periods of time. The website also has a feature to predict future costs of care while accounting for inflation.
Using home care, you can potentially save around $3,300 monthly compared to assisted living, depending on the care needs.
Home Care Partners can bring service to wherever it is needed. We are able to help seniors in their own home, and we work in many communities to provide additional 1:1 support. We would be happy to visit with you and provide a home safety assessment and needs evaluation to help determine what type of care is needed. Many long-term care policies will cover the cost of home care. Home Care Partners can help you interpret your policy and review your coverage. You may reach us at 402-780-1211 to speak with us, or you can research more on our resources page of our website.