Cost of Home Care

Cost of Home CareDeciding how to best care for the older generation is a personal, life-changing matter that can put a financial and emotional squeeze on the elderly and their families. Fortunately, elder care choices have expanded beyond residential nursing care. Today, supportive home care services are an increasingly sound choice for thousands of families. As a world leader in senior care, Right at Home provides personalized caregiving services wherever our clients live, whether home is a house, apartment, assisted living facility or nursing home. A significant benefit of our adult home care is that it allows our clients to remain in the familiarity and comfort of their own surroundings.

Benefits of Home Care

The majority of seniors do not want to leave their personal residence to live with a relative or move into a care facility. Yet when living without assistance is no longer an option, home care is a solution that brings great relief to seniors and their families. At-home care can vary from a few hours of companionship care a week to round-the-clock nursing care. Our Right at Home adult home care providers are thoroughly trained, insured/bonded professional caregivers who can assist with bathing, exercise and medication reminders to cooking, laundry and transportation.

In addition to providing a trusted helper for loved ones, in-home care is flexible to current or fluctuating health needs. Instead of needing to remain in a nursing home or assisted living facility, Right at Home clients can choose the type and length of assistance they need. Perhaps the greatest benefit, is the cost savings over hiring a nurse or displacing your senior to a care center.

Home Care Can Save You Money

In early 2013, Genworth, a leading Fortune 500 insurance holding company, conducted its 10th annual Cost of Care Survey. The survey included nearly 15,000 long-term care providers across the country and detected a sizeable increase in the cost of facility-based care compared to a gradual cost increase for at-home care. The 2013 summary findings include:

  National Medium Hourly Rate Increase Over 2012

Home Care Services (Licensed)

$18 1.39%
     

Home Health Aide Services (Licensed)

$19
National Medium Daily Rate
2.32%
     

Adult Day Health Care

$65
National Medium Monthly Rate
6.56%
     

Assisted Living Facility
(One Bedroom – Single Occupancy)

$3,540
National Medium Daily Rate
4.55%
     

Nursing Home (Semi-Private Room)

$207
National Medium Daily Rate
3.30%
     

Nursing Home (Private Room)

$230 3.60%

 

The 2013 median annual cost for assisted living facility care was $41,400 nationally and has increased 4.3 percent a year during the past five years. In 2013, a private nursing home room cost $83,950 nationally, a 4.5 percent annual increase since 2008. At-home care, however, has edged up only 0.8 percent during the same five-year period.

Since the first Genworth study in 2003, more people each year are moving away from traditional nursing home care and selecting less expensive in-home care, assisted care facilities and adult day care.

Medicare does not currently pay for at-home care services, but some long-term insurance policies will reimburse for home care expenses. Financial advisers note that family caregivers who reduce their work hours or leave their job entirely to care for their loved one need to consider not just the lost wages but also the company pension and  Social Security benefits.

Next Steps

Cost of Home CarePlanning ahead for elder care is crucial to help save money and prevent pressured decisions when the time for help is needed. It’s important to research available care services, and, as much as possible, to include your senior in the discussion. For how to talk through a planning strategy with your loved one, see our “Top 10 Things to Discuss With Your Parents”. We’re here to address your questions and concerns and help you make the right decision for the best care for your senior. Contact a knowledgeable Right at Home care team in your area.

I am very thankful for the services that Right at Home provides for me and my family. As a medically disabled Veteran, the monitoring by the VA and the assistance from the staff at Right at Home enables me to live at HOME. Thank God for your office staff and Home Health staff. They go above and beyond helping me to remain Home. I can't say enough good things about them. Our caregiver is the greatest aide.

Robert