When a loved one begins to struggle to care for themselves alone, your first thought is naturally about how to ensure they get the best care possible to continue living a happy life. Unfortunately, the next consideration most families need to think of is often how caregiving will affect their finances. Many people in this situation find themselves weighing the financial benefits of assisted living, nursing homes, and in-home care. When navigating this vital decision, it pays–literally–to have the best information on hand. Here’s all you need to know about the financial benefits of in-home caregiving in order to determine whether it’s a good option for you.
Save Money Compared to Assisted Living
One of the most common questions people ask when considering care for a loved one is whether in-home care or assisted living is the better option. However, there’s no straightforward answer. Both in-home care and assisted living can vary in price, and at the end of the day, circumstances alone will often determine which option is cheaper.
But in general, in-home care tends to be cheaper than paying for a room at a nursing home or assisted living facility. Costs often exceed $9,000 for a private room, compared to the costs of in-home care, which average slightly less than $5,000, as per Genworth Financial’s Cost of Care Survey.
However, what often makes a more considerable difference than a one-to-one flat cost comparison is that in-home care offers much more flexibility than nursing homes or assisted living. With in-home care, you can adjust the care you receive based on your needs rather than being locked into paying for the cost of housing, food, and care every day. With in-home care, you can supplement a professional caregiver with family caregiving to save money. Plus, your loved one gets the benefits of aging in place in familiar and comfortable settings.
Avoid Loss of Income
Family caregiving can be an intelligent financial choice, saving money on the costs of a professional caregiver by stepping into the role themselves. However, the reality is that often, family caregiving results in more of a financial loss than people might account for. This comes from lost income, as family caregivers must often cut back their hours or even quit their jobs to provide care for a loved one. In addition, if you’re no longer working, you may also lose your benefits, such as healthcare, which can cause even more unexpected expenses.
Overall, working with an in-home care team can ensure that getting your loved one the absolute best care doesn’t disrupt your own life and cause you financial difficulties.
How Much Does In-Home Care Cost?
Unfortunately, in-home care is not always covered by insurance. With private insurance, your coverage may vary from plan to plan and may vary based on the length of care you need. The best option in these cases is to check with your specific policy.
Medicare does cover non-medical home care, but the patient must be eligible for Home Health Care with a skilled nurse and be certified as home-bound by a doctor. However, Medicare will only pay for part-time or intermittent skilled nursing care for less than eight hours a day, seven days a week. Even in those circumstances, Medicare limits the amount it will cover. One crucial detail is that Medicare does not cover homemaker services and help with daily activities like grooming, cooking, and housekeeping, which many home-bound seniors cannot comfortably go without. Visit medicare.gov/coverage/home-health-services for more information.
For additional help in paying for in-home care, The Arizona Health Care Cost Containment System (AHCCCS) may be an option. As Arizona’s Medicaid agency, the AHCCCS can offer some services such as in-home nursing or care to people who are over the age of 65, blind, or have a disability. Generations is an approved AHCCCS provider, so talk to us today about working with your plan.
How to Access Financial Assistance
At Generations Home Care, we know how stressful it is to think about finances in the face of your loved one’s care. That’s why we offer several options to finance in-home care. Our flexible Custom Care Plans adapt to meet your needs without adding services you don’t require, helping you stick to a budget. We can also give you more information on the Veteran’s Aid & Attendance Pension, which benefits specific war veterans and their spouses. And lastly, if you’re considering self-pay, we’d love to discuss all the details with you to get your loved one started with the absolute top-of-class care they deserve. Are you ready to start reaping the financial benefits of in-home caregiving? Give us a call today.
About Generations Home Care
Generations Home Care personalized in-home care and support services help those recovering from illness, injury, or surgery, living with a chronic disease, or dealing with the natural process of aging. We help people live a fuller, healthier, and independent life.
Our caregivers are trained in the Centers for Disease Control (CDC) recommended COVID-19 safety precautions. We offer levels of care ranging from companionship, to respite for the primary family caregiver, to homemaking services, to assistance with activities of daily living, to Alzheimer’s and dementia care. Generations Home Care takes a holistic approach and emphasizes a consistent, client-centered plan of care.
Our Specialty Services Include:
- Rehab or hospital-to-home programs for safe discharge.
- Short-term post-operative care during recovery periods.
- Non-medical life management services for people with chronic conditions.
- Veteran’s connection to care program.
- Live-in services and couples care.
If you’d like to learn more about how we can help you, contact us today at 602-595-HOME (4663) or by filling out the contact form on our website.