Did you know that most Americans have saved around $141,542 for retirement? If you’re planning for your golden years, you’ll need to be thinking about necessary services, too. This can include home care costs that can help you still live independently.
Read on to learn about the cost of in home care for elderly people!
Know What Services You Need
How much you pay for elder care may depend on the extent of services needed. If you or your family member are generally self-sufficient, 24-hour care is not necessary. And that means you won’t need someone at the house all the time.
Hiring a caregiver to help with household tasks like laundry, hobbies, or paying monthly expenses may be necessary. A caregiver also may serve as a friendly face to provide socialization for isolated seniors. In those instances, you may only need assistance for an hour or two each day, or every other day.
Alternatively, you may need a caregiver to help do grocery shopping or take someone to appointments. Those seniors with impaired memories or mobility may require even more specific services that require more time. The home care cost per month could easily be over $4,000 for more intensive care.
Consider the Home Care Pay Structure
When you’re looking into the cost of in home elderly care, ask about the pricing structure. For instance, some services may charge by the hour while others may charge rates per day.
You can expect to pay around $25 per hour for most in home elderly care services. The home care cost per hour does vary by state. And caregivers working from organizations that require more rigorous certifications may charge more.
You may be able to sign a contract for monthly care if you can commit to a fixed schedule. But be aware that you may need to agree to a predetermined number of hours that could exceed what you need.
Know Your Payment Options
When it comes to home care, you may be able to get discounts that help defray the costs. For example, elder care costs may be covered by Medicaid. And if you have benefits through the Department of Veterans Affairs, you should expect some assistance, as well.
Likewise, Medicare may help cover home care as long as a doctor has prescribed it. You can get help covering costs for the assistance of a nurse if you’re not able to leave home. And if you have separate insurance covering long-term care, that can help defray costs, too.
Understand the Cost of In Home Care for Elderly People
Knowing the cost of in home care for elderly individuals can help you make wise financial decisions for your future. Determine what services you’ll need to help determine the type of contract that meets your timetable. Look for discounts based on your health coverage, and understand whether you’ll be paying an hourly fee or committing to a larger contract.
When you need more tips to get your finances in order, check back for new and informative articles.