Caring for aging loved ones comes with financial challenges, but that is something you can handle without losing your mind with careful planning. One of the most important choices that you have to make is whether you should hire an at-home senior caregiver service or look for a skilled nursing facility.
Both choices come with their ramifications in terms of cost and budgeting. Before you choose any option, experts recommend researching the option fully and also factor in any medical emergency that the elderly in your family is most likely to suffer from.
Many family caregivers react to a severe medical crisis. Even when they realize that the senior member in their family has additional needs that are difficult to address without a professional, they become apprehensive to hire a Senior Caregiver in the USA because of the rising cost of senior home care in the country.
Of course, hiring a paid service for caregiving for elderly can be expensive but so does the cost of admitting a senior family member in a nursing facility. Many families even think that paying $25 an hour for a caregiver to do just bathing and dressing or over $6,000 at a nursing home per month is not worth considering.
First things first, the work of a senior home caregiver depends on the needs of the senior. So, it is most often more than just bathing and dressing.
As long as the financial cost of elderly caregiving is not supported by their insurance provider or the U.S. government, it becomes extremely difficult to make up this call, especially for the families that are already having a financial crisis.
So, here is a guide for you on the cost of at-home Senior Caregiver Service in the US and how to manage it.
The Basic Cost of At-Home Caregiving for the Elderly
The cost of at-home care greatly varies with the needs of the senior. According to the most recent data of Genworth, the average cost of in-home care can be up to $4,576. On the other hand, the cost of a nursing facility can go up to $8,821.
For those who are looking for a senior caregiver who is available 24/7 to take care of the elderly, the cost is still significantly higher. However, the cost can substantially go down if the elderly need a professional caregiver for only a few hours or if a family member can step in. Besides, the basic caregiving cost can also vary based on your location and state.
Costs of Senior Caregiving That Often Go Unnoticed
Home health aides often charge more during overnight, weekend, and holiday hours. They may also increase their prices even if you hire them just for one hour as opposed to a three-hour duration due to potential wage losses on other caregiving jobs. Besides the cost of Caregiving for Elderly, the family will also have to pay for standard living costs, such as groceries, electric bills, medical supplies not covered by the insurer, and home modifications if necessary.
Options Available to Pay For Senior Caregiving at Home
First of all, know that the elderly in your family might be eligible for federal benefits. And if the senior member has already planned ahead, you can take advantage of their insurance benefits to pay for their home care. If not, you can explore insurance options for seniors so that the overall cost of any medical emergency doesn’t befall your shoulder.
1. Medicaid/Medicare
Depending on the state, Medicaid coverage for Senior Caregiver Service can differ. On the other hand, if we talk about Medicare, it pays the cost of at-home health aide and skilled nursing care for 21 days only; however, it requires a caregiver to work for less than 8 hours a day and less than 7 days a week in the period of 21 days. There is no provision for the coverage of homemaking services.
2. Private Health Care Insurance
Though most private health care insurance plans don’t cover at-home senior care costs, some policyholders might get special coverage via an Employee Assistance Program or other exclusive programs available for federal employees, healthcare workers, veterans, and teachers.
3. Long-term Care Insurance
This option is best for those seniors and family caregivers who like to plan beforehand for enhanced financial security. You can benefit from long-term care insurance or some policy that combines the benefits of permanent life or long-term care insurance plan. It will help cover the cost of at-home caregiving for elderly. As with other insurance policies, you should buy such an insurance policy as early as possible.
part from this, you can check out federal programs, such as SNAP, that are available for low-income families. Such programs might be helpful to cover other costs that will offset the cost of senior home care. Keep an eye on the recent announcements made by Joe Biden and stay updated. Biden’s federal tax credit plan has a huge potential to improve the lives of older adults and caregivers.