Cost of Home Care and 5 Ways to Pay
More and more families consider in-home personal care a viable long-term option for older loved ones. In-home personal care helps seniors age comfortably in familiar surroundings and may provide significant cost savings compared to assisted living facilities. Personal home care is also associated with various physical, social, and emotional health benefits for seniors.
However, during the planning stages, many families should learn more about home care costs, hiring a professional caregiver, and available payment options.
How Much Does Home Care Cost?
The hourly cost of services varies depending on home care location. Although most charge a flat hourly fee, some home care agencies may provide a discounted hourly rate for seniors who need more than a few hours of care each week.
Visiting Angels’ home care is fully customizable, which means seniors only pay for services when they need them. In contrast, assisted living facilities tend to require residents to pay for a range of services and round-the-clock care they don’t need.
For example, some seniors may only need care for a few hours in the morning or evening to assist with mealtime, grooming, and dressing. And in many cases, family members can pitch in with caregiving on certain days, further reducing the required care hours.
By paying only the necessary hours of care each week, seniors will see cost savings over the flat fee for 24/7 care charged by an assisted living facility.
How Can Seniors Pay for Home Care?
Figuring out how to pay for home care is a critical component of an older adult’s long-term care plan. Here are five main ways to pay for home care costs:
- Medical Insurance
Most health and medical insurance plans do not cover in-home personal care. However, it’s a good idea to check with a senior’s medical insurance company to determine if any coverage is available. Although Medicare does not currently pay for home care, some states provide in-home care coverage through Medicaid. Some Medicare Advantage plans may offer personal care benefits.
- Long-Term Care Insurance
Some seniors may have specific coverage through a long-term care insurance policy. These policies are separate from health insurance plans and are often purchased through an insurance agency.
- Veterans Benefits
In-home care coverage may be available through various VA programs if a senior receives a pension from the Department of Veterans Affairs (VA).
- State and Local Assistance Programs
Certain state or local programs provide financial assistance for in-home care. Check with your state Department of Aging to find out if any apply to you or a loved one. - Private Pay
Most Visiting Angels’ clients pay out-of-pocket, also known as “private pay,” which means older adults pay for care with their own funds. Usually, the funds are from individual retirement accounts (IRA), pension, Social Security benefits, 401(k), or other savings.
Plan for the Costs of In-Home Care?
Much like planning for retirement, planning for in-home care requires diligence, preparation, and an understanding of potential costs in your area. Having a plan to pay for in-home care can go a long way toward reducing aging-related stress and uncertainty.
Start planning and saving as early as possible.
Whether you are considering in-home care now or in the future, a no-cost, no-obligation home care consultation with a local Visiting Angels expert can provide a more detailed estimate of costs and availability in your area. A Visiting Angels team member will discuss your specific financial, insurance, and benefit-eligibility situation and recommend strategies to help cover the cost.
When the time comes, our caregivers will be ready and able to ensure you or a loved one will age in place safely and comfortably.