As the average person reaches their 70s and 80s, they eventually require at least some in-home assistance to carry out activities of daily living (ADLs), like bathing, transferring, and dressing. When that senior home care is provided by professional caregivers, families are often faced with tough decisions about how to fund those services. Like most everything else in life, keeping aging-in-place loved ones safe and comfortable takes money. If you are considering home care for that special senior in your life, what follows are some possible ways to pay for it.
How Much Does a Professional Caregiver Cost?
In most instances, an older adult may require personal care or companionship that’s provided by a home health aide (HHA) or certified nursing assistant (CNA). Under the supervision of a licensed nurse or doctor, home care aides assist clients with ADLs that may include personal hygiene, transportation, companionship, and meals.
According to the 2020 Genworth Cost of Care Survey, home health aides in the US charge a median of $24 per hour, although that figure varies from one location to the next. Since home care is not medical in nature like home healthcare, those fees are not covered by Medicare. As caregiving expenses add up, they can account for a significant part of a senior’s monthly income and quickly deplete their retirement nest egg.
Paying for Senior In-Home Care
The ways people pay for care delivered at home depend on their financial situation and the kinds of services that are needed. Often, they rely on various payment sources, including personal funds, government programs, and private financing options.
Out-of-pocket expenses
At first, many older adults pay for care in part with their own money. They may use personal savings, a pension, or retirement fund, or income derived from stocks, bonds, or proceeds from the sale of a home.
Additionally, informal caregivers, like family and friends, often provide free personal care and related services, like meals, transportation, and housekeeping. To remain in their homes, many seniors also pay out-of-pocket expenses to take advantage of adult day care programs, meal delivery programs, and other community-based services.
Government programs
Some older adults are eligible to receive government healthcare benefits that pay at least some of the expenses associated with professional caregivers. Federal and state programs that may help with nonmedical, healthcare-related costs incurred at home include:
- Centers for Medicare & Medicaid Services (CMS)
- Medicaid (Once eligibility requirements have been met)
- Program of All-Inclusive Care for the Elderly (PACE)
- Department of Veterans Affairs (Some veterans and survivors are eligible)
- Social Security Disability Income (SSDI)
National Council on Aging (NCOA)
The National Council on Aging (NCOA) is a private organization that offers a free service called BenefitsCheckUp®. This service can help you find state and federal benefit programs that pay for heating bills, housing, meal programs, and prescription drug programs for seniors.
Private financing options for home care
In addition to those listed above, many seniors turn to private payment options to cover home care costs that include long-term care insurance, reverse mortgages, certain life insurance policies, trusts, and annuities.
When your loved one’s care weighs in the balance, choosing the best payment option for your family depends on many factors, including your loved one’s age, health status, household finances, and level of care that’s needed.
How Adultcare Assistance Homecare Can Help
At Adultcare Assistance Homecare, we’ve been providing seniors and their families in Phoenix, Tucson, and Sun City with award-winning in-home care since 1996. We often coordinate care with multiple senior support services to provide the highest level of affordable elder care possible. Need help with figuring out ways to pay for home care? Our compassionate professionals are experts at getting reimbursement benefits for long-term care insurance to help reduce the burden on families. Additionally, the State of Arizona provides some financial assistance through the Arizona Long-Term Care System.
At AAH, our senior services are available 24 hours per day, 7 days per week. And because you never stop caring, a caregiving manager is always available for emergency calls. As a locally owned and operated home care provider, we sponsor local senior events and multiple free senior services and even offer FREE Home Care Assessments. If we can be of assistance to you and your family, please contact Adultcare Assistance Homecare today. For more information about our award-winning senior services, please visit us now at: www.adultcareassistance.com.
