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According to the annual Genworth Cost of Care Survey, 7-out-of-10 seniors will eventually need some type of long-term care. For most, that care will be provided in an assisted living community, nursing home, or private residence. Once you and your family have decided to start professional home care, finding creative ways to pay for the services can be challenging. What follows are several tips you can use to manage the cost of home care, allowing you to live out the remainder of your life in the comfortable surroundings of your private residence.
As retirees live longer, many run the risk of outliving their savings. According to Genworth’s latest figures, the monthly median cost for in-home care provided by a home health aide is $5,148. Seniors who rely on homemaker services can expect to pay an average of $4,957 per month. Although those figures vary by state, the cost of senior home care across the US is rising more than five percent annually.
Contrary to what you might think, Medicare insurance does always not pay for non-medical home care services. Medicare will only pay for home health care, physical therapy, a nursing home stay, long-term care hospital stay, or related skilled nursing care services for a maximum of 20 days.
Personal care, private duty care, custodial care, homemaker services, 24-hour care, and meal delivery services are not covered by Medicare. An exception may be Medicare Part C plans.
If Medicare isn’t an option, here are some creative ways to finance professional caregiving services:
At first, many older adults pay for care in part with their own money. They may use personal savings, a pension, a retirement fund, or income derived from stocks, bonds, or proceeds from the sale of a home.
Additionally, informal caregivers often provide free personal care and related services, including meals, transportation, and housekeeping. To remain in their homes, many older adults and their families pay out of pocket for adult day care, meal delivery services, and other community-based senior programs.
Long-term care (LTC) insurance may cover all or part of the services, with premiums that vary depending on age, gender, health, geographic location, and more. A “hybrid” long-term care policy is another option, which is a policy that is part life insurance or annuity and part long-term care coverage. You can learn about the different LTC insurance policy types and their estimated premiums through the American Association for Long-Term Care Insurance.
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 non-medical, healthcare-related costs incurred at home include:
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.
In addition to those listed above, many seniors turn to private payment options to cover home care costs, such as reverse mortgages, life insurance policies, trusts, and annuities. When your care weighs in the balance, choosing the best home care payment option depends on many factors, including your age, health status, household finances, and the level of care needed.
Only paying for the professional home care services you need can be difficult. If you wish is to find a provider that offers flexible home care options, contact the caring professionals at Home Instead. Conveniently available in Naples, Fort Myers, and Charlotte Country, FL, our senior care services help to enhance the aging experience by providing practical support at home delivered with a human touch.
Our reliable in-home solutions help aging adults stay engaged in everyday life with tailor-made hourly, weekly, or monthly support that keeps them safe and well at home. At Home Instead, it is always our mission to provide a care plan personalized to your family’s needs – bringing you all comfort, companionship, and peace of mind. To learn more or schedule a time to talk with one of our home care specialists, please visit us at www.homeinsteadswfl.com.
' . A financial advisor plays a critical role in helping seniors and their families navigate the complex financial landscape of senior care, from budgeting to managing long-term care expenses. At Assisted Living Locators, we understand the importance of financial planning in making informed decisions. Let us help you connect with trusted financial advisors who can guide you through every step of the process.
As our loved one's age, it becomes increasingly important to monitor their well-being in various aspects of life, including their finances. Its not uncommon for seniors to struggle with financial management. For seniors experiencing cognitive decline or physical limitations, staying on top of finances can become a real challenge.Recognizing the signs that your senior loved one may need help with their finances is crucial for their financial stability and overall well-being. In this article, well explore some red flags that could indicate your loved one is having difficulty managing their finances and discuss some practical ways to offer support. Spot the SignsWhile everyones financial situation is unique, looking out for signs that your loved one is struggling can help you determine when intervention may be needed. Spotting unpaid bills, unopened mail, or overdue notices at your loved ones house may indicate that theyre having difficulty keeping track of their financial obligations.You may also notice unusual spending patterns or strange purchases that are out of character for your loved one. If your loved one is expressing concerns about budgeting or affording their basic needs, this could be another sign theyre having trouble managing their finances effectively.Consider Senior Living OptionsProblems with financial management may indicate memory problems or other age-related issues. For example, AgingCare recommends evaluating your loved ones health and functional abilities when you visit, looking for signs that they may need assisted living care.If you think your loved one needs care 24/7, start looking around online for nursing homes in your area. The earlier you start looking, the more time youll have to compare facility pricing, payment options, reviews, and amenities. For example, Frasier offers a variety of care options, from independent living to skilled nursing care, to meet the needs of seniors with varying care needs.Start a Conversation About MoneyWhen you notice signs that your loved one may be having financial trouble, its time to broach the subject. Conversations about money can be uncomfortable but do not delay, especially if your loved one is showing signs of cognitive decline. As early as possible, start asking questions to get a clearer picture of your loved ones finances. For example, ask where they keep their financial documents, how much debt they owe, who serves as their financial advisors, and what planning theyve done for the long term.Seek Guidance from a Financial Advisor If you dont feel comfortable offering financial advice to your loved one or are unsure how to best move forward with their financial situation, dont hesitate to speak to a professional. A certified financial advisor (CFA) will create a financial plan that aligns with your loved ones immediate and long-term financial goals. A financial advisor can also help your loved one avoid financial scams and exploitation.Consider looking for a financial advisor who specializes in senior finances, as these professionals will better understand planning for living on a fixed income, budgeting for long-term care, and investing in retirement accounts.Set Up Automated SystemsThanks to innovations in financial technology, managing money can be largely automated. Set up automated systems so your loved one has fewer financial matters to keep track of. For example, Clever Girl Finance explains that you can automate bill payments and contributions to savings and investment accounts. Start by signing your loved one up for automatic debits from creditors and service providers. For providers that dont offer this option, set up bill payments with your loved ones bank.Supporting a senior with money management requires a great deal of patience, compassion, and open communication. Remember that each situation is unique, and the level of support required by your loved one may vary from help paying monthly bills to long-term care in a skilled nursing facility. By keeping an eye out for potential financial struggles and acting promptly when you notice a need for support, you can ensure your loved one maintains a high quality of life.
If youve felt the sting of economic changes recently, its safe to say youre not alone. Whether your budget has been hit at the gas pump, in the grocery store, or on rent and utilities, we are all feeling the pressure to spend wisely and be risk averse with our investments. In contrast to younger generations who will likely bounce back from such economic fluctuations, our seniors are experiencing more urgency to protect their existing finances. The continuing impact of the economy on seniors in 2023 will depend on various factors, including the evolving state of the economy, government policies, and individual circumstances. Here are a few risks to be aware of and ways to protect your aging loved ones: Retirement savings: Many seniors rely on retirement savings, such as 401(k) plans and individual retirement accounts (IRAs), to support themselves in retirement. If the economy experiences a downturn, these savings could be negatively impacted, potentially leading to reduced retirement income for seniors. Finding a trusted financial advisor who can help protect investments and assets from risk is an excellent way to stay protected from significant retirement losses. Social Security benefits: Social Security is a vital source of income for many seniors. The Social Security Administration adjusts benefits annually based on changes in the cost of living, which is tied to the economy. If the economy experiences inflation or deflation, Social Security benefits could be impacted. Financial resources for seniors, such as Elderlife Financial Services, is a great way for seniors to stay educated on the best way to utilize assets such as Social Security benefits. Healthcare costs: Healthcare costs are a significant concern for many seniors, and the state of the economy can impact these costs. Rising healthcare costs could make it more difficult for seniors to afford medical care and prescription drugs. Many seniors seek guidance from prominent resources such as AARP, a nonprofit organization for seniors 50+, to learn more about how their medications will be impacted by economic changes and the best solutions to cut down on medical costs. Housing: Many seniors own their homes, and the value of those homes can be impacted by the state of the economy. A downturn in the housing market could make it more difficult for seniors to sell their homes if they need to downsize or move into a retirement community. Senior living communities, such as Harmony Senior Services, often partner with local realtors to offer seniors much needed insight on housing options. Overall, the economy can have a significant impact on seniors, and it's important for families to research solutions proactively through local resources such as senior living homes, retirement communities, financial planners, and realtors so all of the necessary information is ready when changes come.
Home Instead in Naples provides personalized in-home senior care services to aging adults in the Naples area. Our professional caregivers, known as CAREGivers, are dedicated to enhancing the aging experience by providing practical support with a human touch.Senior care services from Home Instead help to enhance the aging experience by providing practical support at home with a human touch. Our professional caregivers immerse themselves into wherever home is to assist with common activities of daily living and build a lasting relationship with you and your family.Our home care services can help aging adults stay engaged in everyday life with tailor-made support by professional caregivers to stay safe and well at home. Its our mission to provide a care plan personalized to your familys needs to bring comfort, connection, and quality of life in the place that they love the most, their home.Interested in joining our team of professional caregivers? Home Instead offers rewarding careers for individuals passionate about assisting seniors with activities of daily living. We are looking for compassionate individuals to join us in making a difference in the lives of seniors. View all available jobs and apply now to become an Entry Level CAREGiver with Home Instead.
Home Instead in Naples provides personalized in-home senior care services to aging adults in the Naples area. Our professional caregivers, known as CAREGivers, are dedicated to enhancing the aging experience by providing practical support with a human touch.Senior care services from Home Instead help to enhance the aging experience by providing practical support at home with a human touch. Our professional caregivers immerse themselves into wherever home is to assist with common activities of daily living and build a lasting relationship with you and your family.Our home care services can help aging adults stay engaged in everyday life with tailor-made support by professional caregivers to stay safe and well at home. Its our mission to provide a care plan personalized to your familys needs to bring comfort, connection, and quality of life in the place that they love the most, their home.Interested in joining our team of professional caregivers? Home Instead offers rewarding careers for individuals passionate about assisting seniors with activities of daily living. We are looking for compassionate individuals to join us in making a difference in the lives of seniors. View all available jobs and apply now to become an Entry Level CAREGiver with Home Instead.