Research shows that around 90% of adults over the age of 65 want to remain in their current homes as they grow older. Aging in place is a common wish for seniors, but it’s not easy to do alone.
When seniors need help with activities, it’s important to hire the right care. In-home care providers are available, but how much do in-home care services cost? Keep reading to find out.
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What Is In-Home Care?
To understand the costs associated with in-home care, it’s best to know what these services include.
In-home care is non-medical caregiving and assistance provided in a client’s home. Care can include help with daily living activities, such as:
- Bathing
- Meal preparation
- Transportation
- Companionship
In-home care does not include medical care or therapies. Many seniors and families of seniors choose in-home health care instead of moving a senior to a residential care community.
Home care can be modified over time as the needs of a senior change.
How Much Do In-Home Care Services Cost?
The average in-home care services cost is almost $5,000 per month. Since these services don’t include therapies or medical care, they are cost-effective compared to residential skilled nursing care.
Check out https://www.seniorhelpers.com/ for a wide array of in-home care options.
Residential skilled nursing care is the most expensive option averaging around $9,000 for a private room. Since most seniors want to age in place in their homes, this option is less sought out.
These numbers are based on the national average. The price for in-home care could be more or less depending on location and other factors.
Basic in-home care is always more affordable than senior community health care because it doesn’t require caregivers to receive medical training and certifications.
Paying for In-Home Care
If you don’t have the funds to pay for in-home care out of pocket, there are different payment methods that can help. Any of these options can lessen the financial burden:
Private Insurance
An individual’s private insurance might cover some of the in-home care costs. This usually applies to those with long-term care insurance.
Long-term care insurance was made to cover senior care, but coverage varies depending on the insurance provider, among other factors.
Typically, long-term care insurance only starts to cover care once the policyholder needs assistance with at least two daily living activities.
Life Insurance
In some cases, life insurance can benefit more than the policyholder’s loved ones after their death. It can be used to pay for long-term care if you have a hybrid life insurance policy.
Some people with general life insurance coverage might be able to transfer their insurance policy into a cash payment.
You can surrender the policy to the insurance provider to receive funds for in-home care or sell your policy to a third-party group. In either case, the cash value is going to be less than the original death benefit.
In-Home Care Explained
So, how much do in-home care services cost? You can expect to pay around $5,000 as this is the national average. However, the specific location will lead the costs to vary.
If you need help paying for in-home care costs, consider your private insurance or life insurance policy.
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