How Can You Pay For 24/7 In-home Care Cost?
With an increasing number of older individuals preferring in-home care over residential care, it's critical to understand the costs to make the best decision for the care of your loved one. According to the CDC, in the previous 30 days, 25% of people over 18 reported providing care to someone with a long-term disease or impairment. This can cause caregiver burnout, so many families explore in-home care options.
Three main types of in-home care facilities are:
Companion care is the most basic form of in-home care. However, it does not offer any medical services. They spend time with the elderly at their homes, accompany them on trips, and keep a close check on them to guarantee their safety. They may also offer transportation for errands, medical appointments, or social gatherings. This sort of in-home care is beneficial for seniors who live alone and may feel lonely.
Personal Care Assistance
This form of care assists elders with daily living activities such as bathing, toileting, etc. Like companion care aides, they can offer transportation, socializing, and assistance with domestic duties like cooking and cleaning. However, you won't get round-the-clock emergency support.
Home care aides help care for physically or mentally ill, injured, disabled or infirm individuals confined to their homes or living in residential care facilities. Caregivers may also provide daily care services to people with disabilities who work outside the home. They also work closely with family members in the provision of care. Both men and women work as home care aides.
In-Home Care Costs
Some people pay for in-home care privately, combining their earnings, savings, and family donations. It is critical to understand that even when home care services are funded by insurance or another program, they generally do not include 24-hour care.
Medicare Coverage of In-home Care
Medicare is available to the majority of seniors when they want eldercare. However, Medicare will only pay for intermittent skilled nursing care in the home and offer part-time home health care, not for 24/7 care.
Medicaid Coverage of In-home Care
The federal government requires Medicaid enrollees in every state to get home health care. However, it should be noted that a doctor must confirm your "functional requirement" for home health care, and there are time limits for the care, and 24-hour care is not paid.
PACE Coverage of In-home Care
PACE (Programs of All-Inclusive Care for the Elderly) is a Medicare and Medicaid collaboration. It is designed for elders who want to receive care in their own home or community rather than a nursing facility, making it an excellent choice for seniors seeking in-home care.
24/7 care for 30 days of in-home care a month at an hourly rate costs around $17,280, and monthly in-home care with a 12-hour sleeping shift costs around $150 to $12,780. The rates vary depending on the state you live in and what type of care you opt for.
More Ways to Pay for In-Home Care
Veterans Benefits: Veterans who are currently receiving a VA pension may be eligible for the Aid and Attendance (A&A) benefit as well. A&A is a monthly payment that Veterans can use at their discretion to pay for long-term care, including in-home care.
Long-Term Care Insurance: This policy is designed to cover long-term care services such as in-home care. However, note that although it can assist pay for 24/7 in-home care, you will still be liable for a significant amount of the expense.
Life Insurance Settlement: Some life insurance plans, known as Hybrid Policies, allow you to get your payout sooner. Others may choose to sell their coverage to a third party for a settlement sum. In both situations, the early payout is nearly always less than the original benefit. However, for individuals who must pay for long-term care, this alternative may be a viable choice.
Reverse Mortgage Loans: Reverse mortgage loans allow you to borrow money against the equity in your house while still living in it. However, they are not a long-term option because the loans must be returned with interest within a specific time frame.