Nearly 10,000 Baby Boomers are turning 65 every day, and by 2030, the entire generation that changed our world will be 65 or older. It’s such a seismic shift in this country’s demographics there’s even a name for it — the gray tsunami. If you’re riding that wave, you’re likely in the midst of making some decisions about life on the road ahead, either for yourself or for your elderly parents. As more and more Americans, especially Boomers, are committed to staying in their homes as long as possible, the need for home care options has never been more urgent.
But can you afford it? We understand that paying for in-home care is a major concern. The common misconception is that in-home care is limited to those with unlimited funds. But that’s just not the case. At Pinnacle Home Care, we find that many people are unaware of the various options available to them for paying for the care they need and want in order to stay in their homes.
A good way to start the process is to ask three questions:
- What are the costs of in-home care?
- What kinds of services are necessary for my (or my loved one’s) needs?
- What is the best way to pay for it?
Costs of in-home care
First and foremost, we are completely upfront about the costs of in-home care. There are no hidden fees or lurking costs, no surprises on your bill. Here’s what you can expect, broken down by service:
- Skilled nursing: $325 set-up cost, $125-$150 per visit
- Registered nurse visits: $120-$145 per hour
- Licensed practical nurse visits: $55 per hour weekdays, $60 per hour evenings or weekends
- Home health aide for one person: $36 per hour weekdays, $39 per hour evenings or weekends
- Home health aide for two people: $41 per hour weekdays, $44 per hour evenings or weekends
- Homemaker services: $29 per hour
- Companion care: $29 per hour
What kinds of services do I (or my loved one) need?
Now that you know the costs, it’s time to decide on the type and frequency of the in-home services you need. It could be that all you need to comfortably stay in your home is help with grocery shopping, meal prep and housework a couple of times per week. Perhaps you’d like a companion for your loved one (or yourself) to ease the loneliness that can befall elderly people. Maybe you and your spouse (or your parents) can benefit from a home health aide who can help with medication reminders, bathing and grooming, transfers from bed to wheelchair, and other services every day. Or, it could be that you or your loved one needs nursing care on a weekly or bi-weekly basis. Maybe you need a combination of all of the above.
When you know the types of services you need and what they cost, the next question is: How best to pay for it?
Paying for in-home care
At Pinnacle Home Care, we often see people surprised by the payment options available to them. Options include:
Medicare and Medicaid. Pinnacle Home Care is Medicare and Medicaid certified, and most of our services are covered in full or in part by these plans. Companion services and housekeeping aren’t covered because they’re not medical in nature.
Long term care insurance. Not everyone has, or can qualify for, long term care insurance, but it can be a great way to cover costs of care. The key is to act early and secure coverage long before the need arises. Read more about it in this article from AARP.
Life insurance. Some policies have provisions for long term care. Check with yours to see if you have a plan with that provision.
Out of pocket. The last option is simply paying out of pocket. People can use annuities, investments, savings or income generated through things like reverse mortgages.
It may sound complicated, but we’re here to help you find the best way to provide in-home care for your loved ones, or yourself. During an in-home consultation, we can go over all of your options and find what’s right for you.