You’ve probably seen a lot of information about in-home care and how it is cheaper than a nursing home. For the most part, this is true, but not always. There are a few instances when the nursing home can be cheaper as well as more appropriate when it comes to the level of care being applied, too.
What it comes down to is the level of care needed. If your elderly loved one has only a few small things that they need, there is no point in spending tens of thousands of dollars more than you need to to put your mom or dad into a nursing home. This should be reserved only for when their needs are severe enough to actually warrant it. However, when the needs are there, it can be far cheaper to pay for a nursing home than to provide around the clock in-home care coverage, with the medical care taken into account, too.
For example, the average cost of one year of a nursing home stay is about $100,000 if it is taken care of out of pocket. Around the care in-home care will vary depending upon where you go, but once you add up medical expenses and transportation costs, you might be spending more than that $100,000.
Of course, you need to consider the costs that insurance will cover, too. Some insurance policies will now cover some or all of your in-home care needs, depending upon which state you live in. While the standard in the past has been for state and federal insurance policies to go straight to the nursing home, this is starting to shift in order to help save government funded policies some money. So far, the results seem to be positive once implementation costs are offset. Watch for this to expand in the future and plan accordingly with your own family.
The point is not to go straight to the nursing home, but to look at what your loved one needs and make the right choice based upon the needs that are present. Senior care is something that is needed by around 50 percent of all senior citizens at some point. Providing the right type of care is not only best for their physical and mental health, but it will end up saving you money, too. Providing care at home would be ideal in most cases, but it’s not always a possibility. That’s understandable. But, when it is a possibility, make sure that it is the best choice for your loved one so that you can do your part as their family caregiver. Using a professional service will help you to ensure that this is done as best as possible, but you still have the responsibility of overseeing everything. It might seem overwhelming, but it doesn’t need to be. Hiring the right senior care service in whatever type of care you deem best will help take a huge load off of your shoulders. When done right, it takes care and costs into account simultaneously, creating a win-win for your family and your pocketbook.
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