Even though it shouldn’t be, cost is often one of the most important factors when it comes to determining the type of senior care that your elderly loved one receives. The cost of senior care is an important factor, but it is not the most important factor. But because of the fact that so many people cannot easily afford this, and because of the fact that different types of care vary so widely in cost, the expenses end up being one of the first things that people look at when making a care decision. Care costs will even vary from location to location, making this sort of decision even more difficult for those responsible for paying for their loved one’s well being.
One of the things that decisionmakers in other states can look at is how states like New Jersey are doing with their senior care system. New Jersey recently added in-home care to their list of state Medicaid covered services, and because many states have not yet done this, they are a good case study of how to proceed. Right now, New Jersey is struggling with the problem discussed above: care is expensive and too variable. Many families are choosing care for a relative in need based solely upon the cost associated with it, and not on whether or not the services being provided are a good fit with the needs that their loved one has. This is a universal struggle right now, and watching what NJ does will be a good litmus test for how others should proceed.
Recent studies out of New Jersey show a wide range of prices, consistent with what the rest of the country is seeing. A full time caregiver costs about $45,000 a year here, while a nursing home stay is up over $111,000 per year. If you’re paying for these services out of your own pocket, it’s really easy to want to go with the cheaper service. For many, in-home care is perfect. For others, it’s not nearly enough. If people make decisions based upon price alone, the care that’s received is not going to be reliable. That $45,000 a year number is for a professional care service, but it doesn’t take into account the training level of those coming to the home. When there is not a high level of training involved, even the most expensive care could be inadequate. Again, cost shouldn’t be the first factor that’s considered. It should be whether or not the care being given will keep your loved one safe.
Everyone wants their mom or dad to have the perfect care set for them when they retire. But nobody has unlimited resources. We can plan ahead with insurance policies and setting money aside for the future, but no one can really ever know what the future will bring. By knowing how to get the best care for your loved one’s needs and not break the bank in doing so, you can ensure that they are getting the love and support that they need in their senior care, all without having to worry about whether or not you will be able to manage it financially.
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