You need help caring for a loved one, and you’re considering in-home care. So, how much will home care services cost? Here’s a brief overview.
What Is Home Care?
Home care allows an elderly or disabled person to live safely in their own home. Services may include assistance with activities of daily living, housekeeping, meal preparation, transportation, supervision, and/or companionship. It’s easy to confuse home care with home health care, but there is a difference. As the name suggests home health care also includes medical services.
What Is the Hourly Cost of Home Care Services?
The price of home care depends on several factors. If a region has a high cost of living, caregiving costs more. For example, in 2021, the average cost of home care in Massachusetts was $30 an hour. However, in West Virginia, the price was closer to $19 an hour. The types of services make a difference too. Generally, caregivers and homemakers are less expensive than home health aides (HHAs), because HHAs have additional training.
What Is the Yearly Cost?
Once again, this number depends on your situation. Some people require more assistance than others. For instance, let’s say you want a caregiver to check in on your loved one every weekday for two hours. In Boston, MA this could cost $30 x 10 hours x 52 weeks or $15,600 per year. Whereas, if you needed 40 hours of supervision, yearly expenses would be over $60,000.
How Can I Pay for Home Care?
The price tag for home care often seems overwhelming. Fortunately, there are several options available for both you and your loved one. Be sure to investigate the following:
- Private Insurance
An individual’s insurance may cover some of the cost of home care. This especially holds trues for long-term care policies.
Medicaid usually pays for in-home care. Seniors who qualify must have both a medical and a financial need.
Although Medicare doesn’t pay for home care, it does cover in-home health care. As with Medicaid, an individual must meet certain requirements to qualify.
- Medicare Advantage
Unlike original Medicare, some Medicare Advantage policies DO assist with home care costs.
- Aid and Attendance Benefit
Eligible veterans and their spouses may be eligible for this extra monthly payment. And they can apply these additional funds to in-home care.
- Life Insurance
Usually, life insurance is paid out after someone’s death. However, some policies may be applied to long-term care during an individual’s lifetime.
- Reverse Mortgage Loans
Those 62 or older can use a reverse mortgage to finance long-term care. These loans convert the value of someone’s home to cash. Basically, they are a cash advance on the home’s equity.
Are You Searching for Affordable Home Care Services in Eastern Massachusetts?
Anodyne is here for you. We place highly trained homemakers, caregivers, and HHAs with families in need. Plus, our staff would be happy to help you explore various pricing options. Give us a call today!