How Much Does Elderly Home Care Cost?

How Much Does Elderly Home Care Cost?

Many people are interested in home care for an elderly loved one but are not sure what to expect cost-wise. Let’s look at some average rates for elderly care.

What Are Average Caregiver Rates For At Home Care?

Caregiver cost per hour is going to depend on the level of care that your loved one may need. The caregiver cost per day will also depend on how many hours they work in one day. You may save money by choosing more hours in one day, as the hourly rate for less than four hours is going to be higher than something more than four hours. If you are looking for 24/7 care for your loved one, you may look at hiring a live-in caregiver, depending on your loved one’s needs. That cost will vary from person-to-person, as everyone’s needs are different. 

The cost of homecare can scare some individuals, though there are plenty of options when it comes to the finances. Many people are confused about what is covered under medicare and what is covered under medicaid. You can only pay for homecare with Medicaid NOT Medicare. The level of coverage varies. Medicaid also covers home health care for dementia patients as well.

How Much Does 24 Hour Nursing Care Cost?

In-home care can range from a few hours a week to 24/7 care, depending on your situation. Typically, most seniors receive less than 40 hours a week of care. If your loved one requires 24/7 care, it can become very costly, though financial plans and assistance vary from person-to-person. 

In-home care can be an ideal solution for seniors looking to age in place within the comfort of their own homes. The great part about choosing in-home care is that caregivers can stay for as little or long as you need them to. There does not have to be any long-term contract or commitment with this option. Caregivers can provide companionship, assistance in daily living such as hygiene, meal preparation medication reminders, general housekeeping, transportation to doctor's appointments, and much more.

Many people choose in-home care over nursing care because it provides a sense of freedom, comfort, and familiar surroundings. Many seniors report having a much greater quality of life with in-home care, with fewer doctor visits annually. When considering in-home care, it can be stressful trying to figure out how you should go about finding the right caregiver. 

That’s where Senior Home Companions comes in! We will do the legwork, including finding the perfect caregiver to meet your needs, running background checks, handling the financial aspects of paying the caregiver, and continually checking in with the caregiver and family to make sure things are going smoothly. 

How Do The Costs Of At Home Care Compare To A Nursing Home?

There are many factors to consider when choosing in-home care and a nursing home facility. The price will depend upon location, the level of care required, and the time commitment needed. Each state has a different cost of living, so caregiver wages and nursing home facility costs will vary in price. A huge factor to consider is whether or not your loved one needs 24/7 care. This is when in-home care costs can become an expense some can’t afford. 

The price of in-home care is going to depend on the type of caregiver that you are seeking and if you have a preference for their qualifications. Everyone’s prices will vary, depending on if you go through an in-home care facility or through an independent contractor. The average price of home care in the United States is around $4,947 a month. While in-home healthcare comes in higher at $5,148. The average price for a nursing home can be 82k- 92k annually. Residential skilled nursing care comes in at around $7,908 for a shared room and around $9,034 for a single room 

Senior Home Companions Helps You Care For Your Elderly Loved One.

Now that you know what type of senior care you or your loved one needs, it will give you a better idea of how to plan financially. It is better to consider expenses earlier on in the process of looking for senior care. Luckily, there are several different options when it comes to payment. Senior benefits will vary depending on multiple different factors. Here are some ways you can pay for in-home care and nursing homes: 

• Medicare
• Medicaid 
• Veterans Benefits
• Disability Benefits 
• Private Grants 

Senior Home Companions works directly with the VA to make sure you are accessing your full veteran benefits. If you are wanting to know more about the pricing of home care in the Indianapolis area, give us a call at (317) 251-0441 or visit our website.