How Much Does In-Home Senior Care Cost? Everything You Need to Know About Funding In-Home Senior Care
You have been searching for the best senior care options.
You’ve researched assisted living, nursing homes, and a zillion other options, and you have decided that in-home care looks like the best option for you.
But affording the care you need seems like an impossible feat.
Senior Services of America is here to help you with this guide on the costs of in-home care, how to pay for it, and additional options should you decide in-home care isn’t right for you.
Table of Contents
- What Is In-Home Senior Care?
- What Is the Cost of In-Home Care for the Elderly?
- How Do You Pay for In-Home Elder Care? There are 6 Main Options
- #1: Out-of-Pocket
- #2: Medicaid or Medicare
- #3: Aid and Attendance Benefit
- #4: Life Insurance
- #5: Reverse Mortgage Loans
- #6: Private Funding
- Is In-Home Senior Care Cost Determined by the Type of Care Provided?
- Different Types of In-Home Senior Care
- Is the Cost for Elderly Home Care Too Much? Senior Services of America Provides Senior Living Options for Everyone
What Is In-Home Senior Care?
In-home senior care is not medical care.
When someone has an in-home caregiver, they receive some great benefits such as:
- Remaining in their very own home
- Care that is tailored to their specific (non-medical) needs
- A companion to talk with, do activities with, and keep them company
- A licensed professional to care for them
- Someone to monitor and distribute medications
- Dietary monitoring and assistance
- Assistance with personal hygiene
In-home care can range from a couple of hours a week to 24/7 care, depending on your or your loved one’s needs.
In-home care may feel like the best option to help keep you independent and be able to remain in your own environment.
For some, in-home care doesn’t quite fit with their needs.
After learning the costs and details of in-home senior care, many find that a care facility, such as assisted living, better fits their needs.
We are here to help you find what works the best for you and your family.
What Is the Cost of In-Home Care for the Elderly?
What is the average cost of in-home senior care?
It can be a lot.
For quality care, the costs can range from $3,000-$5,000 per month, depending on your region of the country.
In addition to the fees charged by the care provider, there are some costs that you might not have thought of.
- Increased energy bills
- Costly medical equipment
- Home modifications to make the home senior-friendly
- Home renovations such as replacing bathtubs, stairs, etc.
Many factors are taken into account with these charges.
Some caregivers and agencies charge by the hour.
The hourly cost of senior home care services usually averages somewhere around $20-$30,according to Genworth Financial’s Cost of Care Survey.
The costs differ between states, but even the low end is still in the upper teens for in-home senior care.
Some companies charge daily rates rather than hourly rates.
If opting for 24/7 care, the cost might be a little less than you expected as overnight hours aren’t charged.
Sometimes an overnight caregiver is all that is needed.
This is someone who sleeps in the home with the senior and is available to them if they need help with something in the night.
This caregiver may prepare dinner or breakfast for the senior and help them get ready for bed or ready for their day.
The average hourly wage for an overnight caregiver is $16.
How Do You Pay for In-Home Elder Care? There Are 6 Main Options
You have many options when it comes to paying for in-home senior care. Although it may seem impossible, there are ways to afford in-home care that you may not have considered.
- Paying out-of-pocket
- Government-issued insurance
- Life insurance
- Reverse mortgage loans
- Private funding
Paying for in-home senior care right out of your own pocket is one of the easiest ways to pay.
However, due to the high cost of in-home care, many people are not able to afford it on their own.
If you have the resources to cover the costs, that’s great!
You can pay out of pocket and enjoy your peace of mind.
But, if you cannot pay for the care out-of-pocket without taking loans or placing yourself in a bad place financially, there are other options that you should look into.
#2: Medicaid or Medicare
Unlike some branches of elder care, Medicaid and Medicare often cover some of the costs associated with senior in-home care.
If you are unable to afford the care you need or the third-party insurance that could help you get it, government assistance can be a great option.
The first step is to check out the Eldercare Locator, the federal government’s tool to help you connect with the Area Agency on Aging closest to you.
Another great resource is the National Council on Aging’s BenefitsCheckUp tool.
Medicaid and Medicare will help cover the costs if you or your loved one are low-income and have little to no assets.
There are tax breaks available for those who pay for the care.
Looking into your eligibility could save you thousands, if not tens of thousands, of dollars and offer you more peace of mind.
#3: Aid and Attendance Benefit
If you dedicated your life to serving this nation and protecting our freedoms, you just might be entitled to some additional assistance in your Golden Years.
The Aid and Attendance Benefit is a fantastic resource that provides you with a monthly check on top of your other VA benefits.
If you are a senior veteran who gave your all for this great nation, you deserve all of the benefits you are eligible for.
#4: Life Insurance
Life insurance can mean more than a check upon the policy holder’s passing.
While policies don’t typically cover the costs of in-home senior care, you can cash in your policy or convert it into a Long-Term Care Benefit Plan that sends you a monthly check based on the amount of your policy.
#5: Reverse Mortgage Loans
Reverse mortgage loans can be a sticky topic to navigate.
In the simplest of terms, a reverse mortgage is when, instead of paying a mortgage rate to the lender, the lender pays the borrower.
These payments continue for a fixed amount of time.
Once the borrower passes or moves away, the profits from the sale of the home go to the lender to cover the fees and payments and anything leftover goes back to the borrower.
This loan is only available to senior homeowners over 62.
Before making this move, be sure to do your research and make sure that it is the right option for you.
A reverse mortgage loan can be a great option to help cover the costs of senior in-home care, but it is not for everyone.
#6: Private Funding
Sometimes the financial aid needed to cover the costs of the care necessary doesn’t come through if …
- Insurance doesn’t cover enough
- VA benefits don’t apply
- Family is not able to afford the needed care; or
- A reverse mortgage loan is a financially catastrophic choice
… and you are left without a way to pay for what you desperately need. This is where private funding for in-home senior care comes into play.
Were you or your loved one highly involved with your local church?
Oftentimes churches are willing to support dedicated members.
Or maybe you are interested in crowdfunding through resources such as GoFundMe. These platforms are known for having people who are looking for a good cause to invest in.
In-home care is not for everyone.
For some, it is a fantastic option that provides independence and comfort. For others, it provides worry and debt.
There are great alternatives to in-home care such as assisted living facilities. And if this is an option you want to investigate, then we can help you find the best fit for your family.
Is In-Home Senior Care Cost Determined by the Type of Care Provided?
The amount you pay for in-home senior care is dependent upon the type of care you need.
Different Types of In-Home Senior Care
There are many different types of in-home care.
More accurately, there are different levels of in-home senior care.
Companion Care Services
Companion care is typically your cheapest option.
You can expect a companion care provider to:
- Help with occasional meals
- Accompany you or your loved one on walks
- Play games or watch TV with you or your loved one
- Spend time engaging and hanging out
- Assist with very basic senior care needs
Personal Care Assistance
Personal care assistance is the next level of senior care.
This includes more intense care such as:
- Preparing multiple meals
- Monitoring medication
- Assisting with bathing and toileting
- Help with dressing
Home Health Care
Home health care for seniors is the most involved form of care available in the home.
This would likely include:
- 24/7 care and monitoring
- Medical care
- Personal needs
- All types of care mentioned above
This type of senior in-home care is typically not openly available.
To receive in-home senior medical care, a doctor must order that this specific level of care is needed for the senior.
Is the Cost for Elderly Home Care Too Much? Senior Services of America Provides Senior Living Options for Everyone
So, how much does it cost for elderly home care?
Quite a bit.
For some, in-home senior care is the option that answers most questions.
For others, it only raises more.
Perhaps you have crunched the numbers and done the research — and you discovered that in-home senior care is not a viable option for you.
You still have many options.
Here at Senior Services of America, our number one priority is your independence, safety, and dignity.
We have communities that offer a range of options, including independent living, assisted living, and memory care. Find your nearest community to speak to someone who can help you find what works best for you.