Aging Long Term Care Costs are Underestimated

While it’s no surprise that home care is one of the most affordable options for seniors and disabled adults, there is a major discrepancy between what people know about it and what they think they know. In fact, according to a recent study, it was determined that most Americans underestimate the cost of long-term services in home by nearly 50 percent.

That may not seem like a significant issue for some, but when savings are somewhat thin and the economy inconsistent, it could have some serious implications.  Some of our elderly parents may be overwhelmed by the cost or feel that there are no other options for an aging loved one other than very expensive admittance to a nursing home.

Surveys suggest that 80 percent, or four out of five, adults in the U.S. underestimate what it would cost for some type of basic home health care. At the same time, home care is the preferred option with regard to long-term care, especially in comparison to nursing homes or other similar options.

In the simplest terms, the cost of home care services is purely a function of : 1) number of hours needed, and 2) the hourly rate of services.

Many Americans (30%) believe home health care expenses are roughly $100 per week.  But research has revealed the national median rate is about nine times that: in excess of $3,500 per month for a personal home aide, which includes staff to handle household tasks such as cooking, cleaning and running errands.   It is very important to note…this national calculation is based on approximately 40 hours a week of home care.  Many, many seniors do not initially need so much time.

As “boomers”, most of us did not grow up experiencing how to manage hours and services for our elderly parents.   We simply do not have the experience in managing home care services for family or loved ones.  You don’t know what you don’t know.

Being educated and informed as to home care services, and other possible options/solutions, will enable consumers to make pragmatic choices for long term care services.  Being unprepared to address issues related to health and aging is ignoring your future.

JD Miller

About JD Miller

John D. Miller is the founder/owner of Home Care Partners, LLC, a Massachusetts business providing private duty, personalized in-home assistance and companion care services to those needing help in daily activities and household functions. Phone: (781) 378-2164 Email: [email protected] Website: https://homecarepartnersma.com
SHARE IT:

Comments are closed.