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Feb 01, 2023

Affording the Cost of Senior Care

Written By: Lindsay Green
Home Instead CAREGiver and senior looking at mail

How Will We Afford Senior Care Services?

Caring for a senior. It’s a topic of discussion that many families end up having—not because this is causal dinner conversation, but because there is a need and a level concern for their loved one(s). These conversations may start gradually when you or your loved one start having difficulty with daily activities like getting ready for the day or cooking that ‘world famous’ recipe beloved by all. Conversations may progress to something more serious when safety comes into question or if there are changes in a senior’s health or mobility--especially when physical or cognitive abilities decline. Family conversations on ‘what happens next’ likely come next when there is increased stress or respite may be needed for family members temporarily helping. When these types of conversations peak, there are plenty of questions asked to determine the best care for a senior or aging adult, but a guaranteed question centers around the financial impact of the cost of senior care.

What Type of Care Is Needed?

Before you or your family may be able to answer the question of affordability, it’s first important to determine the type of senior care needed. Important factors for consideration include:

  • Health Problems: The type of care required can depend on the senior's health issues, such as dementia, mobility problems, or chronic illness.
  • Activities of Daily Living: Evaluating a loved one’s ability to carry out daily tasks like bathing, dressing, and cooking, can provide insight into the need or level of need for assistance.
  • Safety concerns: Examine the senior's living space to find any potential safety issues that might affect the type of care required. Are they needing grab bars or wheelchair ramps?
  • Consider the senior's personal preferences, such as if they would like to move into a care facility or stay in their current home.
  • Support network: Take into account the senior's support network, including family and friends, to establish whether they receive daily task assistance and whether more support is needed.

Speaking with a healthcare professional can also be helpful in assessing your needs or the needs of a family member into understanding the type of care that would best support you or your family member.

What is the Cost of Care?

Let’s say that as part of the family’s conversations, it is decided that in-home care is a top choice for consideration. Affordability is still a big unanswered question but having insight into the costs associated with in-home care will be valuable to help answer that pressing question.

Providing individualized care for seniors should be a priority but costs can be a key concern for families looking at care options for their elderly loved ones. It's crucial to choose the appropriate care; Care that is the right fit for your circumstance and offers the best value.

Determining the cost of care requires the evaluation of several different components. Understanding the in-home care providers in your area is a great first step in understanding costs. You, or your family, may also be eligible for financial benefits, like long-term care insurance or government funded assistance programs. Having this knowledge at hand as you begin research with local providers will be helpful in evaluating the financial impact and cost of in-home care.

As outreach begins to local in-home care providers, it is suggested to bring questions that arise during family conversations or prior research to those conversations with providers. Consider questions centered around learning how the provider will be the best fit for the needs of your individual situation in addition to understanding the level of affordability, fees and minimums associated with a provider’s service.

With an in-home care provider like Home Instead St Cloud, MN, tailored care plans will be created to meet the needs and assessments of the individual and their families to best serve the senior. During the free in-home care consultation, discussing the financial impact and as well as the benefits you or your family has will only provide more insight and clarity into the options for care and assist the Home Instead team member in providing a customized plan within your means.

Budgeting and Affording Senior Care

It's important to be proactive and start budgeting for in-home care early. By taking the time to carefully consider your options and create a detailed budget, you can help ensure that in-home care is affordable and accessible for you or your loved one.

Once you have determined the type of care needed, the cost of that care, some budgeting tips include:

  • Know what you can afford: Determine your monthly income and expenses and set a realistic budget for senior care services.
  • Calculate the length of time care is needed: Consider how long you or your loved one will need in-home care and factor that into your budget.
  • Inquire locally: Research your local providers and compare the cost and quality of their services.
  • Explore financial options available in your area.
  • Consider government benefits: Check if the senior is eligible for any government programs, such as Medicaid or Veterans Affairs, that may help cover the cost of senior care services.
  • Check insurance coverage: Review any long-term care insurance policy to see if it covers senior care services.
  • Prioritize spending: Consider what expenses are most important and prioritize spending accordingly.
  • Review and adjust budget regularly: As circumstances change, review the budget to make sure it accurately reflects your current financial situation.

Finding the Right Care

Affording the cost of senior care includes thinking about the needs of the family, the cost of that type of care, understanding budgets and financial benefits, all while looking for care that enhances the quality of life of loved ones. Considering the right care for your unique situation is of utmost importance. In-home senior care provider Home Instead St Cloud, MN can assist you or your family in the journey to finding the right type of care and navigating through the financial effects of that care.  A free in-home care consultation affords the opportunity to learn more about services and navigating the costs of those services. Book your consultation today by calling Home Instead St Cloud, MN at (320) 258-3055.

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