Costs of Housing Care for Elderly Parents

Costs of Housing Care for Elderly Parents

The potential costs of housing care for elderly parents such as long term care is a subject family members need to consider sooner than later.

This should form part of developing an elderly care plan for aging parents.

It includes not just the monthly assisted living costs, but also home health aide services.

Family caregivers have to accept that parents may need to move into a nursing home or assisted living facility, which can be expensive.

By planning and putting all their options on the table, it becomes clear what the best level of care is that is affordable for their elderly parents.

Open communication with elderly parents

These plans should be discussed with their parents so that the parents know what to expect.

Often this aspect is overlooked by siblings who are already busy with their careers and caring for their children.

There could already be tension between siblings as there is usually one sibling who has become the primary caregiver and feels some siblings don’t help with aging parents.

With careful planning, family members can ensure that their elderly parents receive the care they need and deserve.

Types of care services

There are a variety of care services available for elderly parents, including:

In-home care

In-home care services for elderly parents can provide a variety of assistance with activities of daily living (ADLs), including:

– Meal preparation

– Light housekeeping

– Grocery shopping

– Laundry and ironing

– Bed making and linen changes

– Bathing, showering, and grooming assistance

– Toileting and incontinence care

– Transferring and positioning assistance

– Medication reminders

– Administer medication

– Companionship

– Running errands

Adult day care

The services that adult day care provides for elderly parents vary depending on the center.

However, most centers offer activities such as arts and crafts, exercise, socializing, and educational programs.

They also provide meals and snacks, as well as transportation to and from the center.

This can be a great option for families who need to provide care for their elderly parents but also need to work or take care of their children.

Assisted living facilities

An assisted living community will provide elderly parents with a wide range of services.

These include meals, medication management, transportation, and social activities.

They also provide a safe and supportive environment for elderly parents who need help with daily tasks such as bathing, dressing, and grooming.

This can be a great option for families who are looking for long-term care for their elderly parents.

Nursing homes

Nursing homes provide around-the-clock nursing care and assistance with activities of daily living.

They are also referred to as skilled-nursing and convalescent care.

While most seniors generally move into a residential nursing facility permanently, some homes offer short stays.

These could be in the event of an accident or surgery which requires the services and assistance of a skilled nurse and therapist.

Nursing homes have more affordable costs for their residents.

Senior living costs explained

The cost of senior care is dependent upon the levels of care and support needed.

It is also dependent on the preference of the elderly parent.

Many people prefer seniors living in their homes while others prefer easy access to help with their care.

The changing costs of senior care

According to Genworth the median annual cost of Homemaker Services between 2004 – 2020 rose significantly from $38k to $59k.

The national median annual private room nursing home costs increased from $65k to $108k; assisted living facility costs rose from $28.8k to $54k.

A comprehensive 2022 report published by Genworth Financial (Cost of care survey conducted by CareScout) is shown below:

Monthly median cost (2022):

In Home Care vs Community and Assisted Living vs Nursing Home Facility

How do most Americans pay for elder care housing

There are several ways to pay for long-term care, including:

Medicare and Medicaid

Medicare and Medicaid are two government programs that can help cover the cost of long-term care.

Medicare is a federal government health insurance program that focuses on people 65+ years of age.

Medicaid coverage is a joint federal and state government health program meant for low income earners.

Life insurance

One potential way to fund long-term elder care is through life insurance.

Several life insurance policies can also provide long-term care payments for the elderly and their dependents.

The policyholder can name a beneficiary to receive the pay out from the policy in the event of the policyholder’s death.

This pay out can be used to help pay for elder care costs, such as housing and medical expenses.

There are a few things to keep in mind when considering a life insurance policy to pay for elder care:

Choose a policy that will provide enough coverage to meet your needs

You will also need to decide how long you want the coverage to last.

Some policies provide coverage for a set number of years, while others are lifetime policies.

Decide if you want to purchase a term or permanent life insurance policy

A term life policy is cheaper than a permanent policy, but it only lasts for a certain number of years.

A permanent policy will last for the rest of your life, but it is more expensive.

Decide how much coverage you need

This will depend on the cost of elder care in your area and how much money you want your beneficiary to receive in the event of your death.

If you are interested in using life insurance to pay for elder care, consult with an insurance agent to learn more about your options.

Personal savings

One way to help pay for elder care housing is to have personal savings set aside.

This can provide a cushion for unexpected costs and allow you to maintain your current lifestyle.

It is important to start planning and saving for elder care as early as possible, so you can be prepared when the time comes.

There are a few different ways to save for this type of expense.

It is important to find one that works best for you.

One option is to open a special savings account specifically for elder care.

This will allow you to easily track your progress and make sure you are on track to reach your goal.

Whatever route you decide to take, it is important to start saving as soon as possible.

7 most widely used healthcare solutions to get the most effective care plan for your elderly loved one

1. Home health care aides

Not every elderly person requires 24-hour home care services or is cost-effective for care in the home.

Having a home health aide visit you once a year might provide a safer choice for your care.

The majority of seniors’ care requires just some hours a week, several days a week.

Even paying a few hundred dollars a week is quite common.

Home health aid is usually vetted and has training and certification for providing in-home medical care services for older people.

2. Transportation

Most health aides are ready to carry a person from home to grocery stores and doctor’s visits.

It keeps seniors in their own homes and relieves family members from their work and other responsibilities.

You must choose the right home health service provider for the right age group for you.

This will give you the best opportunity for your loved one to discuss his or her unique condition or needs.

3. Meal preparation, personal care assistance and homemaker services

It would be an excellent option if someone does not need medical care.

Home helper services include home-cooking meals as well as other simple tasks.

These situations would suit seniors who need help to do daily tasks but have no need for nursing services or other medical assistance.

This service includes personal support.

4. Safety and monitoring

The elderly person is should feel safe in their own home.

Home health assistants are trained for in home safety assessment.

The assessors specialize in identifying all potential hazards within the homes of seniors.

They also implement easy to follow fall prevention programs for the elderly to reduce fall-related injuries.

5. Companion care services

Is loneliness an important factor for depression among seniors?

Companion carers can assist seniors who may have difficult relationships with their spouses or children.

From walking to dinner, companionship care gives the seniors an appropriate balance of independence and social interactions.

6.) Around-the-clock care

One option for long-term care for elderly parents is around-the-clock care.

This can be provided in the parents’ home or a care facility.

Around-the-clock care means that a caregiver is available 24 hours a day, seven days a week.

They help with tasks such as bathing, dressing, and eating.

This can be very helpful for families who are not able to provide care themselves.

It allows parents to stay in their own homes, which many seniors prefer.

Many different companies offer around-the-clock care.

It is important to research different options and compare prices before deciding on a provider.

Be sure to ask about the qualifications of the caregivers and what services are included in the price.

Also, be sure to ask about any additional costs that may arise, such as transportation or food.

7. In-home nursing care

In-home nursing care is an affordable and convenient option for elderly parents.

By hiring a nurse to provide care in the home, families can save money on nursing home costs.

This is while providing their parents with the personalized care they need.

Nurses can help with basic needs such as bathing, dressing, and grooming, as well as tasks like cooking, cleaning, and laundry.

Nurses can provide important emotional support to elderly parents who may be feeling lonely or isolated.

Families who are considering in-home nursing care should consult with a registered nurse to discuss the best care plan for their elderly parents.