One of the biggest factors to consider, and sadly also one of the biggest worries of seniors and their loved ones, is the cost of 24 hour home care services. The more assistance that is needed, the higher the price typically goes. It can be easy to start cutting corners here and there when paying for such services, but that rarely results in a positive outcome due to the lowered standard in care that many individuals receive when operating on a tight budget.
Even when we consider all of these factors, it is still entirely possible to attain the level of care that you require and deserve all while staying within your financial means. The key is to start with a comprehensive budget that takes each and every factor into account in order to set you up for a successful and happy future from the very beginning!
Top Factors to Consider When Creating Your Budget
As with any budget, there needs to be a strategy in place every step of the way that you can continually refer back to and follow. When it comes to 24 hour in-home senior care, this strategy revolves around three primary components:
- Billing rates
- Your geographical location
- Potential sources of income
Home Care Billing Rates
There are several different ways in which your care provider may choose to charge for their expertise and services. Individual providers will often bill hourly, whereas members of a larger organization may charge a flat, lump sum after a specified period of time (typically 1 or 2 weeks). This can all vary depending on the specific provider you are working with, so do not be concerned if several different people charge for their services in different ways. Understanding the differences between providers can help you cut costs on 24 hour home care.
Seniors who require round-the-clock assistance will most likely be billed at a daily rate. In this situation, the expense for services rendered is calculated according to a set billing rate that already factors in the number of hours the senior needs along with the amount of time the caregiver will be given to use on breaks. Daily rates typically exist within a $250-350 range, which may vary depending upon the particular senior and the level of attention they need.
Geography also plays an important role in the cost of 24 hour home care services, as unfortunately, there is not an equal distribution of elderly care providers across the entire country. As of 2018, the national average for a day in the care of an in-home health aide is $138. In Colorado, the state’s average daily rate is $161.
Our state is slightly above the national average, though it still is not included in the top 10 most costly states, which consist of:
- North Dakota
- Rhode Island
- New Hampshire
Even with an established daily rate, there are likely going to be added fees for days or times when your regular care specialist may not be available. For instance, many agencies charge extra for holidays and/or overnight hours. If in the event you need to hire a replacement provider for a limited time, you will also need to consider any added fees or higher rates that they may require.
Sources of Funding
While there are certainly many seniors that pay for continued living expenses out of their own pocket, there are also many who rely on third parties to cover at least a portion of their 24 hour home care expenses. Most often, these third party sources consist of one or more of the following organizations or programs:
- Health Insurance
- Veterans Administration
- Managed care plans
- Non-Governmental Organization (donations or non-profit programs that freely offer their monetary resources to those in need)
Characteristics of Excellent Home Care Professionals
Clearly, it is important to acquire and maintain a certain standard of care for your loved one. After all, your friend or family member not only has to have all of their basic everyday needs met, but it is also important to ensure that they are finding enjoyment and happiness from the care and companionship that they receive. If you are in the process of looking for a 24 hour home care provider, there are a few unique characteristics that can help alert you to which ones may be the best fit for you and your senior.
To start, the individual needs to have all of the necessary certifications and training required by law to offer elderly care. The more experience they have working in this specialized vein of healthcare, the better. It is also an excellent idea to ask for references whether they be from other professional elderly service providers or from their own clientele.
Once the basics have been covered, it is best to assess their personal demeanor and attitude. It is critical that your 24 hour home care service provider be dependable and committed to their work. They must be able to pay close attention to the senior’s ever-changing needs, and adapt accordingly in order to consistently deliver the level of personalized care and attention they need.
Finally, it is essential that you, and most importantly your loved one, are able to genuinely enjoy the company of your in-home care specialist. This person will be spending large quantities of time together with their client, and so it is ideal for the two to form a bond that allows them each to enjoy the many hours they will be spending together.
Ask an Expert
Whatever your particular financial situation may be, the care managers at Assured Assisted Living would be more than happy to discuss options for senior care with you and your loved ones. We strive to deliver a high degree of personalized care to every senior we work with, and you can be sure that we will do everything we are able to in order to help you prepare for the costs of 24 hour home care as you age. For more information, please call us today at (303) 814-2688