The cost of senior care can be high on a fixed income. When a senior needs home care, the cost may be higher than the monthly income. According to Genworth Financial, the average monthly cost of home care was just over $4,000. This has people wondering if long-term care insurance is the best way to pay for senior care.
Things You Should Know About Long-Term Care Insurance.
People who enroll in long-term care insurance usually do so in their 50s. Your parents may be considering this option later in life, which can make it even more expensive. They should look at the cost and rules to determine if it is worthwhile.
The American Association for Long-Term Care Insurance reports the average cost for a single female in her 50s is almost $250 a month. For a male, it is just over $155 a month. A couple will pay about $250.
If those same people wait 10 years to enroll, the cost increases to $292 a month for a woman or couple. It increases to about $250 per month for a male.
For this coverage, there are usually limitations to consider. Most policies will pay a daily benefit until you reach the cap. This cap might be a specific amount of money or a specific time period. After that, the coverage ends. If the insurance policy is good for three years, coverage ends at the end of the third year.
What Are the Alternatives?
If your mom or dad owns their home, they have a couple of options. They could sell their home and move into a smaller, more affordable home. The equity they gain could be used to pay for senior care services. A reverse mortgage is another possibility, but it’s important to talk to an elder law attorney first to get the names of reputable companies.
You could move in with your mom or dad or move them in with you. While you pay the household expenses, their income can go solely towards the home care costs.
Sometimes, trimming monthly expenses can cover the cost of caregivers. If your parents don’t use the internet anymore, they could drop that service and save money. They might be able to trim costs by getting rid of cable television or a landline.
Partner home care services with family caregivers. With you and your siblings offering care services, the hours a professional caregiver would have to come are reduced. That will lower the monthly cost to a level your parents may be able to afford. Talk to us to learn other ways to afford senior care.
If you or an aging loved one are considering hiring senior care in Scotch Plains, NJ, call the caring staff at Helping Hands Home Care today at 908-418-4299. Providing Home Care Services in all of Northern and Central NJ, including Clark, Westfield, Cranford, Scotch Plains, Rahway, Linden, Summit, Edison, Elizabeth, Mountainside and the surrounding areas.
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