Gladden Home Care Watermark

Paying for Care

Home Care is the most economical and safest option for long-term care of your loved one!

According to an independent Genworth Cost of Care Survey conducted by CareScout®, the cost of long-term care among “facility-based” providers has steadily increased each year with Americans paying approximately $12,410 more per year in 2014 than they paid in 2010. That is a 4% increase annually over the past 4 years. This number is alarming when at least 70% of people over 65 will need long-term care services and support at some point in their lives.

In comparison, home care has only seen a 1.15% increase in rates over the past 5 years together! There literally was no increase seen for almost 3 years.

Paying for long-term care can still be very challenging however, due to the fact that any long-term care is private pay and an out-of-pocket expense. Studies prove that the cost continues to grow and your payment options are limited to your discretionary and non-discretionary funds available:

  • Long-Term Care Insurance or Annuities
  • Pensions
  • Social Security
  • Nest egg / savings / investments
  • Family assistance

With in-home care, you hold on to your assets longer and save money for when you most need it! You may only require assistance a few time per week at the beginning of service based on individual need. All industry comparisons and Cost Surveys are going to assume 24/7 care because you give up everything to live-in at a facility.

Too many people still believe that Medicare pays for long-term care in assisted living or nursing homes. This is not true! Medicare pays for only the short-term when a patient is under medical care, in the hospital or rehabilitation center, and for short-term physical/occupational therapy and home nursing.

Also, it is very difficult to qualify for Medicaid to help with these expenses. You must be indigent and fall below a low-income threshold to meet the requirements.

A recent Genworth study also projected the cost of long-term care in the Chicago area proving Home Care to be the most economical option when compared to Assisted Living Facilities and Nursing Homes. The information below outlines the approximate total cost of long term care needed at age 79 for a person currently 57, living in Illinois and the assumed length of service indicated by each option:

  • Home Care:  $192,461 (assumed length of 2.0 years)
  • Assisted Living Facility:  $374,215 (assumed length of 3.5 years)
  • Nursing Home:  $446,902 (assumed length of 3 years)
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