Is At-Home Care As Costly As Assisted Living?

This question depends on the type of at-home assistance necessary for the parent. Certain illnesses may require complex care options involving specific equipment or skilled nursing. Less severe conditions can be less costly than an assisted living facility. 

Health is not the only factor when considering the financial cost. Insurance plays a significant role in the type of treatment available. For those who are caring for a parent at home, there are certain tips to save money.

Organization is key. Before immediately hiring help or ordering specialized equipment, a plan is necessary. Medicare and Medicaid may not cover long-term care and creating a savings account is ideal before parents become sick.

Depending on the location, adult children may qualify for certain tax benefits. If the parent meets the eligibility standards as a dependent, these benefits may help deduct medical expenses. These credits can help adult children make modifications to the home for appropriate accommodations. 

Tracking expenses is always helpful during this time. Adult children are not usually advised to quit their job so they can monitor their parent’s health. Regular income will be needed on an ongoing basis for most people with aging or disabled parents. 

Services That Can Help

A few services can help shoulder some of the financial burdens. Medicare can cover certain services for a limited time. This may include skilled nursing care, home health aides, or occupational speech therapy. For veterans, Aid and Attendance benefits may be available.

Programs of All-Inclusive Care for the Elderly (PACE) is a program that is aimed at keeping seniors out of assisted living facilities for as long as possible. This service can cover in-home care as well as checkups and prescriptions.

Long-Term Care Insurance is another option for adult children and additional family members. This insurance can allow family caretakers to be paid for their services. Depending on the location these benefits may vary.

An easy way to reduce cost while maximizing mobility is to use personal emergency services. Medical alert services can make it easier for adult children to work while their parents stay at home. ID bracelets or tags are designed to be worn throughout the day to ensure an immediate medical response. 

Personal emergency response services monitor the location and can help provide care. A medical ID communicates critical health information including current medications and health conditions. If an individual is not able to tell first responders what they need, this ID will allow emergency responders to act appropriately.

Independence For Older Adults

Staying independent is important to most adults regardless of age. By utilizing program support and medical alert systems, parents can live at home for a longer period. Safety does not need to be jeopardized for comfort.

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