Not everyone has an able-bodied and available family member to help them as the age or if they become ill. The good news is that there are many different professional services available to help with long-term care needs.
Naturally, the question that comes up when someone needs professional care is, how will I pay for this? The answer is complicated because the costs vary depending on the type of service, the state in which services are needed, and whether health insurance, Medicaid, Medicare, or long-term care insurance will cover any of the costs.
The Genworth Cost of Care Survey is one tool that can help provide ballpark figures and educate those planning for the future.
In the Genworth survey, they provide national median costs for these types of services:
These are different types of caregiving services, which can sometimes overlap. Home healthcare is the umbrella under which in-home care is included. In some instances, home healthcare may only mean skilled care by medical professionals such as physical therapists and is paid for by health insurance. In-home care, by contrast, can be performed by a Certified Nursing Aide (CNA) or Home Health Aide who is certified and they can do everything from assist with personal grooming like bathing, provide medication reminders, and be a companion to help decrease loneliness.
People can receive in-home care even if they live in an assisted living facility so that they get one-on-one interaction from a caregiver. Or, they might engage a professional caregiver to get them prepared for spending time at an adult day care facility for a few hours a day.
When you look at the Genworth survey, in addition to checking costs by national median, you can also select by state and daily, monthly, or annually. With services like home care or adult day care, there can be flexibility so those costs can be mitigated, or might fluctuate.
When it comes to deciding long term care options, price is a very important factor and that’s why the tool to calculate future costs is helpful. This knowledge, combined with advice from a primary care provider, can be a key part of determining which type of service to plan for with loved ones.
Any kind of caregiving is going to require coordinating with other people and entities, such as doctors, therapists, insurance, maybe other family members or non-medical caregivers. This is called coordinated care.
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