If you are in search of senior in-home care services in Tarzana, always ensure that you choose a reputable and experienced caregiver. It may be true that the better you pay the caregiver, the better the service you receive. However, it’s not always like that. A Better Way In Home Care is a leading referral agency with affordable rates. Choosing the way you’ll organize care for your elderly loved one requires some research before making a decision. You’ll find that in-home care services are more affordable than assisted living facilities or nursing homes in Tarzana. Here’s an overview of senior care costs to put things in perspective.
These are communities developed for senior citizens that cannot live on their own but are still able to live without the nursing home care. The senior citizens in these communities are offered meals and housekeeping services, medication, as well as daily living activities. Usually, three meals will be offered in a day and served in a central dining room. The senior citizens live in private apartments that include a limited kitchen area, and they enjoy services from trained staff throughout the day.
How much do they cost?
The assisted living homes are grouped under private living, and they normally go for $90 a day. This is equivalent to around $3,820 a month.
These homes offer a 24-hour skilled nursing care for feeble seniors that need a high level of assistance and medical care. The nurses that offer the around-the-clock assistance are experienced and licensed. Most nursing homes will offer short-term rehab stays for seniors that are recovering from surgery, illness, or a severe injury. Conversely, some nursing homes offer long-term care services for seniors that have a complex medical condition and need routine care. Meals are served in a central dining area, and residents share rooms in the home.
How much does a nursing home cost?
Nursing homes are the most delicate and advanced of the senior care homes. Some nursing homes will have secluded sections for seniors with Alzheimer’s disease and other delicate medical conditions. They are also among the most expensive homes, ranging from around $180 to $205 a day. This is around $5430 or $6150 a month.
In this case, seniors are allowed to live in their usual homes as they receive professional assistance time and again. Home care service includes instrumental activities of daily living (IADL) like paying bills, transportation and being there to offer emotional support and the necessary companionship. They also offer activities of daily living (ADL) like dressing, preparing meals, and bathing. Some providers will offer 24-hour in home care services. This depends on the client’s condition and needs.
What is the cost?
What makes in-home care unique is that they are offered only when needed. The cost of home care services ranges from $17 to $28 per hour or $200 to $450 a day (live-in). However, this is vastly determined by the condition and independence of the senior.
Financing options for senior homes
Senior care homes and services tend to be quite pricey, but you can still afford them through various financing options. Here are the common financing options available for senior homes.
Long-Term Care Insurance (LTCI)
LTCI assists in the payment of costs that are not covered by the private medical insurance. It is best suited for long-term health care services like those offered in nursing homes and assisted living. Normally, most insurance companies will not insure people with preexisting health conditions. For that, it is recommended to buy the LTCI before you are diagnosed with any health issue.
Long-Term Care Benefit Plan
In some cases, the Long-Term Care Insurance might be surrendered, which gives seniors the option of a Long-Term Care Benefit Plan. If you have an in-force life insurance policy with a death benefit of between $50,000 and $1,000,000, you can convert it into a Long-Term Care Benefit Plan. Once converted, this plan will cover immediate costs of any senior care services that the policyholder prefers. The policy doesn’t have any care limitations, wait periods, or obligations to apply.
Home Equity Conversion Mortgage (Reverse Mortgage)
This is a unique loan designed for homeowners above the age of 62, and it turns the equity saved by the senior in a home into cash. Once the reverse mortgage is secured, the senior citizen can use the saved money in the home equity while still living in the home and retaining its ownership. The reverse mortgage also doesn’t have any restriction on how to use the money, though they come with high closing costs. This is a perfect plan if you cannot make the normal loan payments.
Always find the right senior care home for the best services, and ask them to take you through the available financing plans. Keep in mind that regular Medicare doesn’t cover long-term care costs for seniors.