FINANCIAL TRENDS IN ELDER CARE

By Alice Iseminger, Co-Owner, Seniors Helping Seniors® In-Home Services

According to the Ohio Department of Aging, “most older Ohioans prefer to live independently in their own homes, in their communities, surrounded by family and friends, for as long as they can. But, many need some help doing so.” Though we all recognize the need for nursing home care, many seniors can do as well or even better in their own homes with the right services. And what may be a surprise to some, staying at home is highly affordable.

In their annual Cost of Care Survey, the Genworth Financial Group has recognized significant trends in long term care services since they began surveying providers eleven years ago. Overall, the cost of care among facilities has steadily increased. Americans can expect to pay over $200 per day for nursing home care, and more than $3,300 per month for assisted living.

By contrast, in-home care can be quite affordable. In Ohio, the median rate for in-home care is $19 per hour. Therefore, funding 6-24 hours of weekly in-home care would be between $114 and $456 per week. Having someone else in the home can become an extra set of eyes and ears for working family members. And having a bit of help with household chores and personal care allows loved ones time to be together as a family rather than have to “take care of business” all the time.

The option to stay in one’s home with a little bit of assistance can be financially less stressful than a facility. In-home care can reduce family pressures and maintain independence while staying connected to memories and personal belongings. For questions about in-home services contact your local Office on Aging (440-326-4800) or Seniors Helping Seniors® (440-935-3848).