Financial Planning for Senior Home Health Care
As people age, they need more and more help doing things they took for granted years ago. Easy things like shopping cooking and cleaning seem difficult. And washing the car or windows is impossible. Almost everything seems difficult. Mom needs help, and something has to give. The need to assist them is as real as the gorilla in the room. And going it alone is no longer an option and senior home care a necessity. Depending on the kind of assistance the individual needs, it can take a toll on finances.
Making sure seniors are getting a better quality of life with the available resources. With the right advice on money issues.
Listening to your needs
First of all good financial planning can help you make the best decision rather than making errors. When you have the detailed knowledge about the needs of the senior individual, you will be able to make the right financial decision. Financial planning for senior care begins with acknowledging all possible situations that may arise. While evaluating your needs in financial planning, consider the following; the type of long-term service that you require, are there specific concerns regarding safety? Is assistance needed with daily living?
Assessing your needs
After evaluating your needs, look at these requirements and discuss them with a financial planner. The things to consider include;
- Income sources
- Expenses (present and future)
- Financial needs
- Insurance coverage and limitations
- Legal concerns
- Availability of assets
- Human resources
Assessing your resources
Without the necessary resources available, financial planning towards an improved quality of life for your seniors will lead nowhere. Assessing your resources include looking at what resources you have available and the ones you will need later. Make a list if you have to, it makes the picture clearer.
Sticker Shock
Sometimes when you do the math, the bottom line can be staggering. The average price per hour for a home care agency in California is $25.00. Even 5 hours per day can cost over 40,000.00 per year. And mom might live more than ten more years. Also when mom’s condition gets worse (and it will) so will the price. Home care rates change as the situation changes from companionship and trips to the store or Doctor’s office to incontinence and round the clock care. Many home care agencies have 3 hourly rates.
Light Care
Light care means companionship and no personal care at all. Doing the dishes, cooking meals keeping mom busy and engaged playing board games watching tv shows and listening to music or visiting a friend.
Moderate Care
This level of attention involves shaving brushing teeth dressing, bathing and hygiene
Heavy Care
This type of care includes help in the bathroom, changing undergarments like Depends. It also includes not weight bearing clients that need the use of a Hoyer lift to move them.
Sometimes after you crunch the numbers and discover, “There’s no way we can afford this!”. Even if we sell the house, we can only provide care for a few years. You may need the services of a business that specializes in moving your money around. This type of company arranges your assets in such a way that you will qualify for a government program to pay for care.