Failure to follow all prescriptions precisely only leads to increased health problems.
Seniors experiencing the cognitive decline mentioned in the last section are especially likely to make errors when taking their medications.
Often, the optimal way to ensure seniors take their medications the right way is to hire a qualified caregiver.
Scheduling medication and maintaining proper dosage is one of the essential tasks a senior helper can provide.
When left to their own devices, seniors can forget that they have already taken a medication. They will then accidentally take more than the required daily dosage.
It is easy to see how the results of this kind of error can be disastrous. Hiring a helper to manage medications is a great way to avoid that danger.
How to Pay for a Senior Helper
If you have made the responsible decision to seek in-home care for you or a loved one, you still have more difficult decisions to face. Unfortunately, in-home care is expensive.
On average, the daily rates for full-time in-home care range from $200 to $350. Assuming a 30-day month, the total at the low end of that range equates to a $6,000 monthly fee.
Prices vary based on your location and the level of care provided. But generally, it is safe to say that senior help is an expensive investment.
The service in-home caregivers provide warrants a high price. But while somewhat justified, that cost is difficult for seniors to meet.
Considering half of the individual seniors have an annual income of around $25,000, paying thousands of dollars for care is a frightening prospect. But if you have accepted that you need that level of care, you must contrive a way to make those ends meet.
Here are the most common ways to pay for senior helpers:
- Out-of-pocket payments
- Third-party assistance
- Reverse mortgages
- Annuities
- Support from NGOs (Non-Governmental Organizations) and other well-wishing groups
Take a look at how each of those payment options tends to play out.
Out-Of-Pocket Payment
If you or your family are fortunate enough to have the necessary funds, you can simply pay care fees with no assistance. This is the simplest but most expensive way to pay.
While this option is straightforward, it is unrealistic for many seniors. Read on to learn more about payment options that take less of a toll on your budget.
Third-Party Assistance
Perhaps your most reliable option for reducing care costs is to seek assistance from a government program. The most relevant programs are listed below:
- Medicare
- Medicaid
- Veterans Affairs (VA) At-Home Care
- Program for All-Inclusive Care for the Elderly (PACE)
- State Health Insurance Assistance Program (SHIP)
Details and eligibility for these programs can vary greatly. If you want to use one of these programs but are unaware of how to do so, there are resources available to guide you.
Start by reaching out to the National Council on Aging or go to benefits.gov.
Reverse Mortgage
Reverse mortgages are intended to help seniors live in their homes through the final years of their lives. When using a reverse mortgage, you exchange the equity of your home for cash.
You have the choice of receiving a lump sum or monthly payment. Also, reverse mortgages are only available to individuals that meet the relevant requirements.
Mainly, you must be over 62, and you must own your home outright.
There are strict rules that come with reverse mortgages that make it easy to default. Seek professional financial advice before signing a reverse mortgage contract.
Annuities
Annuities are another option to help you pay for your senior care.
In the most basic terms, an annuity is essentially an investment you make with an insurance company. The terms will be based on your personal goals.
The returns you receive after the agreed-upon maturation are a great way to cover your senior care expenses.
That is a simplistic explanation of annuities.
Before seeking one, it is very important to find a financial advisor you trust to help you through the process.
Non-Profit Assistance
This final payment strategy is less conventional but remains a viable option. You may be able to find a non-profit organization that is willing to help seniors pay for their in-home care costs.
You can also consider seeking assistance from community groups you are involved with.
For instance, if you are a part of a religious group, try asking other members for financial support. The best-case scenario is that your community will rally together to raise funds to help you pay for your care costs.
Alternative Care Options
If you find you are unable to pay for in-home care, you need to consider other options. Be aware that there are many choices when it comes to caring for the elderly.
We won’t delve into the details of all these options, but here is a list of alternatives for your consideration:
- Increased support from family and friends
- Living with family members
- Assisted living facilities
- Nursing homes
- Residential care homes
- Skilled nursing facilities
- Hospice care
- Senior daycare
There are many options for you to explore.
