Paying for Senior Care

Aug 03, 2016

Paying for Senior Care

Almost half of all American seniors of ages 65 and up live below double the poverty line, unable to afford standard home care, assisted living, or the medical equipment that they need to sustain their quality of life. It is an appalling fact of American life that calls for action, and often rigorous research on our part, to shed light on sources of practical aid for the less fortunate among us.

Do not be intimidated by the statistics but it is valuable to us to know them in order to prevent common accidents from reoccurring.

fatal and nonfatal fall injuries among people 65+

The Numbers

Around a third of seniors aged 65 suffer from slip-and-fall injuries in the bathroom, and the chances increase with age until they peak at 80 when almost half of the population in this age group fall each year. Since accidents can often trigger fall-related fractures, pains, muscle cell disintegration, it can increase the chances of future falls and lead to life-threatening conditions.

Considering that 87% of all fractures in seniors are directly linked to falls, having a home care nurse on standby can mean the difference between life and death. Moreover, being assisted up after a serious accident not only improves a senior's chances of survival by 80%, it improves their prospects of living independently in the future.

The Real Costs of Home Care & Assisted Living

The Real Costs of Home Care & Assisted Living

There is a common misconception with people who believe that assisted living is more expensive than living at home with some access to home care services. Obviously, it is true that assisted living is more expensive than home care by a landslide, but when you take into account all the costs related to either case, a different point of view starts to form. The truth is the more service hours per day and days per week you get with home care, the more likely it is for it to exceed the full cost of assisted living. Add to that the rent or mortgage, property costs, insurance, food & drink, maintenance, and so on, and you're looking at a difference worth thousands of dollars.

Compiled below is a list of the costs of home care visitations while living at home independently versus that of assisted living. The figures are based on our country's national averages

Typical Home Expenses, Services, & Amenities Average Monthly Costs Average Assisted Living Costs
 Monthly Mortgage or Rent $1,061 $3,500
 Property Tax $177.25 N/A
 Property Insurance $79 N/A
 Three Meals a Day $647 Included
 Utilities $197 Included
 Housekeeping $88 - $118 Included
 Daily Home Care $3,500 Included
 Landscaping $100 Included
 Total Cost $5,849 - $5,879 $3,500

We did not mention things such as around-the-clock security, personal care, house maintenance, social life and leisure costs since the figures do not apply to most seniors, but it's worth mentioning that the total average monthly costs can easily exceed $7,000 if you choose to go with home care.

More Bathing Independence for Lower Home Care Costs

If you insist on living as independent as possible but at lower home care costs, you can improve the safety in your bathroom to the point where you can bathe safely without outside help. We are focusing mainly on bathroom safety because that's where most accidents among seniors occur.

Since home care nurses charge by the hour, thinking of ways to bring the number of necessary service hours down without undermining your health becomes your best course of action.

By far, the most safety-oriented bathing unit anywhere has to be the walk-in bathtub - also known as handicap bathtub, senior bathtub, or accessible bathtub. What makes it so unique are both, the therapeutic and safety features, which treat illnesses and diseases while keeping its enclosure free from any potential hazards.

Since the inside of the tub is a closely packed seated area, there is very little room for sudden movements and slips and falls. The safety features listed below are a standard for all models:

  • Low-Threshold Entrance (0" - 9"): Having trouble lifting your legs over a traditional unit's walls? This might be the remedy you're looking for.
  • Wheelchair Access: This is an exception since not all models incorporate due to the higher costs associated with it. What makes wheelchair-accessible models special is their support for lateral access, making it easy for you to transfer yourself from seat to seat. Click here for more on these models.
  • Safety Bars: Mounted on the rim and other easy-to-reach places of the tub, safety bars allow you to stabilize yourself while navigating with ease.
  • Anti-Slip Floors & Seats are often textured or treated with a slip-resistant solution to provide enough traction.
  • Leak-Proof Doors define all walk-in tubs and almost always come with a lifetime warranty, which a good sign of confidence on the part of the manufacturer.

For more information on the benefits of these features, click here.

With all these safety measures taken, you can slash a significant amount of hours from necessary caregivers and save yourself thousands of dollars in the long run. Learn more about the amount of cash that walk-in tubs can save you against that of home care here.

Seniors exhibiting either arthritis, lower back pains, rheumatism, diabetes, poor sleeping habits, bad diets, migraines, or depression will find great therapeutic benefit from walk-in tubs. Find out more here

Financial Aid from Governments & Other Sources

Below you will find the information that you need about programs, forms of medical insurance, foundations, and loans that help in providing seniors with the home care, assisted living, and medical equipment that they deserve.

Its Respective Categories
 Source of Funds Supplemental Programs Medicaid Veteran's Benefits Tax Credits & Deductions Other Government Resources
 Government Programs
  • Social Security
  • Security Income
  • Survivors’ Benefits
  • Supplemental Security Income (SSI)
  • Medicaid's Exemptions & Benefits
  • Emergency Response
  • State-Specific Medicaid Programs
  • Financial & Care Assistance Programs
  • Veteran’s Health & Respite Care Benefits
  • Veteran’s Pensions
  • Elderly & Disabled Tax Credit
  • Child & Elderly Dependents Federal Care Credit
  • Child & Elderly Dependents State Care Credit
  • Tax Deductions
  • Section 202 Housing
  • HUD Housing
  • HCVP (a.k.a. Section 8)
  • Lifespan Respite Care Programs
  • FMLA
 Insurance Life Insurance Medicare Other Insurance Options
  • Life Settlements
  • Viatical Settlements
  • Life Insurance Loans
  • ADB
  • Life Care Assurance Benefit Plan
  • Medicare Benefits
  • Savings Programs
  • Medicare Supplemental Insurance (Medigap)
  • State Health Insurance and Assistance Programs (SHIP)
  • Private Health Insurance
  • Nursing Home Insurance
 Private Assistance Not-For-Profit Foundations Other Foundations
  • Respite Grant Programs
  • CancerCare Co-Payment Assistance
  • CFAC
  • Diabetes Assistance Programs
  • The American Kidney Fund
  • Health Insurance Premium Program (HIPP)
  • Safety Net Grants
  • Leukemia & Lymphoma Society (LLS)
  • Patient Assistance Programs (PAPs)
  • Prescription Drug Discount Cards
  • State-Specific Medicaid Personal Assistance Programs
  • State-Specific Non-Medicaid Personal Assistance Programs
 Personal Property Home Equity Lines of Credit Loans
  • Reverse Mortgages
  • REX Agreements
  • EquityKey
  • Elderlife Bridge Loans
  • Loans from a Third Party

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