Aug 26, 2016 by Matt Clinnard
If for any reason your loved one was not in a position to plan for their retirement, you may be finding yourself wondering how to budget for at home healthcare. Fortunately, the good news is that your loved one will still be able to receive quality care, but it will require careful planning and cooperation with a prospective caregiving provider.
When looking into at home healthcare, most people are confused by the seemingly endless choices. In our extensive experience as caregivers, we have most often found it helpful to have customers start by considering what their loved one needs. Often, at home healthcare is looked into following a major medical event - like heart attack or surgery. If this is the case, your loved one's medical team will make a suggestion regarding the sort of caregiving assistance they will need in the future. It is best to go with these recommendations as doctors are professionals who have seen cases like your loved one's before and know what it is that they need.
These recommendations will be based on a variety of factors. The bottom line is that your loved one may been just a few hours of help each day, but they may also need round-the-clock care, and both require different approaches to budgeting.
It is important to note that at home healthcare has been shown to be significantly less expensive than nursing homes. This is good news if your loved one needs that sort of help.
When it comes to finances, most seniors' biggest asset is their home. A good idea for financing at home healthcare may be to look into downsizing. This will help cover expenses, but it could also make it easier for your parent to stay independent in a smaller home because they do not require as much maintenance.
You should also keep in mind that there are government subsidies for at home healthcare. Both Medicare and Medicaide offer assistance for senior care, but it is a matter of working closely with both them and your loved one's medical team to find a solution that best works for them.