Financial Planning for Senior Home Care in the Inver Grove Heights, MN Area
Learn the financial options when paying for senior home care in Inver Grove Heights, MN and the surrounding communities
Comfort Keepers of Inver Grove Heights, MN presents you with some funding options for our professional long term care services. Senior home care can range from respite care on an as-needed basis to full-time, live-in care. Many people believe that Medicare will cover the cost of senior home care. However, Medicare only covers a small amount of the cost of senior care. In order to fully prepare for the financial requirements of care, it is crucial to understand both the benefits and limits of Medicare.
Long term care rates vary greatly based on the agency and the types of services provided, but it is estimated that a nursing home will cost over $6,000 a month. Senior home care is generally far less expensive. Even though it can be less expensive than a care facility, you may still be wondering how you will pay. The main options include Medicare, Medicaid, insurance, Veteran's benefits, and out of pocket assets.
The Financial Impact of Senior In Home Care in the Inver Grove Heights, MN Area
While the cost of professional care may be overwhelming, consider the value of the time and financial sacrifices you may make to care full-time for a loved one. This is a huge responsibility and can take over much of your life. You may need to coordinate transportation to appointments and errands, plus another home to clean, help pay the bills, provide companionship, all on top of the responsibilities of your own life, job and family. You may have to reduce your hours at work, which can have a significant impact on your career as a whole - which may have an impact on your financial situation in the future. You may not have the money you counted on when it is your turn to retire.
It is important to remember this as you consider any quotes you may have received from professional long term care providers. The cost may not seem so bad, given all of these factors. When you work with a respected in home care agency such as Comfort Keepers, you will still actively participate in the care your senior loved one receives. You will simply pass off some of the day-to-day, time consuming responsibilities.