Elderly Care Options: Plus Finances

Levels of Care and Options

When you're evaluating elder care services for yourself or a loved one, there are numerous things to consider. Let's examine the different types of aged care services that are available today, and how to determine what they may cost you.

  • Varieties of Aged Care Services
  • Paying for Residential Care
  • What to Do if You Need Aged Care


Varieties of Aged Care Services

If you're no longer able to live on your own, or if you need assistance to live in your home, aged care can provide you with the assistance that you need. There are several types of aged care, including residential aged care, transition care, and respite care.

Home Healthcare
Home health care can help you to stay at home for as long as possible. These professionals can assist you with daily tasks like transportation, cooking, and shopping, as well as nursing needs, personal care, and meal services.

Residential Care Services
If you aren't able to live at home on your own and need regular help with your daily tasks, you may decide to move to a residential facility or nursing home. These facilities provide either short-term or long-term care, and assistance is available around the clock.

Paying for Residential Care

For the most part, the money for live-in care must come out of pocket. Providing a caregiver with room, board, and possibly a vehicle is a good way for the elderly individual to help offset the money that they might otherwise need to pay an in-home caregiver. If financial assistance is available, it is not usually designed to cover live-in help specifically, but instead home care as a whole.

There are several programs that are commonly available to elder adults that may help with eldercare expenses.

Medicare does not pay for live-in caregivers. However, in some cases, it may cover medically necessary home health care. This usually happens if the adult isn't able to leave their home.

Medicaid benefits vary from state to state. Some programs do provide financial assistance that can be used to help cover elder care. Medicaid beneficiaries may be able to use the allotted money to either receive care in a residential facility or a live-in caregiver.

Veteran's Assistance
The VA has programs available that provide veterans and spouses with financial assistance, which can then be used to pay for live-in care.


Transitional Care and Respite Care

Respite care and transition care are both designed to be short term care. Transition care can assist you with recovery after being in the hospital, and respite care is designed to help you if your normal carer needs to take a break.

Transitional Care
If you've been in the hospital and will need help recovering, or if you will need time to choose the best long term care option, transitional care can fill in the gap.

This care can be done in your home, in a healthcare facility, or in an aged care home. Some services that could be involved are: working with a social worker, nursing support, clinical care, therapy, and personal care. You'll work out tasks with your service provider before services begin.

Respite Care
Respite care is a type of support for both you and your ongoing caregiver. This helps you to still get the care that you need if your caregiver needs a vacation or some personal time. This can be a few hours, a few days, or even longer, and the care can be provided in a care facility or in your home.

The price may vary depending on the specific care that you need and your financial situation. Often, in-home caregivers bill by the hour. Residential facilities have a different fee structure, which you can ask each individual provider about.


What to Do if You Need Aged Care

If you or someone you love need assistance at home or need help relocating to a care facility, there are some important steps to take.

Set up an Aged Care Assessment - This will help you to decide what level of care required. Talk to your doctor about their recommendations for eldercare.

Find a Provider - look online for details about different types of service providers near you.

Evaluate Your Finances - You'll need information about the value of your home, your assets, and your income so that you know what you have available. A financial advisor may be able to help you manage your finances as you attempt to transition to aged care. Learn more about finance with seniors here.

If your long term care needs are evolving, find out which care options are available to you, and then select a service that will meet your needs.

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