A recent study found that many families overestimate the cost of home healthcare, as forego it as a result. The study, conducted by the nonprofit Home Instead Senior Care found that 49 percent of seniors and their families overestimated the cost of care by $6 per hour.
"More seniors could utilize professional care to stay in their homes if they knew how modest the cost really is," said Roger Baumgart, CEO of Home Instead Senior Care.
The study also found that roughly 73 percent of seniors and their families who have hired a home health agency for paid home medical care or companionship are satisfied with the care and felt it was a good value for the money they were spending.
Across the nation, the cost for a year of home health care is 75 percent less than nursing home care, which costs an average of $70,000 each year.
Families that forego hiring a medical aide or elderly companion risk caregiver burnout, a situation in which family caregivers feel overwhelmed with the mental, emotional and physical stress of their responsibilities for a loved one.